As developing countries turn increasingly to private capital markets, the World Bank is facing not only a steep decline in demand for its loans but a crisis of relevancy. Sam Gregg looks at the changing market and how the rules of private lending might also provide a better check on corruption in the developing world. Adieu, World Bank?
That religion can be big business is not news to anyone. But this Zenit analysis by Fr. John Flynn is an especially good synopsis of the current state and size of the “Christianity market” in the United States.
On a roughly related note, I’ve been meaning to mention the creation of a new blog on faith and business: the Business as Mission Network blog run by Justin Forman. It tracks news in the “business as mission” movement, which envisions businesses, especially within predominantly non-Christian regions, as instruments of evangelization.
Acton University 2007 got underway last night with Rev. Robert A. Sirico’s traditional opening address, which was delivered with a major twist – the participation of Diet Eman, who joined Father Robert to describe her experiences as part of the Dutch Resistance to Nazi occupation during World War II.
Eman’s presence and perspectives added a very powerful element to what was already a very stirring address. You can listen to it by clicking here, and you may be interested in checking out some other perspectives on the night’s event as well:
- Latino Leadership Circle: Tonight we watched a portion of the forth-coming film, The Reckoning, the true life story of Deet Amon, a Dutch resistance fighter to Nazi regime in the 1940’s who risked her life saving Jews. In a moving moment, after watching a portion of this documentary film, Father Sirico presented Deet Amon who was present to share firsthand of her experiences and answer our questions. She shared of her experiences in a Nazi concentration camp (she was in the same camp that Corrie Ten Boom was in). When asked how she could risk her life she responded, “If you feel that God expects this of you, how can you do anything else? How could you look in the mirror and brush your teeth in the morning with so much going on and not do something? Life is full of choices.” At 87 years of age Deet says, “Each one of us have to give an account for what we do with our lives. I pray for Darfur everyday.” We were all inspired by her bravery, humility and spirituality.
- Fellow PowerBlogger John Armstrong: Diet, our Dutch guest, reminded us that this all began, while she was a very normal young woman in love with a very normal young man, because she “loved one person” enough to care and get involved in saving her life. Father Sirico then reminded us that every virtue begins somewhere, with some simple but virtuous single action, with some choice that we consciously make. The question we asked, as we left last evening, was quite simple: “Who is my neighbor and how do I express genuine virtue toward my neighbor?” This is where all true freedom and virtue begins, in knowing who we are and why we are here.
- Head over to Kruse Kronicle for a photo diary of day 1.
Economic globalization has lifted millions out of dire poverty and is an unparalelled engine of wealth creation. But, like other economic systems, it needs the moral framework that the Church provides to guide it as a humane force for good. Brian Griffiths, vice chairman of Goldman Sachs International, examines the role of faith in a rapidly globalizing world in this excerpt from his new Acton monograph.
The number of jobs (nonfarm, not seasonally-adjusted) added to the US economy since 2004 numbers around 6 million.
But over the same period, Michigan has lost over 50,000 jobs. What’s going on?
A relative of mine recently described to me the situation from his perspective. His company has an office located in Michigan, and of the rather modest net profits accrued by the Michigan location, over 56% were paid to the state by means of the Single Business Tax (SBT).
The SBT has now been phased out going forward, but there’s been a huge partisan battle between Republicans in the state congress and Democratic Governor Jennifer Granholm about what to do. The debates are well-chronicled on the Democratic side by the ranking Democrat on the Senate Appropriations Committee, Senator Mickey Switalski (see, for instance, the Feb. 23, 2007 edition of his newsletter, The Insider).
It looks now like the new tax policy replacing the SBT will be “revenue neutral,” in large part because the state was already facing a $1 billion budget deficit before the SBT was to be phased out. Besides the punitive SBT, many blame the employment climate in Michigan on the state’s “heavily unionized culture.”
The “revenue neutral” nature of the new tax plan seems to indicate to me that businesses in Michigan can continue to expect big chunks of their profits going to the state’s coffers. And that can only mean that Michigan’s single-state recession will continue, even if the tax penalty for adding payroll is modified under the new plan.
“Root of all evil” or liberator of mankind? Samuel Gregg examines the role that money plays in a free economy, particularly the way it “allows people to engage in the greater specialization of economic production which produces growth.”
The news coming out of the World Bank in recent weeks has largely focused on the departure of Paul Wolfowitz and the nomination of Robert B. Zoellick to head the bank. At the same time, a little noticed power struggle was underway at the World Bank over policies related to “reproductive health” and family planning. Michael Miller takes a closer look at the bank’s Malthusian enthusiasm.