Posts tagged with: morality

LessiusCover-01In his famous work, History of Economic Analysis, economist Joseph A. Schumpeter gives a favorable nod to the works of Leonardus Lessius (1554–1623), sparking a fair amount of interest in the 16th-century Jesuit moral theologian.

CLP Academic has now published On Sale, Securities, and Insurance, a selection from Lessius’ most influential contribution to early modern economics, ethics, and law. The book offers the first full English translation of key sections of the second book (On Justice) of Lessius’ treatise On Justice and Right (De iustitia et iure), specifically chapters 21 (On Sale-purchase) and 28 (On Suretyship, Insurance, Pledge, and Mortgage).

Based at the Jesuit College in Louvain, Lessius earned the reputation as “Oracle of the Netherlands” for the advice and analysis he offered to local merchants, jurists, and political rulers regarding matters of conscience, duty, and justice.

As translator Wim Decock writes in the introduction: “Though dwelling on the virtues of prudence, fortitude, and temperance too, the better part of the treatise includes a systematic treatment of the virtue of justice and, particularly, of property, torts, and contract law.” (more…)

JMM_18.2Our most recent issue of the Journal of Markets & Morality, vol. 18, no. 2, has now been published online and print issues are in the mail.

In addition to our regular slate of articles examining the intersections between faith, freedom, markets, and morality, this issue contains the text of the Theology of Work Consultation symposium at the 2014 conference of the Evangelical Theological Society. The subject was “The Economics of the Theological Vocation.” The entire symposium, as well as executive editor Jordan J. Ballor’s editorial on the subject, is open access.

In addition, associate editor Hunter Baker’s review essay on Kevin M. Kruse’s One Nation Under God and Timothy E. W. Gloege’s Guaranteed Pure is also open access. In it, Baker seeks to answer the question, “Is Christian America Invented? And Why Does It Matter?”

One last highlight: We are pleased to include a republication of a rare 1941 essay by German economist Wilhelm Röpke, “A Value Judgment on Value Judgments.” Samuel Gregg, director of research at the Acton Institute and a scholar of Röpke’s work, authored the introduction, “A Value Judgment on ‘A Value Judgment on Value Judgments.'”

Read the entire issue here.

Subscription instructions to access all of our content can be found here.

The final Acton Lecture Series event of 2015 took place on December 10th as the Acton Institute joined with our friends at the Mackinac Center to welcome Lawrence Reed, the president of the Foundation for Economic Education.

Reed is always a favorite ALS speaker, and once again he did not disappoint; his address was entitled “Excuse Me, Professor: Challenging the Myths of Progressivism”, and was based on his recently released book of the same title. Reed’s lecture is available to view below, and be sure to check out Reed’s interview on Radio Free Acton if you haven’t done so already.

francisgmo62815“Defending capitalism on practical grounds is easy,” writes economist Donald Boudreaux at the Mercatus Center. “It is history’s greatest force for raising the living standards of the masses.”

What’s more difficult, it seems, is understanding its moral logic, spiritual implications, and which of each is or isn’t inherent to private ownership and economic exchange.

At what level, for instance, is freely buying a gallon of milk at a freely agreed-to price from a freely employed worker at an independent grocery store an act of sin, idolatry, and exploitation? Such basic transactions are, after all, the bread and butter of a system built on free enterprise and open exchange (i.e. capitalism). From here, it gets more complicated, of course, and even that basic starting point can surely involve corrupt actors and action.

Yet even Pope Francis, discernor of the discerning, seems to struggle in locating Point A of that basic logic, even when railing against its banner. I tend to presume that basic milk purchases are not, in fact, his actual target. But then he continues and without qualification, railing against markets at large and ripping at plenty of positives that dangle well outside the deserving injustices of cronyist corporatism.

The Pope prefers to argue not that capitalism “has its faults” or “demands a virtuous society,” but rather that it is a “new tyranny,” one that followed the ills of communism, but filled the void with something just as tragic. (more…)

dollarbillcryingActon’s director of research, Samuel Gregg, is looking ahead to a post-Obama economy. He notes that every presidency has problems it leaves behind upon exiting the White House, but we have some major economic and moral obstacles to overcome.

Gregg outlines the challenges: mounting debt, entitlement programs that keep growing, crony capitalism, unemployment. What to do?

Doing nothing isn’t an option for American conservatives. I’d suggest, however, that the incremental approach generally followed by conservatives—which often amounts to trying to adjust, rather than override or completely dispense with, policies enacted by progressives—isn’t going to be enough either. Conservatives are instinctively wary of major upheavals. Yet if they really believe that progressive economic policies are seriously damaging the common good, they should perhaps do what progressives do: implement fundamental changes.

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U.S. Rep. Justin Amash, in an article for www.mlive.com, discussed the recent charter expiration of the Export-Import Bank (Ex-Im) and how that is a good first-step toward reducing the corporate welfare and crony capitalism that has infected American politics and economics:

If a man swipes your wallet, he’s a thief. We don’t ask whether the pickpocket ultimately spent the cash on a worthy cause. Yet, supporters of corporate welfare would have you believe that as long as the companies receiving welfare prosper, you shouldn’t care that the government snatched your money to make it happen.

The moral implications of cronyism are abundant. As public/private partnerships expand, the market system slowly transforms from free enterprise and competition driven by market forces to government control of who succeeds and fails based on loans or bailouts to favored groups and corporations. In an interview with the Acton Institute’s Religion & Liberty, Peter Schweizer discussed how cronyism is creating a moral crisis and how it is affecting the poor:

Our poverty programs get distorted by crony corporations. Just look at how the food stamp program has expanded over the years. Initially, it was a safety net to provide basic provisions, and most people agree basic safety nets are needed. The problem is that when the government started throwing around billions of dollars, the snack food and soft drink industry saw dollar signs. So they lobbied and got the regulations changed so that snack food and sodas are now covered by government assistance. It’s now a $10 billion industry for soft drink companies. Then it got expanded to include convenience stores, and now you’ve got the fast food industry lobbying lawmakers to let people use EBT cards at fast food establishments.

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immigrationAs the number of Republicans vying for the presidency reaches new levels of absurdity, candidates are scrambling to affirm their conservative bona fides. If you can stomach the pandering, it’s a good time to explore the ideas bouncing around the movement, and when necessary, prune off the poisonous limbs.

Alas, for all of its typical promotions of free enterprise, free trade, and individual liberty, the modern conservative movement retains a peculiar and ever-growing faction of folks who harbor anti-immigration sentiments that contradict and discredit their otherwise noble views. For these, opposing immigration is not about border control, national security, or the rule of law (topics for another day), but about “protecting American jobs” and “protecting the American worker.”

Consider the recent shift of Scott Walker. Once a supporter of legal immigration, Walker now says that immigration hurts the American worker, and that “the next president and the next Congress need to make decisions about a legal immigration system that’s based on, first and foremost, protecting American workers and American wages.” Or Rick Santorum, who has made no bones about his bid for the protectionist bloc. “American workers deserve a shot at [good] jobs,” he said. “Over the last 20 years, we have brought into this country, legally and illegally, 35 million mostly unskilled workers. And the result, over that same period of time, workers’ wages and family incomes have flatlined.” (more…)