Posts tagged with: london

I spent last week in London attending a couple of stimulating conferences at the Institute for Economic Affairs (IEA) and the Transformational Business Network (TBN), and catching up with some friends and acquaintances. All of the discussions were either officially off-the-record or of a personal nature, so I can’t be too specific about who said what but my general impression, obvious to anyone who’s visited, is that London remains an extremely vibrant, forward-looking, prosperous global capital in stark contrast to much of Europe and even other parts of Britain. But the reasons why are varied and may upset some seemingly-settled orthodoxies about religion and wealth.

London’s wealth is certainly tied to the City and international finance, even if giants such as the Royal Bank of Scotland are posting record losses (£9 billion in 2013). There’s much distress about such losses, especially subsequent to the massive bailouts RBS and other banks received in the wake of the 2008 financial crisis. We often forget that making bad investments and taking losses is part of the normal, necessary functioning of the market economy; Milton Friedman went so far to say that losses are even more important the profits. Wealth can’t be created if we don’t allow losses to get rid of badly-managed or mistaken enterprises.

No one wants to fail, of course, but without failure, we can’t have success, even at the individual level. I’m reminded of a Teddy Roosevelt image we used to have at the office of my college newspaper emblazoned with the words, “The only man who never makes mistakes is the one who never does anything.” Certainly true, even if the vice of sloth and complacency often tells us otherwise; what’s more important is to learn from one’s mistakes and try again.

Critics of capitalism have often cited the constant striving and relentless competition as negative aspects; what’s the point of hard work, after all, if we can never enjoy its fruits? The austerity and disciple required by the market are sometime called “Protestant” because they supposedly imply a pessimistic, individualistic view of human nature, as opposed to Catholicism’s more positive, “relaxed,” social view. Made famous by the German sociologist Max Weber, this thesis has always seemed to contain some elements of truth but never completely accurate to me, and my time in London confirmed my doubts. (more…)

Last April 16, Acton’s Rome office co-sponsored a seminar in London on “The Morality of Work, Commerce and Finance: Lessons from Catholic Social Teaching” with St. Mary Moorfields, the only Roman Catholic parish in the Square Mile and located in the very heart of London’s investment banking district.

With several astute financiers, bankers, and business executives in attendance, the seminar’s expert speakers helped them articulate and ponder the moral and vocational aspects of the financial world in which they work. The seminar’s speakers also addressed the political and legal frameworks that regulate their sectors in light of traditional free market economic philosophy and the particular Catholic social teachings that both challenge and sustain modern practices in the sector.

Participants listen attentively to Philip Booth's technical and moral-theological assessments.

Participants listen attentively to Philip Booth’s technical and moral-theological assessments.

Msgr. Martin Schlag, a moral theology professor at Rome’s Pontifical University of the Holy Cross, led off discussion with his talk “Personal Virtues in the Workplace”. Schlag spoke about the interplay of the classical virtues before raising a discussion on the uniquely Christian “theological” or supernatural virtues of faith, hope, and charity.
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Book Review: “Ferguson on Green, Pauper Capital
David R. Green. Pauper Capital. Farnham, Surrey: Ashgate, 2010. Reviewed by Christopher Ferguson (Auburn University)

The Poor Law Amendment Act of 1834, more commonly known as the New Poor Law, is arguably the most notorious piece of legislation in British history. Deeply controversial in its day, it has unsurprisingly generated a dense and diverse scholarly literature ever since, yet one in which the national capital has played a remarkably minor role. Indeed, David R. Green’s study is the first to attempt to explore the history of the Poor Law in nineteenth-century London in its geographic and administrative entirety. One need not read far to understand why, for the history of the Poor Law in London prior to and post 1834 is enormously complex. Green is to be commended both for undertaking a difficult task and for producing a study that is remarkably easy to read, despite the intricacies of its subject matter. His study makes the arcane history of poor relief in nineteenth-century London accessible to the non-specialist, while simultaneously yielding significant insights about this history for specialist scholars of poverty, policy, and the nineteenth-century British state.

Job: “Assistant Professor, History of Capitalism in Modern America, Brown University”

The Department of History at Brown University invites applications for a tenure-track assistant professorship in the history of capitalism defined broadly to encompass candidates working in labor history (free and unfree), business history, economic history, history of economic thought, history of consumer society, and the political economy of the nineteenth and/or twentieth-century US.

Article: “Economics Education and Greed”
Long Wang, Deepak Malhotra, and J. Keith Murnighan, Academy of Management Learning & Education

The recent financial crisis, and repeated corporate scandals, raise serious questions about whether a business school education contributes to what some have described as a culture of greed. The dominance of economic-related courses in MBA curricula led us to assess the effects of economics education on greed in three studies using multiple methods. Study 1 found that economics majors and students who had taken multiple economics courses kept more money in a money allocation task (the Dictator Game). Study 2 found that economics education was associated with more positive attitudes toward greed and toward one’s own greedy behavior. Study 3 found that a short statement on the societal benefits of self-interest led to more positive ratings of greed’s moral acceptability, even for noneconomics students. These effects suggest that economics education may have serious, albeit unintended consequences on our students’ attitudes toward greed.

Panel: “Christian Civic Engagement: Right, Responsibility, Opportunity”

Talking Points, October 15, 2012, Grand Rapids Theological Seminary, with Amy Black (Wheaton College), Timothy Gombis (GRTS), and George Marsden (Notre Dame). The thrust of Talking Points 2012 is to generate reflection on how we might restore civility in America as a model for restoring and fostering civil discourse around the world. The last half-century has seen the emergence of evangelical Christians as a significant force in national elections and debates over domestic and foreign policy. Unfortunately, Christian civic engagement has been hijacked by polarizing voices and unimaginative choices. It isn’t simply the case that in order to be “politically engaged” we must choose to vote for party A or B. Christian civic responsibility and political engagement can be more creative and redemptive, and more civil and gracious, than has been modeled by leading figures over the last several decades. Grand Rapids Theological Seminary has invited three leading scholars to help us reflect upon how “Christian Civic Engagement” has taken shape in America, and to imagine how we might take up these rights and responsibilities as new opportunities emerge.

Call for Editor: Enterprise & Society Editor Search”

The Business History Conference announces its search for editor of Enterprise & Society: The International Journal of Business History. Published by Oxford University Press, Enterprise & Society is one of the world’s leading journals in business history. Interdisciplinary in approach and international in scope, it offers a forum for research on the historical relations between businesses and their larger political, cultural, institutional, social, and economic contexts.

Acton On The AirActon’s Director of Media Michael Matheson Miller was in-studio this morning on The Tony Gates Show on WJRW Radio to talk about global poverty, PovertyCure, and his recently completed trip to London to speak about those issues at an Acton conference. To listen to the interview, use the audio player below:

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“You’ve lost a good opportunity to shut up.” So said French president Nicolas Sarkozy to UK prime minister David Cameron as an instance of what BusinessWeek has dubbed “Europe’s Insult Diplomacy.” But it’s a retort that strikes me as equally relevant for the pontifications that pour forth from ecumenical officials in Geneva on almost every topic under the sun.

The latest instance of imprudence in the cause of desperately seeking relevance is the claim from Rev. Setri Nyomi, general secretary of the World Communion of Reformed Churches (WCRC), that the reformer John Calvin “would have been in the streets of New York or London with a placard,” joining the Occupy Wall Street movement.

I explore the dynamics of what I call the “ecumenical-industrial complex” in my book released last year, Ecumenical Babel: Confusing Economic Ideology and the Church’s Social Witness. One of the points I make in the book is that ecumenical officials like Nyomi cannot seem to resist the opportunity to weigh in on contemporary political and economic issues as if there is a single, univocal, and absolute Christian position.

The claim that Calvin and OWS are kindred is precisely the kind of obfuscatory rhetoric that we don’t need from ecclesiastical representatives, whether at the congregational, denominational, or ecumenical level. On the constructive side, in Ecumenical Babel I make the case that the ecumenical movement, rather than making absurd claims akin to that of Calvin and OWS, might “decline to issue doctrinaire and casuistical proclamations about this or that particular policy. Instead, the ecumenical movement would understand its role in this sphere to provide broad guidance rather than particular judgments.”

The upshot of such a change would be that “the ecumenical movement’s social witness would place correspondingly less emphasis on direct political engagement and advice…and correspondingly greater emphasis on providing moral guidance to the church.” As opposed to saying that JC (whether John Calvin or Jesus Christ) “would have been in the streets of New York or London,” as Nyomi claims, instead “the character of ecumenical statements on social issues…would be far more restrained and chastened than we find today.”

But as long as the mainline ecumenical movement continues to conflate unity with unanimity on particular social questions, don’t expect reform to happen anytime soon.

British Prime Minister David Cameron and Labour Party leader Ed Miliband both weighed in on a moral decline that was exposed during the recent riots in Britain. An AP article titled “Cameron: Riot hit-UK must reverse ‘moral collapse’” covers their contrasting diagnosis and solutions:

Britain must confront a culture of laziness, irresponsibility and selfishness that fueled four days of riots which left five people dead, thousands facing criminal charges and hundreds of millions in damages, Prime Minister David Cameron acknowledged Monday . . .

“We have been too unwilling for too long to talk about what is right and what is wrong,” Cameron said. “We have too often avoided saying what needs to be said, about everything from marriage to welfare to common courtesy.”

Responding to Cameron, who is head of the Conservative Party, Labour’s Miliband offered these words:

In a rival speech, main opposition Labour Party leader Ed Miliband criticized Cameron’s response as overly simplistic, and demanded that lawmakers focus on delivering better opportunities for disaffected young people. “The usual politicians’ instinct – announce a raft of new legislation, appoint a new adviser, wheel out your old prejudices and shallow answers – will not meet the public’s demand …”

“Are issues like education and skills, youth services, youth unemployment important for diverting people away from gangs, criminality, the wrong path? Yes, they matter,” Miliband said.

More from the article:

Cameron insists that racial tensions, poverty and the government’s austerity program – much of which is yet to bite – were not the primary motivations for the riots across London and other major cities.

Instead, Cameron pointed to gang-related crime, and a widespread failure from Britain’s leaders to address deep rooted social issues, including the country’s generous welfare system.

“Children without fathers. Schools without discipline. Reward without effort. Crime without punishment. Rights without responsibilities. Communities without control. Some of the worst aspects of human nature tolerated, indulged – sometimes even incentivized – by a state and its agencies that in parts have become literally demoralized,” Cameron said . . .

Both he and Miliband agreed that, following recklessness by bankers, the lawmakers’ expense check scandal, and media phone hacking saga, all sectors of society had a share of the blame.

“Moral decline and bad behavior is not limited to a few of the poorest parts of our society. In the highest offices, the plushest boardrooms, the most influential jobs, we need to think about the example we are setting,” Cameron said.

At Acton University in June, Metropolitan Jonah said if the West suffers from poverty, it is the poverty of loneliness. “What is secular inside of us is the root of consumerism,” he declared. He also noted, “The fruit of secularism is despair.”

The secularization of culture in the UK and beyond is why rioters fill their emptiness or disenchantment with material goods and gadgets, sadly, their most prized possessions. Ultimately, a meaningless loot to fill a life of disappointment and pain. Much has been made in pointing out the entitlement and welfare culture as the culprit of chaos and unrest. It is indeed responsible too, but carving it up, won’t solve the underlying affliction of our culture.

The London Premiere of the Call of the Entrepreneur has been confirmed — you may RSVP here. This event is sponsored by the Institute for Economic Affairs and will take place at the Cass Business School in London starting at 5:30pm on Wednesday, 20 June, 2007. This event will include refreshments before the film and discussion time and a reception following.

Please remember to visit www.calloftheentrepreneur.com for up-to-date information on premiere locations and times. We will also soon be adding a list of public screenings hosted by volunteers around the country.