Posts tagged with: protestantism

Are you a risk-adverse investor? Then you may want to avoid choosing a mutual fund that’s headquartered in an area with lots of Catholics.

New research from the University of Georgia and Southern Methodist University and published in Management Science shows that the dominant local religion—whether Protestant or Catholic—significantly affects mutual fund behaviors.

Specifically, the findings show that mutual funds headquartered in heavily Catholic areas tend to take more risks and funds in heavily Protestant areas take less risks, said lead author Tao Shu, assistant professor of banking and finance in UGA’s Terry College of Business. The paper was co-authored with Eric Yeung of the Terry College and Johan Sulaeman of Southern Methodist University.

“Finding evidence that a local culture’s religious beliefs affect mutual funds’ risk-taking decisions is surprising because this a very competitive industry. One would expect that profit chasing would eliminate all the impact of culture or anything else,” Shu said. “But, surprisingly, a local culture’s religious beliefs still impact risk-taking decisions.”

Because mutual funds make up about half of all institutional investments in the U.S., the findings have widespread implications for how investors manage their money, he added.

Shu also notes that surveys show Catholics are more tolerant and Protestants less tolerant to speculative risk than the general population. “One suggestion is that many Protestant congregations are against gambling,” said Shu, “but Catholic churches are more tolerant of it—they may even use lotteries to generate funding for the church.”

Despite the risk-preference differences, the study showed that end results are about the same and that the risk-taking associated with local religious beliefs does not lead to superior fund returns. So rather than pouring over prospectuses when choosing a mutual fund company, just look at Google Maps and pick one that is surrounded by Baptist churches.

Dr. Kuypers zorg voor de kleine luyden

Albert Hahn: Dr. Kuyper's care for the little people (1905)

In yesterday’s post I highlighted a pair of articles that cover the transition over the last 120 years or so in the Netherlands from an emphasis on private charitable giving to reliance upon the welfare state. In some ways this story mirrors a similar transformation in American society as described by Marvin Olasky in his landmark book, The Tragedy of American Compassion.

Olasky’s work does double-duty, however, not only chronicling this transition but cogently arguing the superiority of voluntary aid and charity, which can effectively address both spiritual as well as material aspects of poverty.

In the special issue of the Journal of Markets & Morality on “Modern Christian Social Thought,” we also find a wonderful resource on this topic in the form of Abraham Kuyper’s reflection from 1895 on the relationship of Christ and the gospel to material concerns, “Christ and the Needy.”

Blog author: jballor
Wednesday, April 25, 2012

Chuck ColsonOn of Chuck Colson’s heroes was Abraham Kuyper, and when we set out to publish a translation of Kuyper’s three volumes on the topic of common grace, Chuck was happy to support the project.

Here’s what he said about the first selection from the larger translation project, Wisdom & Wonder: Common Grace in Science & Art:

Abraham Kuyper was a profound theologian, an encyclopedic thinker, and a deeply spiritual man who believed that it is the believer’s task ‘to know God in all his works.’ In a day when secular science is seeking to establish hegemony over all knowing, and when postmodern art is threatening to bring an end to art, Kuyper’s solid, Biblical insights can help to restore perspective and sanity to these two critical areas of creation.


Blog author: dpahman
Friday, February 24, 2012

Beroud, Louis (1852–1930) Central Dome of the World Fair in Paris 1889

The newest edition of the Journal of Markets & Morality is now available online to subscribers.

This issue of the journal (14.2) is actually a theme issue on Modern Christian Social Thought. Accordingly, all ten articles engage the history and substance of various approaches to Modern Christian Social Thought, with special emphasis on the Reformed and Roman Catholic traditions.

There is also another installment of our Controversy section, featuring a three-way debate over the question, “Does Libertarianism Tempt Some Catholics to Stray from Catholic Social Thought?”

As always we have another thorough collection of first-rate book reviews from top scholars and experts in the fields of theology, ethics, and economics.

Lastly, our Status Quaestionis section includes two works from the nineteenth century which have never before been translated into English: “Critical Analysis of the First Concepts of Social Economy” (1857) by Luigi Taparelli, SJ and “Christ and the Needy” (1895) by Dutch theologian and statesman Abraham Kuyper. All in all, it may possibly be our largest issue yet.

Acton On The AirJordan Ballor is a busy man. He serves as a research fellow here at Acton, as well as being the executive editor of the Journal of Markets & Morality. As if those duties don’t keep him busy enough, he also finds time to do the occasional radio interview, in this case on 101.5 WORD FM in Pittsburgh, Pennsylvania, discussing how Christians should react to the Occupy Wall Street movement.

For some additional perspectives on the issue, check out this Think Christian piece arguing that OWS is the appropriate Christian response to income inequality, and Dylan Pahman’s PowerBlog response to a Sojurner’s post arguing that OWS represents a “new Pentecost.”

To listen to the interview, use the audio player below:

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Jordan’s original article, “How Christians Ought to ‘Occupy’ Wall Street (and All Streets),” is over at the Evangelical Portal at Patheos.

Blog author: dpahman
Wednesday, January 4, 2012

Source: Wikimedia Commons, Photography by shakko

Over at the Sojourners blog, Harry C. Kiely boldly considers whether the Occupy movement can be considered “the New Pentecost.” However, there are a myriad of problems with his comparison.

First and most importantly, from a Christian point of view, there already has been a “New Pentecost.” It is found in Acts 2. The Christian Pentecost was the fulfillment of the Jewish Pentecost. The giving of the Law (which the Jewish Pentecost commemorates) found its fulfillment in the giving of the Holy Spirit to the Church to write the Law on the hearts of God’s people (see Jeremiah 31:33). Thus, for Kiely to proclaim the Occupy movement a New Pentecost is to already fail to understand what he is attempting to describe.

The theological flubs do not end there, unfortunately. He goes on to write,

In Acts, the emergence of new power occurred when the “gossip” about the Resurrection became a life-empowering message that transcended all lingual differences: “each heard in his own language.” Likewise in Occupy Wall Street: in the development of a new means of communication, people of diverse backgrounds both spoke and heard in a common language. It was, indeed, a New Pentecost.

Apparently the Holy Spirit of God was a “new power” that emerged from “the ‘gossip’ about the Resurrection” and is analogous to the iPhone.

He continues,

Deprived of loud speaker technology, for example, they invented a more human method of broadcast. Because they lacked appointed or elected leaders, the newly evolved community devised ways of organizing. In contrast to Wall Street methodology, the newly resurrected human community shared their food and goods with one another.

Actually, people in the ancient world did have “loud speaker technology”: they called them amphitheaters. As for the supposedly “more human method of broadcast” that “they invented,” I would love to hear how the disciples, in fact, “invented” the Holy Spirit. Furthermore, Kiely’s claim that “they lacked appointed or elected leaders” overlooks the fact that the Apostles were appointed by Christ himself (see Matthew 10:1-4), and, in fact, immediately before the story of Pentecost in Acts 2, the disciples had just deliberated over who would fill Judas Iscariot’s office in the Church and chose Matthias to be his replacement (see Acts 1:12-26).

In addition to misunderstanding the Christian Pentecost in Acts 2, Kiely also misunderstands the Occupy movement, which, despite some criticisms I may have for it, to its credit has never claimed to be a religious awakening of any sort. Indeed, no one in my generation would view it that way, whether they are for or against it. As one commentator (“Crazywulf”) wrote,

Please…please…please…… while whole heartedly supporting Occupy, I don’t believe anyone involved have actually been chosen by our saviour to be part of His inner circle… I know that wasn’t the intention of the author (or I hope it wasn’t)  but it could come off that way….

By contrast, after having completed his comparison, Kiely concludes with, perhaps, the most “Dominionist” statement I have ever read:

Emerging out of the New Pentecost [i.e. Occupy] is the promise of a New Creation that will transcend the endless, hollow, self-destructive promises of raging empires.


At the Daily Beast yesterday, Michelle Goldman Goldberg muses on the movement of “the ultra-right evangelicals who once supported Bachmann” over to Ron Paul. This is in part because these “ultra-right evangelicals” are really “the country’s most committed theocrats,” whose support for Paul “is deep and longstanding, something that’s poorly understood among those who simply see him as a libertarian.” (Goldberg’s piece appeared before yesterday’s results from Iowa, in which it seems evangelical support went more toward Santorum [32%] than Paul [18%].)

Goldberg shows some theological sensibilities as she tries to trace the connections between Christian Reconstructionism and libertarianism. Better informed readers will recognize some of the holes, however, as Goldberg describes proponents of Reformed or “covenant theology” as those who “tend to believe its man’s job to create Christ’s kingdom before he comes back.” Christian Reconstructionism becomes, then, “The most radical faction of covenant theology,” and, “a movement founded by R. J. Rushdoony that seeks to turn the book of Leviticus into law, imposing the death penalty for gay people, blasphemers, unchaste women, and myriad other sinners.” (For an opposite reading of Paul that criticizes him precisely for not seeking to legislate biblical morality and his “opposition to moral legislation,” see D. C. Innes’ piece over at WORLD, “Christian, why Ron Paul?”)

So while Goldberg is right to note the interesting connections and tensions between libertarianism and Reconstructionism, the connection of Reconstructionism to broader evangelical and Reformed “covenant theology” is rather more tenuous. In part this must be because she relies primarily on Steve Deace, “an influential Iowa evangelical radio host,” for her mapping of the intellectual and theological landscape. But it’s also due, of course, to the impulse to paint any conservative Christian who draws political implications from their faith as a kind of theocrat, whether a theonomist, Reconstructionist, or the latest term bandied about by Goldberg in connection with Michelle Bachmann and Rick Perry, “Dominionist.”

On the one hand, you rarely if ever hear this sort of worrying over the influence of those on the religious Left, who very explicitly want to make an American government in line with their image of biblical justice. On the other, Goldberg’s connection between Christian Reconstructionism and libertarianism, especially in the person of Gary North, is quite legitimate. This can be seen in more detail and with more nuance in one of the few academic articles to explicitly address this connection, “One Protestant Tradition’s Interface with Austrian Economics: Christian Reconstruction as Critic and Ally,” by Timothy Terrell and Glenn Moots. And as pieces from David Bahnsen and Doug Wilson from earlier this year show, the connections between reconstructionists and libertarians are deep, in part because, as Wilson puts it, “We are talking in many cases about the very same people.”

But as Terrell and Moots point out, the place of Christian Reconstructionism within the broader context of American evangelicalism, and Reformed covenant theology in particular, is hotly disputed. Indeed, write Terrell and Moots, “Some of the most notable critiques of Christian Reconstruction come from within conservative Presbyterianism.” So while Christian Reconstructionism might self-identify as a kind of Reformed covenantal thinking, this doesn’t mean that all Reformed covenant theology is either postmillennial or prone to theonomy. As no less than John Calvin writes in his Institutes,

The allegation, that insult is offered to the law of God enacted by Moses, where it is abrogated, and other new laws are preferred to it, is most absurd. Others are not preferred when they are more approved, not absolutely, but from regard to time and place, and the condition of the people, or when those things are abrogated which were never enacted for us. The Lord did not deliver it by the hand of Moses to be promulgated in all countries, and to be everywhere enforced; but having taken the Jewish nation under his special care, patronage, and guardianship, he was pleased to be specially its legislator, and as became a wise legislator, he had special regard to it in enacting laws.

This is a sentiment commonly shared by Reformed theologians of the sixteenth and seventeenth centuries, the theological forebears of Reformed “covenant theology.”

Terrell and Moots conclude with an emphasis on the importance of taking religious motivations and theological convictions seriously:

Recent history demonstrates that the considered prescription of a free society has advanced best when it is a broadly ecumenical and pluralistic discussion. This means that it not only includes secular and religious justifications but also takes into consideration the breadth and depth of religious viewpoints.

So I think we should applaud Goldberg for taking into consideration the religious viewpoints and influences of candidates like Ron Paul, Rick Perry, and Michelle Bachmann, but we should also take her to task for not being a bit more sensitive to the complicated theological landscape. Christian Reconstructionists are a vocal minority, a “fringe” as Goldberg calls them, among politically conservative Christians, but their specific views about biblical laws and punishments are simply not attributable to every evangelical candidate.

Unfortunately this kind of conflation is all too common in the media and popular entertainment. As Russell Moore writes of “dominionism” (and by extension all of the charges of theocracy against conservative Christians) in the latest issue of The City,

the menace of this movement is routinely exaggerated by the media. All this is quite rare, a movement on the far fringes of faithful life. And the scare tactics are made worse by ignorance, particularly among those who don’t understand ‘dominion theology,’ and assume the use of the word ‘dominion’ itself as a call for theocracy as the consolidation of Christian political power — when the case is so exactly the opposite.

And as I conclude in the same issue, “Those in our day who level the baseless charges of suspicion against Christians for undermining the public good deserve to be branded as the real dissemblers and enemies of common good.” Or as Calvin put it, “It is not we who disseminate errors or stir up tumults, but they who resist the mighty power of God.”