If you can muscle through the extremely turgid prose, you'll find a goldmine of insights about world scripture in this book. Smith argues that "scripture" is a historical concept that evolved as westerners came into greater contact with peoples beyond the Abrahamic traditions. It has shifted from referring to something like God's truth as revealed to humans and recorded in the bible, to something like "writings which pertain to religion" whether or not such writings are taken to be "True." He lauds this shift, as it has opened the door to greater cultural engagement and ecumenism, but he argues it is also missing something.
This view problematically focuses on scripture primarily as "text." Smith argues, to the contrary, that "scripture" is a "human activity," it is a verb and not a noun, it is a way humans relate to themselves, others, the world, the universe, and the Transcendent in general, whether that transcendent be thought of as a personal God (as in Christianity and Judaism) or a multiplicity of gods (as in Hinduism) or an impersonal cosmic ground of all being or transcendent force (as in Buddhism). He talks about how cultural exchange has shifted the forms scripture takes, the underlying assumptions different peoples have with regard to scripture, and etc. Above all he argues that the longevity of scripture as something important in human experience speaks to human nature in general, and a propensity to seek something higher, or deeper, or longer than finite existence offers.
This was a very good book on the sanctification of community. I was glad to learn that scripture is by definition a community. There were many other pithy statements by the author. The parts on non-Western religions was a little cryptic. But generally I would recommend this book to anyone who has interest in comparative religion. Don't be put off by the dry academic title. Smith is truly a master of his subject matter. There is some measure of religion that is "otiose,"as he puts it. But we have much to learn about religion's influence in dialectical thought.
Rough writing style, but great information. Will make you think differently about the issue of Scripture even though the book doesn't give a definitive answer to the question posed.