According to the Book of Leviticus, the Jubilee existed because the Israeli land actually belonged to their god Yahweh…. and the current owners were just borrowing it (sounds like land ownership today – try not paying your property taxes and see who really owns your land).
So every 49 years, the Israelites would celebrate by freeing slaves, redistributing property and forgiving debts.
Of course, a 49-year cycle where debt is forgiven and land is returned to previous owners is ridiculous… markets can't function under this system. Imagine buying a piece of land and not knowing if you have to give it back down the road… or lending someone money with the possibility that those debts just disappear and you get nothing back for the risk you took.
The Jubilee originated sometime around 1406 BC, so you would think it's ancient history.