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Easton's Bible Dictionary
The return of the jubilee year was proclaimed by a blast of trumpets which sounded throughout the land. There is no record in Scripture of the actual observance of this festival, but there are numerous allusions (Isaiah 5:7,8,9,10; 61:1,2; Ezekiel 7:12,13; Nehemiah 5:1-19; 2 Chronicles 36:21 ) which place it beyond a doubt that it was observed.
The advantages of this institution were manifold. "1. It would prevent the accumulation of land on the part of a few to the detriment of the community at large. 2. It would render it impossible for any one to be born to absolute poverty, since every one had his hereditary land. 3. It would preclude those inequalities which are produced by extremes of riches and poverty, and which make one man domineer over another. 4. It would utterly do away with slavery. 5. It would afford a fresh opportunity to those who were reduced by adverse circumstances to begin again their career of industry in the patrimony which they had temporarily forfeited. 6. It would periodically rectify the disorders which crept into the state in the course of time, preclude the division of the people into nobles and plebeians, and preserve the theocracy inviolate."
These dictionary topics are from M.G. Easton M.A., D.D., Illustrated Bible Dictionary, Third Edition, published by Thomas Nelson, 1897. Public Domain.
Easton, Matthew George. Entry for 'Jubilee'. Easton's Bible Dictionary. https://www.studylight.org/dictionaries/eng/ebd/j/jubilee.html. 1897.