The points that Rabbi Lopiansky mentions are good ones but they are not sufficient in my view. Why? Because Torah economy differs dramatically from Western capitalism. Western capitalism is based on debt money-supply at an interest. It also assumes that needs are always higher than supply. In contrast, Jewish Torah economy is different. It assumes that Hashem provides the necessary and the money-supply is not debt based. Furthermore, there are cyclical correctives, the Shmitah Year and the Jubilee Year. These correctives change the very essence of property-valuation, in as much as the land and (nearly) everything else is Hashem''s and the property price decreases with time, just like our present day options time-values decrease in time. So, the correct and short answer is no, an economic crisis like the present one in a Jewish economy could not have occurred. Also because the very idea of a limited corporation is illegal under Jewish Law: we are responsible for our debts under halacha.
- Tis is comment # 3 on "Selling Dreams"
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