“Why Morality-Free Economic Theory Does Not Work: A Natural Law Perspective in the Wake of the Recent Financial Crisis.” The recent worldwide financial crisis has revealed a serious flaw in current thinking about markets and morals. Contemporary legal theorists and political economists commonly assume that markets can (and even should) provide morally neutral zones for the exchange of goods among free persons, constrained by nothing other than the laws of contract and the imperatives of self-interest. Professor Bruni’s lecture will challenge this dominant assumption, and will offer an alternative, ‘natural law’ perspective on the interrelatedness of markets, morals, and human sociality.
Ahead of tonight’s vice-presidential debate between Joe Biden and Paul Ryan, Hunter Baker (a Baptist political scholar) and I (a Reformed moral theologian), offer up some thoughts as “Protestants in Praise of Catholic Social Teaching” in a special edition of Acton Commentary.
Commentators are already busy parsing the partisan divide between the co-religionists Biden and Ryan, but having Roman Catholics represented in such prominent positions in this campaign and particularly in tonight’s debate is also likely to catapult another player into the national political consciousness: Catholic Social Teaching (CST).
For people of faith, and even for people of no particular faith whatsoever, CST represents a praiseworthy model for responsible civil engagement in a diverse and plural culture.
We go on to point in particular to the objective moral order recognized by CST, the principles of subsidiarity and solidarity, and the tradition’s commitment to religious liberty.
For an example of those “parsing the partisan divide” ahead of the debate, see this piece over at Religion Dispatches. There’s sure to be much more like this in the days and weeks to come.
Read our whole piece, though, for more on how CST provides some hope that we might elevate the level of our political discourse.
Jordan Ballor’s paper, “Dietrich Bonhoeffer, the Two Kingdoms, and Protestant Social Thought Today,” just made the Social Science Research Network’s current Top Ten download list for Philosophy of Religion eJournal. From the abstract:
Last century’s Protestant consensus on the rejection of natural law has been quested in recent decades, but Protestant social thought still has much work to do in order to articulate a coherent and cogent witness to contemporary realities. The doctrine of the two kingdoms has been put forward as a model for advancing the discussion, and while there is much to be learned from such a doctrine, its excesses ought to be avoided, just as the excesses of a transformationlist ethic ought to be avoided as well. Dietrich Bonhoeffer, the Lutheran pastor and theologian, is put forward as an example of a modern Protestant thinker with much to offer towards the advancement of Protestant social thought today, particularly with regard to his perspectives on the two kingdoms and the divine ethical mandates (marriage, work, government, and church).
You can download a free copy here.
It is important to remember that for Kuyper, reflection upon these disciples is not for the sake of their own merit, but instead, in an attempt to bring a coherent understanding of how, as the foreword states, ‘the gospel, and thereby the practice of the Christian faith, relates to every single area of society.’
Many who profess an interest in Kuyper have often become Kuyperians by reading about Kuyper instead of reading him. For many, Kuyper’s influence is mediated through second-hand sources. Wisdom & Wonder is an important step in bringing Kuyper’s cultural theology to bear on new audiences.
Wisdom & Wonder consists of the last ten chapters of Volume 3 in the larger Common Grace set by Abraham Kuyper. Common Grace Volume 1 will be released in early 2013. Click here for more information on the Kuyper Translation project. Read Walker’s entire review here, and connect with the Common Grace project on Facebook here.
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.
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.”
On 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.