You asked

what was the economic and social basis for charging interest in ancient near eastern societies?

Adds the setting and its conversation across both testaments.

Deuteronomy 23:19-20

““You shall not lend on interest to your brother: interest of money, interest of food, interest of anything that is lent on interest. You may lend on interest to a foreigner; but to your brother you shall not lend on interest, that Yahweh your God may bless you in all that you put your hand to, in the land where you go in to possess it.””

This passage is part of a larger collection of laws given to the Israelites as they prepared to enter the Promised Land. These laws, recorded in the book of Deuteronomy, aim to establish a just and distinct society among them, often contrasting their practices with those of surrounding nations.

How might different economic realities in a society influence our understanding of lending and debt today?

Then — the setting

In ancient Near Eastern societies, lending was a common practice, but its nature varied. For the most vulnerable, loans were often for subsistence – food, seed, or relief from immediate crisis. In many cultures, charging interest on such loans was standard, and default could lead to debt slavery. Israelite law, as seen in Deuteronomy, aimed to create a distinct economic ethic within their community. While charging interest (often called 'usury' in older translations) was permitted when dealing with foreigners, it was explicitly forbidden among fellow Israelites. This distinction protected the internal community from economic exploitation, especially the poor, fostering social cohesion and preventing a permanent underclass of debt slaves. The 'foreigner' might be a merchant engaged in trade or someone outside the covenant community, for whom different rules applied.

Across the Testaments

This Old Testament law establishes a core principle of economic justice within the Israelite community, emphasizing mutual support over profit. In the New Testament, Jesus' teachings expand on this by advocating for radical generosity, even lending without expecting anything in return (Luke 6:34-35), which goes beyond merely not charging interest to not expecting the principal back from those in need. While the Deuteronomic law focuses on internal community protection, the New Testament call often extends to a broader, universal ethic of love and self-sacrifice, transforming the 'brother' principle into a more expansive command of compassion, but without directly overturning the underlying concern for exploitation.

Keep thinking

Read alongside it

Exodus 22:25
This earlier law also prohibits charging interest to the poor among the Israelite people.
Nehemiah 5:1-13
This narrative vividly illustrates the social distress and exploitation caused by interest-bearing loans among Israelites during a time of hardship.
Leviticus 25:35-37
This passage further reinforces the prohibition against charging interest to fellow Israelites, particularly those in need, emphasizing mutual support.

Ask your own follow-up