Posts tagged with: Samuel Gregg

Photo from the Centre for Research on Globalization

Photo from the Centre for Research on Globalization

Samuel Gregg appeared on the recent episode of the podcast The Catholic Cave, “Britain, the EU and You,” to discuss Britain’s recent referendum vote to leave the EU. The show considers factors that potentially led to the Brexit other than trade and immigration issues, including dissatisfaction with international bureaucracy, cultural and philosophical differences between Britain and other European countries, and problems of subsidiarity.

Gregg sees Brexit as a “reassertion of national sovereignty,” “reaffirmation of the importance of the nation state,” and a “revolt…against bureaucracy.”  The event presents warning signs, he says, for all transnational and supranational institutions who seek to rule in a “top-down, centralized, administrative” manner, including the European Union, the United Nations, the International Monetary Fund, and the World Bank. (more…)

Acton Institute Director of Research Samuel Gregg joined host Al Kresta on Ave Maria Radio’s Kresta in the Afternoon last Thursday to discuss the ongoing crisis of populism in Latin America, and the Vatican’s perspective on the region’s economic and social unrest under Pope Francis. Gregg notes that while institutionally, the Catholic church in Latin America has largely maintained its institutional integrity, regional leaders – and indeed Pope Francis himself – have an affinity for what is known as “teología del pueblo” – a “theology of the people” – that makes it difficult for the church to criticize the populist movements that cause so many social problems.

The whole interview is well worth your time, and is available via the audio player below.

Is the dominant economic system we have today, the market economy or capitalism, compatible with Christianity? Orthodox Christian theologian David Bentley Hart in a June 2016 First Things article titled,”Mammon Ascendant: Why global capitalism is inimical to Christianity,” is skeptical. As you might gather from the title of his article. On Public Discourse, Acton Research Director Samuel Gregg takes a closer look at Hart’s curious economic postulates such as the one about the “purely financial market” and his rather overbroad claim that wealth is intrinsically evil. Then there’s the one about the investments that wealthy people and institutions make, with homicidal malice, in new businesses and the like. Gregg:

Even more contestable is Hart’s suggestion that the venture capital that, he concedes, built places like Manhattan and provided millions with jobs is somehow responsible for particular evils. Notable among these is what he calls “the carboniferous tectonic collision zones of West Virginia and eastern Kentucky” in which “a once poor but propertied people were reduced to helotry on land they used to own” and “forced into dangerous and badly remunerated labor that destroyed their health, and then kept generation upon generation in servile dependency.” This is an example of how, to use Hart’s words, “the market murders.”

To murder is to intentionally kill an innocent person. Is Hart really suggesting that the workings of “the market”—which is simply an economy in which there is a free creation and exchange of goods and services by individuals and communities in a particular institutional setting—involves the intentional killing of innocent people?

Did people on Wall Street, for instance, directly will the alleged enslavement of people in West Virginia and eastern Kentucky? Who, one might ask, “forced” people into these jobs in West Virginia? Could it be possible that some of these crypto-peasants weren’t so content with their three acres and a cow and actually regarded working in a mine as a better economic option, given their available choices at the time? It’s likely that the vast majority of their descendants live far more comfortable material existences, enjoy longer life-spans, and are better educated than their small-landowning forebears. Some are probably working on Wall Street.

Read “Global Capitalism versus Christianity? A Response to David Bentley Hart” on Public Discourse by Samuel Gregg.

Blog author: jcarter
Wednesday, May 11, 2016

forgodandprofitIf we forget finance’s indispensable role in modern economies, says Samuel Gregg, research director for the Acton Institute, in an op-ed for The Detroit News, it’s guaranteed that everyone will be worse off.

Finance establishes links between the economic present and economic future of individuals and communities. It helps us manage risk and develops methods for continually enhancing the management of risk over the short, medium and long term. And it creates economic value by enabling money to assume the characteristics of capital.

Note that none of these functions are exercises in radical individualism. Finance can certainly help make us independent, but it also increases and is a sign of our interdependence.

Read more here. The op-ed is adapted from Gregg’s For God and Profit: How Banking and Finance Can Serve the Common Good.

Angel of Mercy and Lady JusticeIn a new essay for the Catholic World Report, Samuel Gregg discusses why it’s dangerous to to overemphasize any one facet of Christian teaching at the expense of a different teaching. No matter what is overemphasized, this will distort the Gospel. The focus of this essay is “mercy” and how mercy leads “to the ultimate source of justice–the God who is love–and thus prevents justice from collapsing into something quite anti-human.”

Gregg describes the three ways mercy can be distorted: as sentimentalism, as injustice, and as mediocrity. When describing mercy as injustice, Gregg warns that “it quickly undermines any coherent conception of justice.”

Back in 1980, John Paul warned in Dives in Misericordia that “In no passage of the Gospel message does forgiveness, or mercy as its source, mean indulgence towards evil, towards scandals, towards injury or insult. In any case, reparation for evil and scandal, compensation for injury, and satisfaction for insult are conditions for forgiveness” (DM 14). If that sounds tough-minded, that’s because it is. Remember, however, that the Jesus Christ who embodies mercy isn’t the equivalent of a divine stuffed animal. Whenever the Scriptures portray Christ offering mercy to sinners, his forgiveness is always laced with a gentle but clear reminder of the moral law and the expectation that the sinful acts will be discontinued.



Obama addressing students at his town hall meeting in London. Photograph: Stefan Wermuth/Reuters

There’s not a lot of agreement when it comes to the Great Recession and the 2008 financial crisis; either about what caused it or what ended it. In a recent speech, President Barack Obama blamed the “reckless behavior of a lot of financial institutions around the globe” and “the folks on Wall Street” for causing this economic slump. Who or what finally ended this recession? According to President Obama: President Obama. While reflecting on what his presidency will be remembered for, he said, “I don’t think I’ll have a good sense of my legacy until 10 years from now when I can look back with some perspective and get a sense of what worked and what didn’t. There are things I’m proud of … Saving the world economy from a Great Depression, that was pretty good.” Acton’s director of research, Samuel Gregg, was “startled” by the president’s claim.

In a new piece for The Stream, Gregg argues that far from saving the planet, the president and government “probably mucked things up.” While he agrees that banks’ recklessness were partially to blame for the financial crisis, government agencies and their poor policies had a bigger effect:

Back in December 2007, the Nobel economist Vernon Smith warned that the activities of Freddie Mac and Fannie Mae were buttressed by the assumption that, as government-sponsored enterprises with lower capital-requirements than private institutions, they could always look to the Federal government for assistance if unusually high numbers of their clients defaulted. Both Fannie Mae and Freddie Mac, Smith underscored, had always been understood as “implicitly taxpayer-backed agencies.” Hence they continued what are now recognized as their politically driven and fiscally irresponsible lending policies until both were consigned to Federal conservatorship in September 2008.


sandersgrinAt The Stream, Acton Institute Research Director Samuel Gregg does a crime scene investigation of Bernie Sanders’ take on Pope John Paul II’s Centesimus Annus encyclical. You might never guess, by listening to the Democrat presidential candidate, that John Paul actually had some positive things to say about the market economy. Gregg says that Sanders’ recent appearance at a Vatican conference “will be seen for what it is: grandstanding by a left-wing populist candidate for the American presidency.” Aside from that, there are Sanders’ “contestable” economic assertions:

In the first place, Sanders didn’t acknowledge just how much the encyclical being discussed by the conference, Saint John Paul II’s 1991 Centesimus Annus, underscored the positive role of free markets as well as limits on what the government can and should do in the economy. To be sure, Centesimus Annus is not a Catholic version of Milton Friedman’s Free to Choose. But as I observed prior to the speech, Centesimus Annus contains some of the papacy’s strongest endorsements of the market economy and some of Catholicism’s most powerful critiques of not just socialism but also welfare states. None of these commendations or criticisms were referenced in Sanders’ address.

More generally, some of the claims made by Sanders about inequality are very contestable. His address referred, for instance, to “the widening gaps between the rich and poor.” This, however, doesn’t reflect the evidence of what’s happening to global economic inequality. In terms of global income, for instance, the most widely utilized assessment of income distribution, the Gini coefficient, went from 0.69 in 1988 to 0.63 in 2011. That matters, because a lower Gini coefficient indicates falling inequality.

Nor does Sanders seem aware of the sheer numbers of people who have escaped absolute poverty in Asia, especially India and China, over the past forty years. In 2010, for example, the Asian Development Bank stated that per capita GDP increased 6 percent each year in developing Asian nations between 1990 and 2009. According to the same report, about 850 million people escaped absolute poverty between 1990 and 2005.

Read “Bernie Visits the Vatican, and Misrepresents Pope John Paul II” by Samuel Gregg at The Stream.