...here's some thoughts on the Sabbath year and the Jubilee year.
Sabbath year (see Leviticus 25)
In the Sabbath year regulations, the Lord commanded obedience from the people to allow the land its sabbath and commanded the land to provide for the needs of the people during that sabbath. The sabbath year was a demonstration of the land's relationship with the Lord as its creator and redeemer, just as the sabbath day was a demonstration of the people's relationship with the Lord as their creator and redeemer.
Just as the sabbath day gave the people limited, temporary respite from the curse of painful toil, so the sabbath day gave the land limited, temporary respite from its curse in producing food (see Genesis 3:17-18). This rest was a foretaste of the future, final redemption from that curse.
It's worth noting that sabbath rest is never equated with total inactivity. God, on the seventh day, rested from his work of creation but not his works of sustaining and providing. Our sabbath rest is a rest from toilsome labour but not from works of service (see Luke 19:1-27). The sabbath rest of the land will not mean inactivity but unfettered fruitfulness.
Jubilee year
Leviticus 25 makes several contrasts between the sabbath year and the jubilee year which are helpful in correcting some common misunderstandings about the jubilee.
Where the Sabbath was for the land, the jubilee was for the people. There was rest for the land but there was also a restoration of land to its owners and a release of enslaved landowners to return to their land. Inevitably this restoration had economic effects, but the aim of the jubilee was not wholly (nor, I would argue, primarily) economic. Forms of wealth other than land were not redistributed. In particular, city properties were exempt from the regulations. And it seems plausible to argue that the 50-year cycle of the jubilee was intended to prevent individuals from regaining their land and to emphasise the continuity of the family inheritance.
Rather, it seems better to interpret the jubilee as an institution for the preservation of the family unit. Land was not reallocated at the jubilee. Instead, there was a general 'homecoming'. Each family had their land, land which had been given to them by the Lord, land through which the Lord provided for their needs, land on which they were responsible for observing sabbath, land which was inextricably bound up with the exercise of their faith.
There is nothing here to suggest the underlying principle of state-enforced wealth distribution which is usually associated with the word 'jubilee' today. What was important in the jubilee was not so much restoration of wealth, nor of equality (since there was no redistribution to make up for shortcomings in some family holdings). What mattered was the family-land unit which was central in the relationship with the Lord.
