When we confess these words of the creed [WE BELIEVE IN ONE LORD, JESUS CHRIST], then, we declare that Jesus is our Lord, meaning that we recognize him as Lord of all and that we acknowledge his authority over our own hearts. We owe him the same worship and obedience we owe God. Indeed, by calling him Lord we imply that the worship and obedience we pay to the risen Jesus is the worship and obedience we pay to God.
To pay this obedience and worship to him is to deny to any creature. As Lord, Jesus exercises absolute authority over our lives. We serve no created thing in preference to him. Thus, when pagan prefects demand a choice between Christ and Caesar, Christians understood that this was a choice between the power of God as revealed in the world through the crucified and raised Messiah Jesus and the powers of the world as embodied by the Roman imperium. If they chose Caesar, the power of Rome assured that they would continue their mortal lives and, for the moment escape death. They know also, however, that if they choose Christ as Lord, they might die in their mortal bodies as a result, but they would live forever with Christ in the presence of God.
In light of this traditional understanding, the present day objection to the use of "Lord" (as also to "King" and "Kingdom") are particularly unfortunate and, in my view, wrong headed. Some object to "Lord" and "King" being used for Jesus Christ because not only are lords and kings male, but they represent the unfortunate hierarchical arrangements of patriarchal social structures. Others object because "lordship" and "kingdom" suggest social arrangements in which some are more powerful than others.
Some translations of the New Testament seek to avoid offense by using soft near equivalents, like "sovereign" (who could be either male or female) and "dominion" (which does not demand a king). These ploys, while accomplishing gender neutrality, do not eliminate the power problem - a sovereign still rules and a dominion is still run by someone. Worse, they remove from the New Testament the terms by which Christians have understood themselves and their experience, not vis-a-vis each other, but in relation to God.
And these terms themselves offer an alternative to male domination and unjust social structures. If Jesus is our Lord, then none of us is lord over another. If Jesus is our Lord, we can all be slaves of Christ, and none need be slave to another human. Being slaves of the Lord of the universe means that we are free from any enslaving creature and free to inhabit all of God's own freedom.
Such terms have been used to support male power in human social structures, and it is important vigorously to resist that automatic equation of theological terms with social realities. To do this, we must work to reform social structures and ideas about power to achieve full equality among humans and authority structures that enhance rather than detract from such dignity.
But we can do this precisely by a serious and sustained critique of the human tendency toward idolatry; that is, of applying to our worldly arrangements what should only be applied to God. And we can do this while recognizing and celebrating the truth of our existence in Christ: that it is by confessing him as one Lord that we thus have the freedom to engage and change the structures that do not reveal but obscure his Lordship over us all.
Taken from The Creed by Luke Timothy Johnson pp 117-18