How Religion Complements Free Markets (and Vice Versa)
On Uncommon Knowledge, as you may recall, Matt Ridley, author of The Rational Optimist, argued that free markets don’t merely make us richer. They also make us better.
A viewer from up in Canada agrees—and sends along a link to a fascinating little book entitled Religion and Capitalism: Allies, Not Enemies. From the introduction:
Man is not merely a spiritual being; he is a spiritual being who eats, feels the cold, suffers pain, seeks to order his communities, and works to improve his material estate. The individual person is in the physical body and in society because God created him this kind of creature; and because God does nothing in vain, some cosmic purpose is served by our involvement in things earthly as well as in things spiritual.
If you have a moment, take a look. As I say, the book is just fascinating.
And whenever you need to get in touch with your cosmic purpose, Ricochet is just a click away.
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May '10
Re: How Religion Complements Free Markets (and Vice Versa)
This would have been a good topic for the Sunday resolution (kind of).
Of course, Edmund Opitz (with whom I am familiar) argues that its Christianity specifically that harmonizes with capitalism.
May '10
Re: How Religion Complements Free Markets (and Vice Versa)
And Judaism has a myriad of laws about business ethics. Fascinating stuff, actually.
Dec '10
Re: How Religion Complements Free Markets (and Vice Versa)
Christ understood the principles of return on investment and the need to use capital for productive purposes, as in the parable of the Talents and in the teaching, "For he that has, to him shall be given: and he that has not, from him shall be taken even that which he has." Use it or lose it is a pretty strong endorsement of capitalism.
May '10
Re: How Religion Complements Free Markets (and Vice Versa)
I get contradictory vibes from Scripture regarding capitalism. There are parables like the one of the Talents and but I think one would be hard pressed to find an implicit or explicit endorsement of capitalism in the OT. Lots of rules and regulations against voluntary associations.
Edited on Dec 23, 2010 at 2:21pmSep '10
Re: How Religion Complements Free Markets (and Vice Versa)
"Doing Well and Doing Good" by Richard John Neuhaus - based on PJP II's Centesimus Annus is also excellent and along the same lines.
http://www.amazon.com/Doing-Well-Good-Richard-Neuhaus/dp/0385425023/ref=ntt_at_ep_dpt_7
Sep '10
Re: How Religion Complements Free Markets (and Vice Versa)
Russell Kirk - dare I say the sainted Russell Kirk, perhaps that's a bit much, wrote an introductory economics textbook near the end of his life. Its as fascinating as anything he wrote. The discussion of the Puritans and the virtue of thrift is worth the price of the book.
Oct '10
Re: How Religion Complements Free Markets (and Vice Versa)
Another book is "Money, Greed, and God: Why Capitalism is the Solution and not the Problem" by Jay W. Richards. The book makes the argument that Capitalism is not inconsistent with Christianity. He answers 8 myths that pervade many people's minds about economics, i.e., the zero-sum game, nirvana, piety, materialist myths et al. It's very clear and written for the layman. And I know you're a layman, Peter, so you should enjoy this book.
Jul '10
Re: How Religion Complements Free Markets (and Vice Versa)
Michael Novak's The Spirit of Democratic Capitalism was one of the most influential books I have ever read. He systematically tears down the myths of socialism and simultaneously argues for a fusion of Democratic Capitalism and Christianity. A bit of a heavy read, but please read it. Ther best of its genre I have encountered.
The bottom line of all such arguments is the issue of intent versus results. If one's intent matters most, then socialism is your bag. If results actually matter more, then capitalism is the ticket. Unfortunately, intent is so much simpler. It provides instant bragging rights without any of the heavy lifting.
Nov '10
Re: How Religion Complements Free Markets (and Vice Versa)
Stuart,
I don't think that is meant to endorse capitalism. I certainly don't believe capitalism and Christianity to be inconsistent with each other, the parable of the talents is about faith, not about money.
Having said that, I absolutely believe that capitalism is the economic system most suited to moralists. If you have a strong sense of what is right and wrong, and a desire to be consistent with your beliefs (some of us call that integrity), then you don't need some smothering government telling you what to do.
Dec '10
Re: How Religion Complements Free Markets (and Vice Versa)
Ken Owsley
I don't think that is meant to endorse capitalism. I certainly don't believe capitalism and Christianity to be inconsistent with each other, the parable of the talents is about faith, not about money. · Dec 23 at 8:48pm
Well, yes, it's a parable and thus meant to be interpreted as such, not in its literal sense. But it's telling that for a story that would be easily understood by his audience as an illustration of the imperative to seek increase rather than simple preservation of the status quo, he turned to an illustration of return on investment. If he didn't believe it was valid in the literal sense, it would have made a rotten parable to illustrate the spiritual principle.
Oct '10
Re: How Religion Complements Free Markets (and Vice Versa)
Michael Labeit: I get contradictory vibes from Scripture regarding capitalism. There are parables like the one of the Talents and but I think one would be hard pressed to find an implicit or explicit endorsement of capitalism in the OT. Lots of rules and regulations against voluntary associations. · Dec 23 at 2:10pm
Edited on Dec 23 at 02:21 pm
There are two commandments enjoining theft and envy, which affirms the principle of private property. That at least eliminates all the economic systems which reject property. I would also point out 1 Samuel 8 and Eccliastes 2. It's not endorsing capitalism per se but we do see the various elements of capitalism alluded to in the Bible.
Oct '10
Re: How Religion Complements Free Markets (and Vice Versa)
Stuart Creque
Ken Owsley
I don't think that is meant to endorse capitalism. I certainly don't believe capitalism and Christianity to be inconsistent with each other, the parable of the talents is about faith, not about money. · Dec 23 at 8:48pm
Well, yes, it's a parable and thus meant to be interpreted as such, not in its literal sense. But it's telling that for a story that would be easily understood by his audience as an illustration of the imperative to seek increase rather than simple preservation of the status quo, he turned to an illustration of return on investment. If he didn't believe it was valid in the literal sense, it would have made a rotten parable to illustrate the spiritual principle. · Dec 23 at 9:46pm
I agree. I think the parable clearly shows that God expects man to be a good steward by using the capital (talents) he's given to put it at risk and yield a return. If that isn't capitalism I'm not sure what is.
May '10
Re: How Religion Complements Free Markets (and Vice Versa)
bereket kelile
There are two commandments enjoining theft and envy, which affirms the principle of private property. That at least eliminates all the economic systems which reject property. I would also point out 1 Samuel 8 and Eccliastes 2. It's not endorsing capitalism per se but we do see the various elements of capitalism alluded to in the Bible.
The commandment is refrain from theft is consistent with capitalism but not the commandment against envy. Envy has encouraged people to steal others property and it also has encouraged people to out-compete others. It depends upon how one employs envy. But I think envy can be a real spur for production.
Edited on Dec 23, 2010 at 11:24pmDec '10
Re: How Religion Complements Free Markets (and Vice Versa)
Michael Labeit
The commandment is refrain from theft is consistent with capitalism but not the commandment against envy. Envy has encouraged people to steal others property and it also has encouraged people to out-compete others. It depends upon how one employs envy. But I think envy can be a real spur for production. · Dec 23 at 11:22pm
Edited on Dec 23 at 11:24 pm
The commandment isn't "do not envy your neighbor his property" -- it's "do not covet your neighbor's property." The message of "do not covet" is "get your own stuff instead of plotting to take your neighbor's."
That is, you're not enjoined from keeping up with the Joneses, but you are enjoined from wanting to have a thing going on with Mrs. Jones (actually having a thing going on with her is covered under "do not commit adultery"). It's definitely a reminder that's what's his is his, just like what's yours is yours, and thus an affirmation of the right to possess personal property.
May '10
Re: How Religion Complements Free Markets (and Vice Versa)
Stuart,
Growing up in Catholic school, it was considered uncontroversial that the commandment not to covet thy neighbors' possessions implied an injunction against greed and the mass accumulation of wealth clearly beyond what is "necessary" for a pleasant existence. Modesty was supposed to be a prime virtue. I just don't think of capitalism when I think of Jesus.
Edited on Dec 24, 2010 at 1:01amOct '10
Re: How Religion Complements Free Markets (and Vice Versa)
Maybe my paraphrase wasn't a good idea given that what I meant seems to be understood at least. The idea is that other people's things are theirs and you're not supposed to want it or desire to take it. I have to disagree with Stuart and say that keeping up with the Joneses is absolutely against what the 10 commandments are driving us towards. The point is to get us to love God and be good neighbors through love. You can't do that and want to have a higher status than the family next door.