Contemporary Trends of Economic Extremism in the Interpretation of Divine Scriptures

Abstract

This researchpaper analyzes current tendencies of economic radicalism through the lens of sacred texts, particularly studying the Quran, the Old Testament and the New Testament. Such approaches to economics that involve zealously radical and polarizing policies to the allocation of resources are termed ‘economic extremism’. It stems from deep laden religious instructions that support social order, redistribution of wealth and responsibility. The Quran promotes social welfare and economic equity through Zakat (charity) and the prohibition of Riba (usury). The Old Testament mentions stewardship which advocates for prudent and responsible management of resources and also introduces the Jubilee year which resets economic inequalities. Jesus’ teachings in the New Testament emphasize the need to be selfless, communal, and participate within the community instead of being a materialistic individual. Extreme interpretations have resulted in the creation of Islamic socialism, Prosperity Gospel, and even Liberation Theology which either support or counter Western capitalism. These interpretations are important to consider when discussing world economies because they affect policies, social movements, and political conversations. The article calls for more balanced readings of religious texts able to alleviate modern economic hardships like poverty and inequality without inciting greater division and conflict.