The Summer 2006 issue of Religion & Liberty is now available. This issue focuses on the relationship between virtue and success. Looking at this question from several different perspectives – from an economic to a Biblical point of view – we convey that a virtuous society will best satisfy the requirements for liberty and free, and effective, markets.
Inside This Issue:
The Economy of Trust: R&L interviewed Kenneth Arrow, a Nobel Prize and National Medal for Science winner, on the value of morality and religion in markets. Kenneth Arrow poins out that morality, ethics, and religion all help to fill in the gaps that are inherant in markets. Markets require ethics and morality, virtues such as honesty and trust, in order to function efficiently. “Religion calls for a sense of responsibility to the other, which the market, in principle, doesn’t have,” says Arrow.
Trust and Entrepreneurship: Raymond J. Keating, an economist and columnist, talks about the neccessity of trust in a marketplace that would flourish. Keating systematically explains need for trust between businesses, consumers, and the government. If trust breaks down, between business and the government then it becomes doubtful that contracts will be enforced or private property protected. If trust breaks down between business and consumers, consumers will not buy products. Looking at the neccessity of trust, Keating then argues that a re-evaluation of the “big-business” trusts of the 19th century is in order – as they were a “fantastic example of entrepreneurs who served consumers well.”
Second-Career Clergy and Parish Business: R&L interviewed journalist Jonathan Englert, author of The Collar: A Year of Striving and Faith inside a Catholic Seminary, the story of five seminarians through one year of education. The seminary that Englert examines is specifically geared towards men who have begun discerning their vocation later in life, many who came to the seminary from business backgrounds. R&L, always seeking to insersect religion and economics, examines the approach that a business-person turned priest may have when addressing the “business” of a parish.
The Dividends of Social Capital: Michael Miller, director of programs at the Acton Institute, explores some of the ideas presented in Francis Fukuyama’s Trust: The Social Virtues and The Creation of Prosperity. Private property and rule of law, states Miller, are essential for free and prosperous economies. But “social capital,” specifically the existence trust, is also essential.
Defending the Weak and the Idol of Equality: This article is taken from a lecture delivered by Jennifer Roback Morse, Ph.D., at the Pontifical North American College in Rome as part of the Centesimus Annus Lecture Series. In it, Dr. Morse explains the social teaching of the Roman Catholic church in regard to equality, specifically its teaching regarding care of the poor. Dr. Morse explains that the Catholic church advocates for defense of the weak and those in poverty, rather than the socialist tendency to turn “equality” into an idolatrous extreem embraced by the state.
The more opportunities there are in a Society for some persons to live upon the toil of others, and the less those others may enjoy the fruits of their work themselves, the more is diligence killed, the former become insolent, the latter despairing, and both negligent.
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