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A Christian Approach to Interest

In: Ethical Discourse in Finance

Author

Listed:
  • Jock Stein

    (University of Glasgow)

Abstract

This chapter relates Christian beliefs to interest and the modern banking system, and discusses how ethical approaches to interest have developed over time. After seven ‘snapshots’ of attitudes to charging interest, from ancient Greece and Rome up to the present day, it outlines five beliefs shared by Christians which have correlates in the field of economics and society. It then examines the question of interest today, the modern banking system and arguments for and against using interest as part of it. It concludes that there are some good moral and practical reasons for a non-interest banking system, but it cannot easily co-exist with a conventional banking system. Christians are more concerned with the spirit and purpose, than with the letter of any law. If there are good arguments for interest-free banking, they will want to pursue them, but they will not postpone finding other ways to help the poor when one particular way may be unavailable.

Suggested Citation

  • Jock Stein, 2021. "A Christian Approach to Interest," Palgrave Studies in Impact Finance, in: Marizah Minhat & Nazam Dzolkarnaini (ed.), Ethical Discourse in Finance, chapter 0, pages 83-102, Palgrave Macmillan.
    • Handle: RePEc:pal:psifcp:978-3-030-81596-7_5
    DOI: 10.1007/978-3-030-81596-7_5
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