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Full-Text Articles in Social and Behavioral Sciences
Stewardship In Free Markets And The Sanctification Process, Jeffrey E. Haymond
Stewardship In Free Markets And The Sanctification Process, Jeffrey E. Haymond
Jeffrey E. Haymond, Ph.D.
This article reviews the biblical doctrines of sanctification and stewardship, and assesses the implications for economic institutional arrangements. Sanctification is one part of the process of salvation, yet it is the one aspect (in addition to initial repentance) that requires human partnership with what God is doing to redeem a people. Sanctification is seen to be the changing of our heart’s inclinations as we increasingly apply the truth of God in our daily, moment-by-moment actions. Thus our freedom to choose has eternal consequences as we become increasingly conformed to the image of Christ. While sanctification occurs in many facets of …
The Morality Of Fractional Reserve Banking, Jeffrey E. Haymond, Ryan T. Beach
The Morality Of Fractional Reserve Banking, Jeffrey E. Haymond, Ryan T. Beach
Jeffrey E. Haymond, Ph.D.
Modern central banking allows banks to initiate new money creation while holding only a small fraction as cash reserves for possible deposit withdrawal. When extended throughout the banking system, the process of "multiple deposit expansion" leads to inflationary pressures. Christian writers that consider the morality of fractional reserve banking often criticize it, not only because of the inflationary impact, but the impossibility of meeting all legal requirements: when money is loaned out, it cannot at the same time be redeemed as a demand deposit. Given the promise to return demand deposits and the impossibility to do so for all depositors, …