Romario Marijanovic
Journal of Economics, Theology and Religion, vol. 6 (2026): #-#
Abstract
This paper analyzes Psalm 148 through an exegetical-hermeneutical approach, drawing on Karl Polanyi’s economic philosophy. It starts with his critique of the self-regulating market and the concept of the economy being rooted in social relations. The article explores whether Psalm 148 can be seen as a framework for understanding economics that goes beyond market logic. Unlike contemporary economic approaches that emphasize exchange, profit, and individual interest, Psalm 148 depicts the world as a harmonious order in which each creature has its role and acts for the benefit of the whole. In this way, the text offers a different perspective on economic life, in which interconnectedness and the common good play a more important role than market mechanisms and the pursuit of profit. The analysis of Psalm 148 shows that its goal is not to explain economics, but to present a world in which nature, man, and community are interconnected and important regardless of their economic benefit, while authentic worship of the Creator also carries an ethical dimension expressed in responsibility toward others and the wider community. Such a reading is consistent with Polanyi’s understanding of economics as a socially embedded practice and opens up space for an interdisciplinary dialogue between theology and economic philosophy. The paper also points to possibilities for further research into the contribution of biblical texts to contemporary debates on economic justice, ecological responsibility, and the limits of market rationality.
Keywords
Karl Polanyi, embeddedness, non-market economy, biblical exegesis, economic philosophy
Publication history
Submitted: 29 January 2026
First view: 24 September 2026
1. Introduction
Contemporary economic thought often starts from the assumption that the market is the fundamental and natural form of the economy. Human action in the economy can, moreover, be understood in this framework primarily through interest, exchange, and profit (Swedberg 2003, xi–xii, 3–5). Such a way of thinking turns market rationality into a general framework for understanding the economy. Thus, labor, nature, and social relations are viewed primarily as economic resources. It is precisely this understanding of the economy that Karl Polanyi considers historically limited and conceptually problematic.
Polanyi starts from a simple but key statement: the economy does not have to be organized as a market. According to him, people have always produced, worked and maintained their lives. But the market is only one historical form of organizing economic activity. When the market becomes dominant and self-regulating, it transforms labor, nature, and money into commodities. The market begins to determine the value of everything exclusively through price. Polanyi advocates limiting the dominance of market rationality and understanding the economy as part of a broader social and natural order rather than as an autonomous sphere (Polanyi 1947, 96–102).
Starting from this economic standpoint, this paper asks whether Psalm 148 can be read as a normative text that shows how the economy can be conceived outside of market logic. Psalm 148 does not describe market relations, exchange, or interest, but depicts a world in which each part of reality has its role and function in maintaining the whole. It is precisely this structure that allows the psalm to be read as suggesting a non-market understanding of economic life, in which action is not guided by profit but by belonging to an order.
The aim of this paper is to show that Psalm 148 implicitly exposes the limits of market rationality, i.e. the understanding according to which the economy must necessarily be based on the market. This does not claim that the psalm offers economic theory in the narrow sense, but rather that it provides a normative framework that allows for the reflection of economic action outside of market rationality, which is the central theme of Karl Polanyi’s economic philosophy.
Methodologically, the paper employs an exegetical analysis of Psalm 148, with special emphasis on the text’s structure and parallelism as a fundamental feature of Hebrew poetry. Exegesis is not used as an end in itself, but as an analytical tool that exposes assumptions about action, value, and order that are relevant to economic philosophy. In this way, the paper seeks to contribute to the discussion of the relationship between the economy and the market, and of the possibilities of thinking about the economy outside market rationality.
2. Theoretical Framework: Non-Market Economy
Modern economic theory often assumes a self-regulating market as the goal of progress because it relies on Adam Smith’s original idea that humans have an innate tendency to exchange (Stanfield 1980, 596-598). Such an approach views the market as a natural system that would develop spontaneously if people were left to their own devices. Within this framework, the anthropological assumption of the human as homo economicus is implied, traditionally meaning a being driven solely by the motive of profit and selfish interest. As such, homo economicus rationally chooses to pursue his own benefit (Polanyi 1947, 101; Graeber 2001, 10; Gemici 2008, 22). Graeber (2001, xii) further argues that value cannot be reduced to market exchange but emerges from social processes through which human action becomes meaningful within a broader social context.
In contrast to the market economy, which operates according to the rules of price formation, Polanyi distinguishes the economy as a basic human activity by which people provide themselves with their livelihood, in relation to nature and society. Polanyi challenges economic naturalism by arguing that the market is not a natural condition, but a historically specific institutional arrangement (Blaney 2024, 1-3). At the same time, his language of the “natural” can be read as a critical redefinition rather than an essentialist claim: what he presents as “natural” is the fundamentally social character of human life, in which economic activity is always embedded in social relations (Hodgson 2017, 10-12). While this perspective reflects a broadly humanist orientation—since nature is primarily considered in relation to human livelihood—his concept of fictitious commodities also underscores the fact that land (nature) cannot be reduced to a market good without threatening both human society and the conditions of life itself (Polanyi 2001, 75-76). This, however, leaves open a tension between Polanyi’s humanism and more recent post-human or relational approaches that decenter the human in accounts of economic life.
Economic activity is thus present in all societies because people must produce and sustain life. Before the modern era, societies supported their economies through reciprocity, redistribution, and household production rather than exclusively through the market (Polanyi et al. 1957, 243-269). Accordingly, the economy can be thought of as a designed system that should serve human needs and community values. In this sense, Polanyi emphasizes that the economy should serve people that they might live justly, and not for society to be subordinated to profit and the market (Polanyi 1947, 100; Polanyi et al. 1957, 243-269). Polanyi therefore introduces the concept of fictitious commodities in his work The Great Transformation (2001, 75-76), which includes labor, land (nature), and money. These elements are labeled fictitious because they are not produced for market exchange, which is the basic definition of a real commodity. Their subjection to market logic, therefore, represents a social and institutional construction, rather than a natural economic condition. However, labor, nature, and money are not real goods because labor is linked to the definition of life, nature is a habitat not created by humans, and money is a form of purchasing power shaped by state policy. When labor and nature are treated exclusively as commodities, people and the environment become vulnerable to exploitation. Workers are exposed to greater insecurity and the risk of poverty, while natural resources are used primarily for profit rather than for their importance to life. Polanyi’s concept of fictitious commodities warns of the limitations of a market approach that seeks to turn everything into a commodity.
Such a market approach threatens people, their dignity, and the environment in which they live (Polanyi 2001, 75-76). The concept of embeddedness is central to Polanyi’s economic philosophy. It is here that his thought can fruitfully be read in the light of Psalm 148, because both approaches understand the economy and human action as part of a broader, meaningful order of relations between human beings, nature, and broader systems of meaning (including religious ones). Polanyi defines embeddedness as a condition in which the economy is not an autonomous sphere, but is integrated within social relations, cultural values, and institutional frameworks. Although religion is not central to Polanyi’s formal definition of embeddedness, his framework presupposes that economic life is shaped by broader systems of meaning, including moral, cultural, and religious traditions. In this sense, religion should not be understood as a sphere to which the economy is subordinated, but rather as one of several historically significant sources of meaning (alongside culture and social norms) within which economic practices are embedded. Moreover, Polanyi explicitly engaged with religious thought, particularly Christianity, in his earlier writings (England 2018, 436). In the article “Karl Polanyi and the Writing of The Great Transformation” from 2003, Fred Block analyzes the development of Polanyi’s thought, with special emphasis on the concepts of fictitious commodities and embeddedness, showing how Polanyi rejects the liberal understanding of the economy as an autonomous sphere governed by self-regulating market laws (Block 2003, 281–282, 295–297).
In pre-market societies, economic activity was part of a social and symbolic order, where survival and the distribution of goods were regulated by customs, religion, and magical practices, rather than the profit motive. The community played a key role in shaping individual behavior, ensuring that economic activities served to preserve the entire social system. Conversely, the separation of the economy from society has destructive consequences because it leads to the commodification of people and to their exposure to market risks, such as starvation, to which society responds by developing self-protection mechanisms—a process that Polanyi refers to as a “double movement.” Polanyi’s double movement means that the expansion of the free market, which seeks to subordinate society to its logic, simultaneously provokes a counter-movement of society, which seeks to protect itself from the destructive consequences of that market (Polanyi 2001, 138-140; Block 2003, 294-297; Polanyi 1977, 10-12).
Embeddedness is a normative concept because Polanyi holds that the economy must be consciously subordinated to socially organized and institutionally regulated forms of collective life, in order to preserve human dignity and freedom. While many of Polanyi’s historical examples refer to non-modern societies that were not necessarily democratic or egalitarian, his analysis of modern “complex society” points toward the need for deliberate institutional arrangements that re-embed the economy within society (Polanyi 2001, xxiii-xxv; England 2018, 435-437). This is precisely why the concept of embeddedness has a special importance for the dialogue with the biblical text, because it allows for an understanding of the world as a divine and social order in which human beings and nature are connected by a regulation that goes beyond purely market value (Martin 2022, 1-2; Hillers 1978, 324-331; Stanfield 1980, 596–601; Polanyi 2001).
The exegesis of Psalm 148 in the light of Polanyi’s economic philosophy enables the connection of two different fields, theology and economics. This paper therefore proposes an interdisciplinary approach in which economic issues are considered within a broader moral and theological framework.
3. Exegetic-hermeneutic Approach as a Method of Interpretation in Social Sciences
Interpretation is essential in the social sciences, as they are concerned not only with external phenomena but also with the meaning that people give to their actions, expressions, and social worlds. While both natural and social sciences seek to identify patterns in observed phenomena, they differ in the type of explanation they prioritize; interpretive social sciences focus on understanding the subjective meaning of human action within specific contexts (PureSociology.com n.d.). Accordingly, Geertz (1973, 6-7) states that phenomena such as culture do not require laws, but rather interpretive sciences that are interpreted by humans themselves. For example, the difference between an unconscious blink and an intentional wink cannot be determined by mere observation; such determination requires a dense description that allows for the interpretation of the social code and intention behind the gesture. Accordingly, Weber (1904, 37-39, 46-48) emphasizes that social reality is infinite and that researchers can study only those parts of it that are relevant to the specific question they seek to understand. This demonstrates that interpretation in the social sciences requires not only the observation of phenomena but also an understanding of the meanings and contexts through which those phenomena become relevant.
The hermeneutic approach rests on an epistemological foundation that sees understanding as a primary mode of human existence, and not just as a research method. Therefore, understanding and generalized causal explanation are analytically distinct but not mutually exclusive. In this sense, causal explanation often refers to the formulation of general or “covering” laws that account for observed patterns, while understanding seeks to encompass a specific phenomenon in historical reality. Understanding is necessary for social analysis because it recognizes that the subject and object of research are historically conditioned, and the scientist cannot leave history for objective observation (Gadamer 2004, xx–xxii, 267–277). This legitimizes the hermeneutic approach as a necessary framework for the analysis of social phenomena that are semantically and historically structured.
Within this broader hermeneutic framework, exegesis is used in this study as a specific method for interpreting the biblical text. Accordingly, Gadamer (2004, xx–xxi) argues that exegesis is the skill of correctly understanding and interpreting written texts. Exegesis includes context, structural analysis, and layering of meaning. The exegetical approach is appropriate for this research because it allows for reflection on economics within a broader social and moral framework. Polanyi’s economic thought assumes that economic systems are not isolated, but are always rooted in social relations and values. In this sense, the exegesis of Psalm 148 not only serves theological analysis, but also views the text as a source that speaks to the order of the world and community. Such an approach allows connecting an ancient text to contemporary economic issues and opens up space for an understanding of economics that goes beyond purely technical, quantitative interpretations.
4. Close-exegetic Context of Psalm 148
The Book of Psalms and Biblical Poetry
Human beings often relate their experiences of the world to the divine, and these experiences can be expressed in a religious context through song and prayer. While this way of expression was widespread among the peoples of the ancient East, including the Babylonians and Egyptians, Israelite poetry developed a special form of religious expression that stands out for its depth and structure (Tomić 1986).
The Hebrews call the Book of Psalms Sefer Tehillim, after the verb halal—“to praise,” which is why the collection can be understood as the Book of Praises. The name Sefer Tefillot is also found in literature, where the Psalms are referred to as prayer texts (Tomić 1986). The Book of Psalms in its canonical form is traditionally divided into five sections (Psalm 1–41; 42–72; 73–89; 90–106; 107–150), with Psalm 148 belonging to the last section (Brueggemann and Linafelt 2012, 311).
In this paper, biblical poetry is not viewed exclusively as an aesthetic or devotional expression, but as a textual form that structures reality and establishes a system of values and relationships. This structural dimension of parallelisms enables an exegetical approach that goes beyond religious experience and opens up space for reflection on the social and cosmic order. On this basis, Psalm 148 is read as a text that implicitly shapes the understanding of human action, belonging, and value. In this way, the psalm becomes relevant for a dialogue with economic philosophy, especially Polanyi’s critique of autonomous market rationality. The understanding of the values conveyed by the psalm stems not only from its structure, but also from its place and role in the Psalter.
Introduction to Psalm 148
Psalm 148 presents the whole created world as a cosmos called to praise God (Hossfeld and Zenger 2011, 638). The text describes a comprehensive order of the world where everyone and everything has their place and role. Such an order is expressed by a system of parallelisms that structure reality as a meaningful and hierarchically organized whole. In this sense, Psalm 148 can be interpreted in the light of what Karl Polanyi describes as embeddedness: action is always embedded in a broader social and cosmic context and cannot be understood as an independent, separate sphere. Psalm 148 uses the language of creation known from the Book of Genesis, thereby giving the world it describes a deeper meaning. Thanks to God does not arise from the logic of exchange or utility, but from the fact of existence and the faithful fulfillment of one’s own task within the whole. In this perspective, the world of Psalm 148 depicts a reality in which nature, human beings, and community are inextricably linked—describing also the basic premise of Polanyi’s critique of market rationality (Ravasi 1985, 968–975; Polanyi et al. 1957, 247).
In order to clarify the internal structure of the psalm, it is useful to consider both its formal composition and its thematic organization. Psalm 148 is divided into 14 lines. It can be noted that it begins with “the heights.” This word gives a special tone to the psalm. After that come the words: angels, sun, all the heavens, etc. Finally, after the animals comes human beings. In the last part, the sons of Israel are mentioned, representing the chosen people. On this basis, the psalm can also be understood as structured progression from the cosmic to the communal level.
Psalm 148 can be divided into two major parts: a) verses 1 to 6; b) verses 7 to 14 (Alonso Schökel and Carniti 1993). This structural division is not only thematic, but is also reflected at the grammatical level, particularly in the use of verbal forms, which further reinforces the coherence of the psalm. First of all, for a better understanding, it is necessary to briefly explain the difference between the imperative and the jussive in the Hebrew language, grammatically and semantically.
The imperative is a verbal form not only for expressing commands, but also for expressing invitations, encouragement, advice or prayers. In poetry, it can be used ironically with a conditional value. The imperative as a verbal mood has only the second person singular or plural (Alonso Schökel and Carniti 1993). The jussive is characteristic of verbs that express a command or prohibition and are translated as impersonal verbs in some languages (for example, in Italian). But looking at the Croatian language (and other living languages) we can say that it is a command stated in the third person. (Gesenius et al. 1910, 334-335).
If we pay attention to the first six lines of Psalm 148, we see seven imperatives (Ravasi 1985; Schenker 1997): praise or in Hebrew הַֽלְל֣וּ- halǝlû (piel – imperative). In verse 5 there is a jussive: let them praise or in Hebrew יְֽ֭הַלְלוּ – yǝhalǝlû (piel – jussive).
The second part also begins with praise (seventh line) or in Hebrew הַֽלְל֣וּ – halǝlû (piel – imperative). After that, in the thirteenth line there is the same jussive as at the conclusion of the first part of the psalm let them all praise or in Hebrew יְהַלְל֤וּ – yǝhalǝlû (piel – jussive) (Collins 2014, 56-57).[1]
The analysis of these parallelisms shows that the two parts of the psalm open, or begin in the same way, with imperatives, and close, or end with jussives. However, the primary division of the psalm is better understood in thematic terms, as a bipartite structure consisting of a “heavenly choir” (vv. 1–6) and an “earthly choir” (vv. 7–14), as argued in the scholarly literature (Allen 1983, 931-932).
Analysis of Parallelisms – Exegesis
Parallelism is the most important feature of Semitic poetry. This term was first encountered in the 18th century by the Anglican bishop R. Lowth. Parallelism implies that a thought from one half-verse is expressed in the second half-verse with a synonymous or opposite word, in the following forms:
- Synonymous or synonymous parallelism – the same thought is repeated in both half-verses with different, but synonymous words
- Antithetical or opposite parallelism – the thought is expressed in opposite words
- Synthetic parallelism – the thought is elaborated in the second half-verse (Tomić 1986).
(In the analysis, I mainly distinguished between synonymous or antithetical parallelisms, while synthetic parallelisms require a more stylistic analysis.)
Table 1 shows the structure of parallelism in Psalm 148 as a fundamental poetic mechanism that establishes an ordered, meaningful order of reality. The analysis shows how, through synonymous, antithetical, and synthetic parallelisms, the world is presented as a whole in which each element, from cosmic forces to the human community, has a specific place and function. Such a structure presupposes action that is based not on interest, exchange, or profit, but on belonging to and compliance with the order.
In this sense, the parallelisms of Psalm 148 allow the text to be read as an implicit critique of autonomous market rationality, because action is not organized around market relations, but is embedded in a broader cosmic, social, and theological context, which corresponds to Polanyi’s understanding of economics as a socially embedded practice.
The table has a review and analytical function and provides only a summary of the key structural relations.
| Verse | English Text (Summary) | Hebrew Key Terms | Type of Parallelism | Explanation | Structure |
| 1 | Praise the LORD from the heavens / in the heights | הַלְלוּ … מִן־הַשָּׁמַיִם / בַּמְּרוֹמִים | Synonymous | Repetition of the verb “praise”; the object is replaced by a parallel term; “heavens” = “heights” | A B ∥ A B’ |
| 2 | Angels / his hosts | מַלְאָכָיו / צְבָאָיו | Synonymous | Heavenly beings described with different but semantically related terms | A b C ∥ A b C’ |
| 3 | Sun, moon / stars | שֶׁמֶשׁ יָרֵחַ / כּוֹכְבֵי אוֹר | Synonymous (cosmic) | Cosmic elements forming the heavenly order | A B B’ ∥ A B’’ |
| 4 | Highest heavens / waters above the heavens | שְׁמֵי הַשָּׁמַיִם / מַיִם מֵעַל הַשָּׁמָיִם | Synonymous (cosmological) | Reflection of ancient Israelite cosmology (waters above the firmament) | A B ∥ A’ B |
| 6 | He established them forever / a decree that does not pass away | וַיַּעֲמִידֵם / חָק נָתַן | Synonymous | Permanence of creation expressed through different concepts | A ∥ A’ |
| 7 | Praise the LORD from the earth | מִן־הָאָרֶץ | Structural transition (heaven → earth)(to v. 1)[2] Conventional word-pairs[3] | Heaven and earth as complementary realms of creation | A → B |
| 8 | Fire / snow; storm | אֵשׁ / שֶׁלֶג | Antithetic | Opposing natural elements subject to God’s command | A ≠ B |
| 9 | Mountains / hills; fruit trees / cedars | הָרִים / גְּבָעוֹת; עֵץ פְּרִי / אֲרָזִים | Synonymous (double) | The natural world presented in parallel pairs | A ∥ A’; B ∥ B’ |
| 10 | Wild animals / livestock; creeping things / birds | חַיָּה / בְּהֵמָה; רֶמֶשׂ / צִפּוֹר | Synthetic | Different categories of animals (earthly and aerial) | A + B + C + D |
| 11 | Kings / princes; peoples / judges | מַלְכֵי־אֶרֶץ; שָׂרִים; כָּל־לְאֻמִּים | Synonymous (social) | Hierarchy of power and society; emphasis on “all” | A ∥ A’; B ∥ B’ ; C ∥ C’ |
| 12 | Young men / maidens; old men / children | בַּחוּרִים / בְּתוּלוֹת; זְקֵנִים / נְעָרִים | Meristic (totality of the human community) | Inclusive expression of all people (young–old; male–female) | A ≠ A’; B ≠ B’ |
| 13 | The name of the LORD / his majesty | שֵׁם יְהוָה / הוֹדוֹ | Synonymous | Name = majesty | A ∥ A’ |
| 14 | Strength for his people / the faithful / Israel | קֶרֶן / חֲסִידָיו / עַם־קְרֹבוֹ | Synthetic | Progressive narrowing: people → faithful → Israel | A ∥ A’ ∥ A’’ ∥ A’’’ |
Table 1. Overview of Parallelisms in Psalm 148[4]
This exegesis of Psalm 148 shows that the text is structured through a system of synonymous, antithetical, and synthetic parallelisms that together shape a cosmological and social order based on the praise of God. Parallelisms do not serve merely as poetic ornamentation, but contribute to the structuring of the text. The psalm is commonly understood as bipartite, distinguishing between a “heavenly” and an “earthly” section (Allen 1983, 931). This parallelism between “heaven” and “earth” reflects traditional pairings in biblical language and contributes to the depiction of the scope of praise within the psalm, but does not in itself establish comprehensiveness. The final inclusion of the phrase Hallelujah further confirms the unity and coherence of the psalm, in which the action of all beings is understood not through the logic of interest or exchange, but through belonging to a divinely ordered structure. At this stage, the exegetical analysis does not yet yield an economic theory. Instead, the psalm depicts an order in which action is understood through relationships with others. It is therefore apt to be compared to Polanyi’s concept of embeddedness, which serves here as a framework for interpreting the text
5. Methodological Framework: From Exegesis To Economic Philosophy
The transition from exegesis to economic philosophy requires several analytically distinct steps. Although these levels are different, they enable a dialogue between theology and economic thought. The first level is textual or exegetical, focusing on the philological and structural analysis of Psalm 148. The second level is theoretical, where Polanyi’s concept of embeddedness is introduced as an interpretative framework for understanding forms of order that are not governed by market rationality. The third level is conceptual or interpretative, where insights from the text and theory are brought into dialogue in order to explore possible implications for understanding economic life. This progress does not imply a direct derivation of economic theory from the biblical text, but rather an interdisciplinary engagement. Theoretically, a normative reading of the psalm is justified because the psalmist does not offer only an individual approach, but a communal and holistic one. It is not a matter of subjective religious feeling, but also of ethical criteria for the community, namely love of neighbor and care for the weak, which are the criteria of valid worship (Martin 2022, 1). Drawing on Marrs’s understanding of worship as a “world-forming activity” (Marrs 1990, 9), a relational reading is proposed here according to which worship can articulate a social and economic order that is not determined solely by market rationality.
The methodological shift from the text to economic philosophy may allow worship to be understood as an act of social critique that denies the autonomy of the market and affirms the embeddedness of the economy in the moral order of the created world. This understanding is broadly consistent with traditions of internal critique, in which practices such as worship function as normative reflection within a given moral community.
The analysis of parallelisms in Psalm 148 is used in this paper not for the sake of an aesthetic or purely literary description of the text, but as an exegetically grounded method for identifying the normative structure of the order. Parallelisms constitute a verifiable textual feature of Hebrew poetry and enable the analysis of the relationships among nature, society, and human action within the text itself.
Table 2 provides a mapping that is heuristic and interpretative in nature. It does not imply a strict equivalence between the exegetical features of the psalm and economic theory, but rather highlights possible conceptual resonances between the two domains.
| Parallelism | Exegetical Fact | Economic Claim | Theoretical Framework |
| Cosmic | heavens – heights | Synonymous parallelism opening the psalm | The economy as an ordered system rather than a market |
| Natural | sun/moon – stars | Cosmic elements in a functional relationship | Nature as a precondition of life, not a commodity |
| Normative | a decree that does not pass away | Parallelism of permanence and law | The subordination of the market to social relations |
| Structural | heaven – earth | Conventional word-pairs | The economy embedded in the total order |
| Dynamic | fire – snow | Antithetic forces of nature | Regulation without market mechanisms |
| Productive | mountains – hills / trees – cedars | Synonymous parallelisms of natural fertility | Production without commodification |
| Living creatures | creeping things – birds | Synthetic | Diverse contributions within a system |
| Social | kings – judges | kings / judges (institutional aspect) | Inclusivity of the whole community |
| Human totality | young – old | Meristic (totality of the human community) | Meristic expression of the totality of the human community |
| Axiological (value-based) | name – majesty | Synonymous parallelism of value | Value beyond price |
| Communal | people – faithful – Israel | Synthetic parallelism of community | Community as the bearer of the economy |
| Meta-level | Hallelujah – Hallelujah | Inclusio of the psalm | Economy subordinated to meaning |
Table 2. Exegetical-Theoretical Mapping of the Parallelisms of Psalm 148 in the Light of Polanyi’s Economic Philosophy
The table shows that the heavens and the heights (Psalm 148:1) and the division into heaven and earth (148:13) are evidence for the economy as an ordered system, not an autonomous market. Polanyi emphasizes that throughout human history the economy has been embedded in society and has not been an autonomous sphere driven by the profit motive, but subordinate to politics, religion, and social relations (Polanyi 2001, 57-58). Hillers (1978, 327-328) speaks of the two-part structure of the psalm (heaven and earth) reflecting a whole. Therefore, the economy here may be understood not as an isolated mechanism, but a function of the cosmic order that ensures the stability and survival of the community. Importantly, such stability should not be interpreted as implying a static or unchanging order, but rather as a regulated and dynamic process, consistent with Polanyi’s understanding of ongoing institutional transformation (Stanfield 1980, 599-600).
Parallelisms such as sun, moon, stars, cedars, and trees (148:3; 148:9) can be interpreted in the table as nature, a prerequisite for life, rather than as a commodity. However, it should be noted that some elements mentioned in the psalm, such as domesticated animals, also imply forms of human use, suggesting that the text does not exclude the utilitarian dimension of nature, but situates it within a broader, non-market order. The Torian support can be found in Polanyi’s concept of fictitious commodities. There, the land (nature) is not produced for sale, and its subjection to market mechanisms leads to the destruction of the natural habitat (Polanyi 2001). Related to this, Hillers (1978) states that the psalm depicts natural elements in relation to the creator, not as resources for exploitation. This can be understood as broadly aligning with Polanyi’s view that nature should remain protected by cultural institutions to avoid dehumanization (Polanyi 2001, xxv–xxvi).
Psalm 148:6 claims that the law does not pass, which symbolizes the stability of the order. Therefore, Hillers (1978, 325-326) interprets it as a divine decree that establishes order. The law in Psalm 148 is not a restriction, but a foundation that gives security and meaning to creation, which correlates with Polanyi’s view that society develops a “double movement” to protect itself from the instability imposed by the self-regulating market.
Furthermore, the association of kings and judges, and of young and old (Psalm 148:11; 148:12) with institutional economics and social reproduction emphasizes community. Polanyi argues that the economic system is maintained through institutions, not through atomized individuals. Therefore, “Social reproduction” (the relationship between young and old) is for him the primary significance of the economic process because it produces not only goods, but also people in their social roles (Stanfield 1980, 603-604). All social classes in the psalm participate in the same ethical and religious act, which corresponds to Polanyi’s vision of the economy, which serves human beings as social beings (homo socius), and not as calculated traders (Polanyi 1947, 98-100; Gemici 2008, 20-25).
Finally, the inclusion of “Hallelujah” and the parallelism “name-majesty” (Psalm 148:13) shows that the value of the created world is immeasurable and inexpressible in market terms. This may be read as a critique of economism and of the expansion of market logic into all spheres of social life, which Polanyi describes as the “economistic fallacy” (Stanfield 1980, 596–600). The value in the psalm can be understood as deriving from participation in divine praise, which is a prime example of what Graeber calls the process in which actions become meaningful through their inclusion in a larger social (and cosmic) totality (Graeber 2001, xii, 12-13).
5. Conclusion
This paper analyzed Psalm 148 with the aim of examining the possibility of reading it in dialogue with Karl Polanyi’s economic philosophy. Exegetical analysis has shown that the psalm is structured through a system of synonymous, antithetical, and synthetic parallelisms that shape a complete cosmic and social order. This order does not start from interest, exchange, or profit, but from the belonging and harmony of each part of reality with the whole. Based on this, it can be concluded that Psalm 148 does not offer economic theory in the narrow sense, but rather a normative framework that enables reflection on the economy beyond market rationality. Such an understanding is close to Polanyi’s understanding of the economy as a socially embedded practice (embeddedness), in which nature, work, and social relations are protected from complete commodification.
The contribution of this paper is to connect biblical exegesis and economic philosophy. In this way, a space is opened for an interdisciplinary dialogue between theology and the social sciences. Reading Psalm 148 in dialogue with Polanyi shows that economic activity is connected to community, values, and relationships between people. Possibilities for further research include applying a similar hermeneutical approach to other biblical texts, especially those that depict the relationship between man, nature, and community. In addition, it would be useful to further explore the connection of theological concepts with contemporary economic debates on ecological sustainability, social justice, and the limits of market rationality.
This paper connects biblical exegesis and economic philosophy, but does not assume a complete correspondence between their concepts and theoretical frameworks. Another limitation of this paper is the lack of a detailed analysis of stylistic figures, which leaves an opportunity for future research to include a more extensive study of rhetorical and stylistic devices in the text.
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Notes
[1] The transliteration of Hebrew terms in this paper was carried out according to the rules set out in The SBL Handbook of Style (Collins et al. 2014, 56–57).
[2] The pairing “heaven–earth” is a well-established expression and shows that parallelism operates not only between individual verses, but can also organize the entire psalm. Therefore, it does not fit into the division into synonymous, antithetical, and synthetic parallelism, which is used here only as a framework (cf. Watson 1984).
[3] The collocation “heaven and earth” reflects a fixed or conventional pair of words, a feature noted by Watson (1984) as characteristic of Hebrew poetic diction; such pairs function as standard semantic units and may serve to express a comprehensive scope.
[4] Hebrew text comparison with QBible (n.d.).
