Posts tagged with: wealth

Blog author: jcouretas
Thursday, September 18, 2008
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Frank J. Hanna III, Georgia CEO of Hanna Capital and cofounder of the Solidarity Foundation, is author of the new book What Your Money Means (and How to Use It Well). Hanna, a board member of the Acton Institute, talked to National Review Online editor Kathryn Lopez in a Q&A titled “Virtue and Volatility” about earning money, using it well, the market meltdown, and more.

Excerpt:

Lopez: What do love, virtue, and religious faith have to do with money?

Hanna: Money is merely an instrumentality — a tool. It is a tool designed to serve greater ends, like love, virtue, and our faith. However, if we are not thoughtful and deliberate in the way we treat our money, it can work against those ends, rather than for them.

Lopez: Is it fair to say that “non-essential wealth threatens those we love”? Can’t those we love appreciate some luxuries too?

Hanna: Non-essential wealth is a threat — to all of us. A threat is not synonymous with evil, but it is the potential for something evil. When we have non-essential wealth, there is the chance that we spend it unwisely, in ways that can hurt others or ourselves. This possibility does not, however, rule out enjoying life’s legitimate pleasures.

Lopez: Do you feel guilty about being wealthy? Is that a bad thing?

Hanna: Being wealthy is a gift, just like other gifts, and one should no more feel guilty about it than one would feel guilty about being pretty, or playing an instrument well, or being a great athlete. It is how we treat the gift we have received that determines whether we should have guilt.

Lopez: “Money is good” but not greed? A little revision on Michael Douglas?

Hanna: Greed is an unhealthy attachment to money, and is always bad. It is very similar to an unhealthy attachment to food, which we know as the sin of gluttony, or the unhealthy attachment to one’s appearance, which we know as the sin of vanity. Food is good, good grooming is good, and money is good; the unhealthy attachment to any of these things is not good.

Here’s another new production from Acton Media – The Effective Stewardship Curriculum. The Effective Stewardship Curriculum is a series of five video lessons, geared toward church small groups or other faith-based educational settings exploring how Christians live out the call to be stewards of our talents, the environment, our fellow man, institutions, and our finances.

Expect the curriculum to be available for sale at the end of this summer. A study guide will also be available to help stimulate discussions and explore the ideas presented in the video lessons. A couple of sample pages from the study guide are available on the Effective Stewardship website. A trailer is available right here, but there are also introductory clips to each lesson that are available on the Effective Stewardship website.

Forever known for his signature, the American Founding Father John Hancock (1737-93) was also staunch opponent of unnecessary or excessive taxation. “They have no right [The Crown] to put their hands in my pocket,” Hancock said. He strongly believed even after the American Revolution, that Congress, like Parliament, could use taxes as a form of tyranny.

As Governor of Massachusetts, Hancock sided with the people over and against over zealous tax appropriators and collectors. Hancock argued farmers and tradesmen would never be able to pay their taxes if their land and property were confiscated. He barred government officials from imprisoning farmers too poor to pay taxes. In addition to his views on taxes, Hancock supported cuts in government spending.

Hancock inherited a substantial amount of wealth from merchant trading, a business started by his uncle known as the “House of Hancock.” Hancock’s father, a minister, died when he was just a child. He was raised by his wealthy uncle and aunt. Their wealth gave him a first class education.

Hancock went on to increase the assets and income of his uncle’s business, when he took control of the enterprise. He was quite possibly the richest man in the American Colonies. Hancock enjoyed owning the finest home, attire, furniture, coaches, and wines. As a fault, he could even show a comical attachment to material possessions from time to time. He once organized a military party to challenge the British during the revolutionary war, his part in the conflict was only to last a few weeks and was close to his home, still he galloped to battle with six carriages behind him carrying his finest warrior apparel and the finest French wines. Patriot Generals poked fun at his unnecessary show of pomp and pageantry. Still he fretted, when he realized he was missing a pair of imported leather boots.

While his wealth was immense, so was his generosity. Hundreds of colonists depended on his business for their economic livelihood. In addition, he helped his own ambitious employees start their own entrepreneurial endeavors. He gave lavishly to local churches, charities, the arts, assisted widows, and paid for the schooling of orphans. Hancock also spent his own wealth on public works and aesthetic improvements for the city of Boston.

His enormous popularity was in fact, to a large degree, due to his substantial giving. Hancock was also known for treating others with the characteristics of Christian principles. He treated those of modest means with the same respect as those who had access to wealth and power. Several authors have affectionately referred to him “As a man of the people.” A German officer who fought for the British was astounded at the way he befriended and talked to the very poorest citizens of Boston. (more…)

A recent survey by the Pew Global Attitudes Project finds that “religion is less likely to be central to the lives of individuals in richer nations than poorer ones” (HT).

Given the Bible’s many warnings about the danger presented by wealth, specifically the temptation to no longer rely on God and his providential care, that probably isn’t surprising. But what might be more surprising is that “the United States, the wealthiest nation, was ‘most notably’ an exception, scoring higher in religiosity than those in Europe. The level of religiosity in the United States was found to be similar to less economically developed countries such as Mexico. Americans tend to be more religious than the publics of other affluent nations, the survey stated.”

But what upsets the seeming iron law connecting wealth to irreligion?

If wealth is less of an idol in the United States than elsewhere, it’s due in large part to the penetration of the Gospel message into people’s hearts and minds. An example of this message is clearly evident in a recent CT column by John Piper, “Gutsy Guilt.”

Piper takes apart the myth of prosperous comfort that Satan propagates. Piper writes with regard to sexual sin, perhaps the most difficult class of sins to conquer, “The great tragedy is not masturbation or fornication or pornography. The tragedy is that Satan uses guilt from these failures to strip you of every radical dream you ever had or might have. In their place, he gives you a happy, safe, secure, American life of superficial pleasures, until you die in your lakeside rocking chair.”

Material prosperity can be an occasion not only to stop relying on God for the provision of earthly goods, but can also be an opiate that dulls our awareness of even greater grace, the gift of justification. “Therefore, God, out of his immeasurable love for us, provided his own Son to do both. Christ bears our punishment and performs our righteousness. When we receive Christ as the Savior and Lord and Treasure of our lives, all of his punishment and righteousness is counted as ours (Rom. 4:4-6; 5:1; 5:19; 8:1; 10:4; Phil. 3:8-9; 2 Cor. 5:21). Justification conquers fornication,” writes Piper.

Here we hear echoes of Martin Luther: “At once a righteous one and a sinner! Sin boldly, but believe and rejoice in Christ even more boldly, for he is victorious over sin, death, and the world.”

If the Pew survey is reliable, it speaks greatly to the cause of Christ in America that great wealth has not resulted in the level of apostasy and practical atheism present in other countries. Only when rightly and appropriately valued does wealth occupy a morally praiseworthy place in the world, as a means of glorifying God through service to our neighbor.

Folks like John Piper and Craig Gross (whose efforts in an anti-pornography ministry is profiled at length here) have done a great deal to keep American Christianity from accommodating sexual guilt that lies unforgiven in cultural appeasement. We are of course and by no means blameless or perfect, and our “success” relative to other countries is less important than our failure relative to God’s demands of holiness.

But what these things do show is that the Gospel and the extent to which God remains a vital reality in the lives of people does matter greatly in this world, not least of which in how it affects the way we relate to the culture around us and begin to use penultimate things rightly.

Regarding John Armstrong’s insightful post yesterday, I want to pass along some related wisdom on the subject from Richard Baxter from his 1682 treatise, How to do Good to Many. Writing on the text of Galatians 6:10, he writes about the problem and responsibility of passing along wealthy estates to heirs:

III. The Text plainly intimateth that it is a great Crime in them, that instead of doing good while they have opportunity, think it enough to leave it by Will to their Executors to do it. When they have lived to the flesh, and cannot take it with them, they think it enough to leave others to do that good, which they had not a heart to do themselves: But a treasure must be laid up in heaven before-hand, and not be left to be sent after, Matth. 6. 20, 21. And he that will make friends of the Mammon of Unrighteousness, must now be rich towards God, Luk. 12. 21. It’s no victory over the World, to leave it when you cannot keep it: Nor will any Legacy purchase Heaven for an unholy worldly soul.

IV. Yet they that will do good neither Living nor Dying are worst of all. Surely the last Acts of our Lives, if possible, should be the best; And as we must live in health, so also in sickness, and to the last in doing all the good we can; and therefore it must needs be a great sin, to leave our Estates to those that are like to do hurt with them, or to do no good, so far as we are the free disposers of them.

The Case, I confess is not without considerable difficulties, how much a man is bound to leave to his Children, or his neerest Kindred, when some of them are disposed to live unprofitably, and some to live ungodly and hurtfully. Some think men are bound to leave them nothing, some think they ought to leave them almost all: And some think that they should leave them only so much as may find them tolerable food and raiment. I shall do my best to decide the case in several propositions. (more…)

I love those who love me, and those who seek me find me. With me are riches and honor, enduring wealth and prosperity. My fruit is better than fine gold; what I yield surpasses choice silver. I walk in the way of righteousness, along the paths of justice, bestowing a rich inheritance on those who love me and making their treasuries full.

Proverbs 8:17-21

The biblical wisdom literature makes it abundantly plain, as does the rest of the entire Bible, that it is God alone who grants both wealth and blessing. There are numerous ways to get wealth but the way of godly gain is by seeking God, and the way of his righteousness, alone. And those who are given wealth by God will usually have an inheritance to give at the end of their lives. This is summed up quite well in these words: “But remember the Lord your God, for it is he who gives you the ability to produce wealth, and so confirms his covenant, which he swore to your ancestors as it is today” (Deuteronomy 8:18).

I have been thinking a great about the theology of wealth over the past two or three years. I have also been immersed in a discussion of the subject, with about twenty Christian businessmen and women, for the past two days at the Kuyper Business Summit in San Diego, sponsored by the Center for Cultural Leadership. I have become convinced that the Church has little or no balanced understanding, in the pulpit or the pew, about this subject. We either feel that seeking wealth is inherently wrong, and then deal with the attendant guilt feelings that come with generating wealth, or we promote a “health and wealth” theology that stresses great wealth as the personal promise of God for every Christian who knows how to ask and receive by faith. Both are failed ideas theologically and thus badly distorted when applied to daily living.

Wealth is the blessing of God! He alone gives it. To some he grants the ability to gain wealth for his glory. This, in itself, means much more than merely attaining wealth so you can support your family and then give large sums to charity. (These are both good goals but not the whole picture!) Some are clearly called to make wealth as a divine calling. Indeed, I am convinced that many businessmen and women are so called by God to produce wealth but the Church has been of little or no help in creating the right context and support for this to actually happen in the right way. An alternative theology to these two extremes is to be found in the work of the Dutch Calvinist Abraham Kuyper, thus the name of the very event I am attending. Serious readers should explore Kuyper’s thought on this matter. John Schneider’s outstanding book, The Good of Affluence (Eerdmans), should also be a must read for serious consideration of this important subject. (Schneider is a professor at Calvin and presents, by far and away, the best short volume on this subject in our time.) (more…)

Dr. Jay W. Richards

Dr. Jay W. Richards gave an impassioned address at the heavily attended Acton Lecture series yesterday titled, “Myths Christians Believe about Wealth and Poverty.” This topic was especially relevant for me because I graduated from a Wesleyan Evangelical seminary, which constantly preached and proclaimed so many myths Richards addressed, especially “the piety myth.” This was a big problem in seminary, as the gospels were often linked to promoting the modern welfare state, and its goals of wealth redistribution.

Richards said the piety myth “focuses on our good intentions rather than the unintended consequences of our actions.” An example he provided was rent control, which causes major shortages in housing, and of course the quality of housing. Moderately priced housing also diminishes significantly in communities with rent control.

Another essential example cited by Richards was the “zero-sum game myth,” which holds that wealth gained in one place always means that wealth was lost someplace else. To illustrate this myth, Richards used the example of pie, saying that if somebody cuts for themselves a larger piece by proportion, somebody else of course loses out. Most economists and entrepreneurs however understand that wealth is created, and Richards used the example of sand and the explosion of the microchip. Natural resources are one example of something being harvested for production and consumption.

While I was at seminary the hip thing was crusading against the retail giant Wal-Mart. Many students wanted to play the William Wilberforce role by freeing Wal-Mart suppliers from “slave trade” status. Wal-Mart was constantly accused of not providing a living wage, closing down small businesses, and causing the explosion of international sweat-shops. It was described as a “social justice” issue. In his talk, Richards did a fine job of explaining Wal-Mart’s value in the marketplace. And how places like Wal-Mart provide a reduction in food costs, especially for poorer families who spend more of their disposable income by percentage on food. Obviously many of the critics at my seminary came from upper middle class backgrounds who saw no use for a 25 cent savings on a grocery product, especially if it interfered with their notion of social justice.

In Richards lecture, he noted the need for comparisons between reality and reality, instead of reality and myth or reality vs. utopia notions. He said “many factories get accused of being sweat-shops.” He cited that sometimes the notion exists in the critics head that if the “sweat-shop” was closed down that person would be provided with an education, and a fantastic college degree, which is closer to the truth here in America, but not necessarily true somewhere else. It may be that their job keeps them out of the sex trade, or a life of wandering the streets searching for food, which I saw quite a bit while living in Africa. It’s also been said that many of these places of employment dubbed as “sweat-shops” have provided people in the Third World with the concept and practice of weekends for the first time in their life. In many places a culture of recreation and leisure time is existing for the first time among the poorer classes. The explosion of the middle class in places like India and China is a phenomenon we do not hear very often in news reports.

While compassion for the poor is a universal truth for Christians, compassion alone is not enough. As Christians we need to better understand why wealth is not being created in some places. Richards surmised class warfare serves more as a decoy, when we focus more on income disparity, rather than results. We will continue to see outdated recycled economic philosophies used to create Utopian societies. Communism promised a society of absolute equality, it just had to break a few eggs to achieve the omelet, right? Truth exists, and that is why Richards was so right to say free markets must not be weighed against unrealizable ideals, but rather live alternatives.

Readings in Social Ethics: Abraham Kuyper, The Problem of Poverty. References below are to page numbers.

  • With next week’s reading of Rauschenbusch in view, here’s how Kuyper evaluates Christian socialists: “Socialists constantly invoke Christ in support of their utopias, and continually hold before us important texts from the Holy Word. Indeed, socialists have so strongly felt the bond between social distress and the Christian religion that they have not hesitated to present Christ himself as the great prophet of socialism” (27).

  • Here’s what Jesus’ social message really consists in: “If you ask what Jesus did to bring deliverance from the social needs of his time, here is the answer. He knew that such desperate needs grow from the malignant roots of error and sin, so he placed the truth over against error and broke the power of sin by shedding his blood and pouring out his Holy Spirit on his own. Since rich and poor had become divided because they had lost their point of union in God, he called both together back to their Father who is in heaven. He saw how the idolizing of money had killed nobility in the human heart, so he held up the “service of Mammon” before his followers as an object for their deep contempt. Since he understood the curse that lies in capital, especially for the man of great wealth, he adjured him to cease his accumulation of capital and to gather not treasure on earth, where moth and rust corrupt and thieves break in and steal (Matt. 6:19). He rejected the rich young man because he could not decide to sell all his goods and give to the poor. In his heart Jesus harbored no hatred for the rich, but rather a deep compassion for their pitiable condition. The service of Mammon is exceedingly difficult. Sooner would a camel go through the eye of a needle than would a rich man enter the kingdom of heaven (Matt. 9:16-24). Only when the possession of money leads to usury and harshness does Jesus become angry, and in a moving parable he tells how the man who would not release his debtor is handed over to torturers and branded as a wicked servant who knows no pity (Matt. 18:23-35)” (37-38).
  • Likewise Kuyper says: “The socialists so flatly reverse [this] when they preach it: “But seek ye first the kingdom of God, and his righteousness; and all these things shall be added unto you.” (Matt. 6:33). For both rich and poor, Jesus’ teaching simultaneously cuts to the root of sin in our human heart” (39-40).
  • The deep interconnections between material want and spiritual need: “A charity which knows only how to give money, is not yet Christian love. You will be free of guilt only when you also give your time, your energy, and your resourcefulness to help end such abuses for good, and when you allow nothing that lies hidden in the storehouse of your Christian religion to remain unused against the cancer that is destroying the vitality of our society in such alarming ways…You do not honor God’s Word if, in these circumstances, you ever forget how the Christ, (just as his prophets before him and his apostles after him) invariably took sides against those who were powerful and living in luxury, and for the suffering and oppressed. Even more appalling is the spiritual need of our generation. When, in the midst of our social misery, I observe the demoralization that follows on the heels of material need, and hear a raucous voice which, instead of calling on the Father in heaven for salvation, curses God, mocks his Word, insults the cross of Golgotha, and tramples on whatever witness was still in the conscience–all in order to inflame everything wild and brutish in the human heart–then I stand before an abyss of spiritual misery that arouses my human compassion almost more than does the most biting poverty” (62-63).
  • Solidarity as expressed ultimately in the sacrament of communion: “The tremendous love springing up from God within you displays its radiance not in the fact that you allow poor Lazarus to quiet his hunger with the crumbs that fall from your overburdened table. All such charity is more like an insult to the manly heart that beats in the bosom of the poor man. Rather, the love within you displays its radiance in this: Just as rich and poor sit down with each other at the communion table, so also you feel for the poor man as for a member of the body, which is all that you are as well. To the poor man, a loyal handshake is often sweeter than a bountiful largess. A friendly word, not spoken haughtily, is the gentlest balm for one who weeps over his wounds. Divine compassion, sympathy, and suffering with us and for us–that was the mystery of Golgotha. You, too, must suffer with your suffering brothers. Only then will the holy music of consolation vibrate in your speech. Then, driven by this sympathy of compassion, you will naturally conform your action to your speech. For deeds of love are indispensable” (77). See also 1 Corinthians 11:17-34.
  • Is state welfare an adequate substitute for Christian charity? Never: “The holy art of ‘giving for Jesus’ sake’ ought to be much more strongly developed among us Christians. Never forget that all state relief for the poor is a blot on the honor of your Savior” (78).

Next week: Walter Rauschenbusch, Christianity and the Social Crisis.

Readings in Social Ethics: John Wesley, “The Rich Man and Lazarus.” References below are to page numbers.

  • A warning on the dangers of riches: “‘There was a certain rich man.’ And it is no more sinful to be rich than to be poor. But it is dangerous beyond expression. Therefore, I remind all of you that are of this number, that have the conveniences of life, and something over, that ye walk upon slippery ground. Ye continually tread on snares and deaths. Ye are, every moment, on the verge of hell. ‘It is easier for a camel to go through the eye of a needle, than for a rich man to enter into the kingdom of heaven.’ ‘Who was clothed in purple and fine linen.’ And some may have a plea for this: our Lord mentions them that dwell in kings’ houses, as wearing gorgeous, that is splendid apparel, and does not blame them for it. But certainly this is no plea, for any that do not dwell in kings’ houses. Let all of them, therefore, beware how they follow his example, who is lifting up his eyes in hell: let us follow the advice of the Apostle, being ‘adorned with good works, and with the ornament of a meek and quiet spirit'” (316).

  • A condemnation of gluttony and indulgence: “‘He fared sumptuously every day.’ Reconcile this with religion who can. I know how plausibly the prophets of smooth things can talk, in favour of hospitality, of making our friends welcome, of keeping an handsome table, to do honour to religion, of promoting trade, and the like. But God is not mocked: He will not be put off with such pretences as these. Whoever thou art that sharest in the sin of this rich man, were it no other than faring sumptuously every day, thou shalt as surely be a sharer in his punishment, except thou repent, as if thou wert already crying for a drop of water to cool thy tongue” (316). Great wealth does not make vice permissible.
  • A sermon illustration intended to motivate us to do good works: “At Epworth in Lincolnshire, the town where I was born, a beggar came to a house in the Marketplace, and begged a morsel of bread, saying, ‘She was very hungry.’ The master bid her be gone, for a lazy jade. She called at a second, and begged a little small beer, saying, ‘She was very thirsty.’ She Lad much the same answer. At a third door she begged a little water, saying, ‘She was very faint.’ But this man also was too conscientious to encourage common beggars. The boys, seeing a ragged creature turned from door to door, began to pelt her with snow-balls. She looked up, lay down, and died! Would you wish to be the man, who refused that poor wretch a morsel of bread, or a cup of water?” (317)

Next week: Abraham Kuyper, The Problem of Poverty.

Readings in Social Ethics: John Chrysostom, On Wealth and Poverty, part 3 of 3. There are six sermons in this text, based on the parable of the Rich Man and Lazarus. This post deals with the third and final pair. The first four sermons dealt directly with Chrysostom’s exegesis of the parable of Lazarus and the rich man. These latter two sermons were given on different occasions. References are to page numbers.

Sermon 6:

  • The sermon comes after an earthquake has hit the community: “Have you seen the mortality of the human race? When the earthquake came, I reflected with myself and said, where is theft? Where is greed? Where is tyranny? Where is arrogance? Where is domination? Where is oppression? Where is the plundering of the poor? Where is the arrogance of the rich? Where is the domination of the powerful? Where is intimidation? Where is fear?” (97)

  • Chrysostom searches out the source and cause of the disaster: “So I was not afraid because of the earthquake, but because of the cause of the earthquake; for the cause of the earthquake was the anger of God, and the cause of His anger was our sins. Never fear punishment, but fear sin, the mother of punishment” (101).
  • Chrysostom reiterates a theme from the previous sermons. We are not to judge someone as fortunate based only on their external condition: “In the same way, imagine two sinners, one being punished, the other not being punished. Do no say, this one is lucky because he is rich, he strips orphans of their property, and he oppresses widows. Apparently he is not ill, he has a good reputation in spite of his thefts, he enjoys honor and authority, he does not endure any of the troubles which afflict mankind—no fever, no paralysis, nor any other disease—a chorus of children surrounds him, his old age is comfortable; but you should grieve most for him, because he is indeed ill and receives no treatment” (102).
  • The varieties of sinners characterized as beasts rather than men: “You see, you should not examine his nature but his character, not his appearance but his disposition; and not his disposition only, but investigate his whole way of life. If he loves the poor, he is a human being; but if he is wholly involved in commerce, he is an oak tree. If he has a savage temper, he is a lion; if he is rapacious, he is a wolf; if he is deceitful, he is a cobra. You should say, ‘I am looking for a human being; why have you shown me a beast instead of a man?’ Learn what really is the virtue of a human being, and do not be confused” (107-8).
  • Chrysostom concludes by examining Abraham’s words that Lazarus received the evil that he was due in this life, and the rich man received the rewards he was due. Chrysostom understands this to mean that the evil man has done at least some good, and therefore is rewarded in this life, while the good man has done at least some evil, and therefore is punished in this life.

Sermon 7:

  • A condemnation of worldliness: “For those who are eager to go to the races and the other satanic spectacles, who have no care for self-control and give no thought for virtue, who wish to behave recklessly, who yield themselves to luxury and gluttony, who spend themselves every day in madness and frenzy for money, who strain after the things of the present life—these people walk by the wide gate and the easy road. But when they go farther along, and gather a great burden of sins for themselves, when they are all spent and come to the end of the road, they are no longer able to go any farther, because they are pressed tightly by the narrowness of the road and burdened by the weight of their sins so that they cannot go through” (129).

  • Riches are a blessing and a temptation: “Do not call these things good without qualification, O man, bearing in mind that they are given by the Master in order that by enjoying them in due proportion we may have sustenance for our life and may overcome the weakness of our bodies; but the truly good things are something else. None of these things is good, not luxury, not wealth, not expensive clothing; they have only the name of goodness. Why do I say that they have only the name? They often indeed cause our destruction, when we use them improperly. Wealth will be good for its possessor if he does not spend it only on luxury, or on strong drink and harmful pleasures; if he enjoys luxury in moderation and distributes the rest to the stomachs of the poor, then wealth is a good thing. But if he is going to give himself up to luxury and other profligacy, not only does it not help him at all, but it even leads him down to the deep pit” (136-37).

Next week: Bonaventure, A Defence of the Mendicants (selections), in From Irenaeus to Grotius: A Sourcebook in Christian Political Thought 100-1625, ed. Oliver O’Donovan and Joan Lockwood O’Donovan, pp. 312-19.