World Economic Recession

The worst business recession for half a century has made a deep impact on the economies of most industrial nations. Even some of the greatest industrial groups have been shaken by the force of the economic blizzard. Britain's Rolls Royce and America's Chrysler are notable examples. Among smaller businesses there has been a serious increase of bankruptcies.

Particular distress has been caused by the resulting widespread unemployment. This massive unemployment among many industrial nations has a demoralizing effect on people who feel they are thrown onto the scrap-heap. Young school leavers face the disillusionment of having no job prospect. The resulting sense of insecurity and resentment hangs like a threatening cloud over many nations.

The "welfare states" of Western Europe built up their systems of social security during periods of economic prosperity. Now that recession has brought such a steep decline in productivity and profits, the problem of financing social services has become increasingly difficult. Yet people who have been used to liberal benefits are naturally unwilling to see them reduced. Indeed, the recession increases the need for them. So conflict is fuelled by reluctance to accept lower standards of living despite decline in the productivity which supports those standards.

Discovery of off-shore oil fields was understandably hailed as a tremendous asset for Britain. As oil production from these fields increased, Britain became less dependant on foreign supplies; her balance of payments position dramatically improved. Yet largely because of North Sea oil the pound sterling greatly strengthened against other currencies. This made

British exports less competitive in overseas markets. So what was an undoubted asset in many respects led to lower demand for British exported goods, and therefore to more unemployment. This illustrates the complex economic difficulties faced by so many nations. The world economic scene has become like a quagmire, which is to many a "slough of despond".

Scripture leaves us in no doubt that God watches over the nations, taking notice of their attitudes:

"From the place of His habitation He looketh forth Upon all the inhabitants of the earth; He that fashioneth the hearts of them all, That considereth all their works" (Psa. 33:14,15).

What does the Lord behold in today's world? There are the privileged "free" nations of the Western Alliance, with their high living standards and freely available spiritual light. Yet despite their favoured circumstances, there is among them a growing apostasy from His Word, widespread defiance of His moral laws, an increasingly materialistic attitude. Then there are the avowedly atheistic governments, officially opposed to the light of God's Word, through whom millions are conditioned from infancy to unbelief and materialism. We thankfully acknowledge the light of Christian witness and response to the gospel in many lands. Yet despite these, the widespread unbelief and godlessness are sad affronts to the merciful longsuffering of God.

That God has often overruled in men's affairs for correction and punishment is clearly illustrated from many scriptures:

"He turneth rivers into a wilderness, And water springs into a thirsty ground; A fruitful land into a salt desert, For the wickedness of them that dwell therein" (Ps. 107:33,34)

Isaiah reviewed God's displeasure with many nations in his day. Babylon, Philistia, Moab, Syria, Ethiopia, Egypt, Edom, Arabia and Tyre were all brought under scrutiny (chapters 13-23). Many had known divine chastisement through economic distress which God had brought upon them. Can we have any doubt that the present economic distress is a voice from God to the nations, which in varying degrees have forgotten Him? Supposed security is being proved insecure. Redundancy, early retirement, savings eroded by inflation, the collapse of long-standing business organizations, all being home the fact of revolutionary economic change and unreliability. Despite all the sophistication of modern technology, business expertise and communications, the hand of God so easily brings about the disruption of human planning:

"The Lord bringeth the counsel of the nations to nought He maketh the thoughts of the peoples to be of none effect" (Psa. 33:10)

As believers we should read well the lessons of our times, not having our hope set on the uncertainty of riches, but on God (1 Tim. 6:17). Our earnest prayer should be that many unsaved people, impressed by the economic uncertainties and distress, may turn to God in repentance.

unknown | Jul 1981
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