Posts tagged with: capitalism

Isabel Paterson

Isabel Paterson

“If there were just one gift you could choose, but nothing barred, what would it be? We wish you then your own wish: you name it. Our is liberty, now and forever.”

Isabel Paterson came to influence the likes of Ayn Rand and William F. Buckley, but her early life was rough and tumble. One of nine children, Paterson had only two years of formal education but loved to read. Her father had a difficult time making a living and was constantly uprooting his family in search of work. However, Paterson credited her early life for teaching her self-sufficiency and hard work.

As a teen, she moved to Calgary and began a career as a journalist. It was in Vancouver that she found her voice, writing about the changing role of women both in the family and in the world, and chiding those with servants for their snobbish attitudes towards those who worked for them. (more…)

de Soto

de Soto

The work of Hernando de Soto has been followed closely for years at Acton and more recently at PovertyCure. See the 2001 interview “The Poor are the Solution, Not the Problem” in Religion & Liberty and a short film clip of de Soto talking about property rights and rule of law at PovertyCure. Search both sites and you’ll find much more. De Soto’s book The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else is essential reading for those interested in his work and is available in the Acton book shop.

David Freddoso profiled de Soto earlier this week at Investor’s Business Daily.

Informality is a central concept in de Soto’s work on poverty. It describes the realm to which the Third World’s poorest are relegated — banished from their nations’ official economies to what he has called “the grubby basement of the precapitalist world.”

He argues that their exclusion — the product of a lack of enforceable property rights — holds back them and the entire world economy. It’s why capitalism, despite its triumph over communism and its wealth generation in America and Western Europe, has failed elsewhere. (more…)

“Being Godly doesn’t necessarily mean that you’re going to be wealthy. God makes no such guarantees in the Bible, so goodbye, prosperity gospel…[But] God clearly is not opposed to wealth in a kind of blanket way. He’s not even opposed, necessarily, to tremendous wealth, gobstopping amounts of money.” –Owen Strachan

In a lecture for The Commonweal Project at Southern Baptist Theological Seminary, Owen Strachan tackles the tough subject of whether it’s morally wrong for Christians to make lots of money. His answer: “No. But it could be.”

Although the unprecedented prosperity of the last century has been accompanied by unprecedented amounts of guilt and self-loathing, Strachan argues that “the focus of a true Biblical theology of wealth would be on how money is a gift from God.” Surely we need to be wary of the unique temptations that come with wealth, but when dedicated to, consecrated by, and stewarded in attentive obedience to God and the Holy Spirit, “it can be nothing less than an engine, a mighty engine, for spiritual good,” Strachan argues. (more…)

The 2015 Acton Lecture Series got off to a rousing start last week with the arrival of Jeffrey Tucker, Chief Liberty Officer of Liberty.me, to deliver the first lecture of this year’s series, entitled “Capitalism Is About Love.” If you go by the conventional wisdom, that seems to be a counterintuitive statement. Jeffrey Tucker explains how the two are actually bound up together.

You can watch the lecture via the video player below, and if you haven’t had a chance to hear the Radio Free Acton interview with Tucker, I’ve included it after the jump.

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Jeffrey Tucker at the 2015 Acton Lecture Series

Jeffrey Tucker speaks at the 2015 Acton Lecture Series

It’s always good to welcome old friends to the Acton Building. Last week it was our pleasure to welcome Jeffrey Tucker, author, speaker, and the founder and Chief Liberty Officer of Liberty.me to Grand Rapids in order to deliver the first Acton Lecture Series lecture of 2015, entitled “Capitalism is About Love.” (We’ll be posting audio and video of his address later this week.)

Jeffrey took some time to join me in the Acton Studios to talk about the premise of his lecture, and about his take on the state of the world as we head into 2015. You can listen to the latest edition of Radio Free Acton featuring my interview with Jeffrey Tucker via the audio player below.

market4In his new book, The Half Has Never Been Told: Slavery and the Making of American Capitalism, Edward E. Baptist “offers a radical new interpretation of American history,” through which slavery laid the foundation for and “drove the evolution and modernization of the United States.”

In a review of the book for the Wall Street Journal, Fergus M. Bordewich concurs with this central point, noting that “Mississippi…does not have to look like Manchester, England, or Lowell, Mass., to make it an engine of capitalism.”

Responding to Bordewich in a letter to the Journal, John Addison Teevan, author of the newly released Integrated Justice and Equality and past Acton University lecturer, offers some compelling counterpoint, asking, “Was Roman slavery capitalist as well?” (more…)

Cecilia, now 16, lives in Miami

Cecilia, now 16, lives in Miami

The New York Times has a poignant piece about Cecilia, a young Guatemalan girl who sought a better life in the U.S. and was unfortunately caught up in the machinations of human smuggling. The smugglers were bold, advertising on the radio with promises of a better life. They required a $7,000 loan, with her family’s home as collateral. Her trip ended in a gas station parking lot in Florida, with Cecilia being robbed of another $1,000. Then there is this:

Behind the surge of young migrants showing up for a shot at the American dream is a system of cruel and unregulated capitalism with a proven ability to adapt. The human export industry in the region is now worth billions of dollars, experts say, and it has become more ruthless and sophisticated than ever, employing a growing array of opportunists who trap, rape and rob from the point of departure to the end of the road. [emphasis added]

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Blog author: jballor
Wednesday, July 23, 2014
By

Giotto di Bondone - No. 27 Scenes from the Life of Christ - 11. Expulsion of the Money-changers from the Temple - WGA09209Last month the New York Times hosted a discussion on the question, “Has Capitalism Become Incompatible With Christianity?” There’s lots to be said about the “Room for Debate” feature, including a note on the caption for the lead image in the introduction.

The image is a rendering of the classic scene from the Gospels, Jesus’ cleansing of the temple. The NYT caption reads thus: “Jesus comes down hard on the bankers of his day.” Perhaps that’s a bit of ideological balance for the phrasing of the debate question itself, which supposes that at least at one time that “capitalism” and Christianity were compatible, even if they are no longer.

Occasioned by the NYT feature, although not a direct response, is a piece today over at Think Christian, in which I introduce what I consider to be some important distinctions to keep in mind when thinking about the Christian faith and economics.
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For years, the international community has pressured Iran to throw out its alleged nuclear weapons development program and has imposed crippling economic sanctions as a tool for compliance. Two week-long talks have just resumed with the Islamic Republic, yet little is expected to come out of them. Sanctions have only continued to mount in recent years, blocking both individuals and firms from engaging in many commercial interactions with Iran, further solidifying its ongoing economic disaster. If Iran elects to agree to a settlement on the nuclear proliferation issue, lifted sanctions would mean more access to the global free market, culminating in prosperity for the Islamic Republic and its citizens and furthering capitalist ideals into a new state. Yet a faith based argument poses the greatest challenge to Iran adopting a more free market philosophy.

This poses the question: Why are the ruling theocrats so disinterested from partnering with free market states? Such is best addressed by the Ayatollah Khomeini, leader of the 1979 Islamic Revolution, who wrote in his last will and testament:

Islam does not approve of an oppressive and unbridled capitalism that deprives the oppressed masses who suffer under tyranny. On the contrary, it firmly rejects it both in the Qur’an…it considers it against social justice.

But is capitalism tyrannous and against the tenets of faith? Simply put, no. Too often, capitalism is misinterpreted as a policy of corruption and injustice – as has also been illustrated though Pope Francis’s belief that society has developed “a crude and naïve trust in the goodness of those wielding economic power.” (more…)

davebratIn a piece today for the NYT Magazine, economics reporter Binyamin Appelbaum examines David Brat’s fusion of faith and free-market economics. Appelbaum finds that mixture problematic, to say the least, but it’s hard to sort out whether it is the religious faith or the free-market sympathies that Appelbaum finds more troubling.

In the opening paragraph, Appelbaum asserts that before Brat’s rise to prominence “there was plenty of skepticism about whether he merited the label of academic economist.” Who these skeptics are, who knew so much about Brat “even before” his “out-of-nowhere” victory, we are simply left to ponder. It seems some of his colleagues at Randolph-Macon College now harbor such skepticism. (Brat is running against a Randolph-Macon sociologist, Jack Trammell. Brat once wrote that “Capitalism is the major organizing force in modern life, whether we like it or not. It is here to stay. If the sociologists ever grasp this basic fact, their enterprise will be much more fruitful.”)

Brat’s academic record is a wortwhile question to take up, and one that there has been a great deal of interest in following his primary victory. I, like many others, wanted to find out more, and went in search of Brat’s publications (with the help of one of our interns). I’ve had a chance to look at a few, and even turned up the paper on Ayn Rand that had gained such notice. The Rand paper turned out to be a co-authored piece with a student, and something which barely qualified as a poorly-edited introduction to a conference presentation. It is certainly not a smoking gun for tracking down Randian sympathies.

The problem with Appelbaum’s piece isn’t that he is asking questions about Brat’s academic record. These questions should be asked. The problem is the tone of Appelbaum’s inquisition and his presumption against the coherence of Brat’s position. The sarcasm oozes from Appelbaum’s prose: Brat “is certainly not in danger of winning a Nobel Prize.” Likewise Brat has written “discursive papers devoid of math,” “cited Wikipedia as a source,” and “never been published in a significant journal.”
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