The Yovel or Jubilee is the fiftieth year, arriving after seven cycles of seven, and it is set out in Leviticus 25. It is announced on the Day of Atonement by the blast of a ram's horn, the yovel from which the year takes its name, and it carries three provisions: the land lies fallow as in a sabbatical year, ancestral holdings revert to the families that originally held them, and Israelites who have sold themselves into servitude go free. Its charter sentence, "proclaim liberty throughout the land to all its inhabitants" (Leviticus 25:10), is cast on the Liberty Bell in Philadelphia, one of the more consequential afterlives any biblical verse has had.
The reason the text gives is theological rather than economic: "the land shall not be sold in perpetuity, for the land is mine; you are strangers and sojourners with me" (25:23). Because the land is God's, what changes hands can only be a lease of the intervening harvests, and the legislation says so explicitly, instructing that the price be reckoned by the number of crop years remaining before the Jubilee. Permanent alienation of a family's inheritance is thereby made legally impossible, and with it the accumulation of land that the prophets denounce.
Whether it was ever practised is disputed. No narrative in the Hebrew Bible records an observance. Historical-critical scholarship generally assigns Leviticus 25 to priestly legislation and divides over its relation to practice, some treating it as a programmatic or utopian text and others pointing to the periodic debt-release and manumission edicts of Old Babylonian kings, the misharum and andurarum proclamations, as evidence that measures of this kind were a real feature of the ancient Near East, whatever Israel did with the idea. In rabbinic law the Jubilee's operation is tied to conditions no longer met, chiefly the settlement of the majority of Israel in the land by tribal allotment, and it has accordingly been treated as not currently in force.
Its influence has far outrun its observance. The Jubilee image runs through Christian social teaching, through abolitionist argument in the eighteenth and nineteenth centuries, and, most recently, through the Jubilee 2000 campaign for the cancellation of the external debt of the poorest countries, which took both its name and its argument from Leviticus 25.