Economics

Bernie Sanders Invited to Speak at the Vatican

Juli Hansen / Shutterstock
Photo via Juli Hansen / Shutterstock

Thanks to an invite from the Vatican, Bernie Sanders will leave the campaign trail after his April 14 debate with Hillary Clinton, and fly to Rome for an event the next day at the Pontifical Academy of Social Sciences.

He will gather with other world leaders to discuss changes in politics, economics, and culture in the light of Pope Francis' new encylical Laudato si', according to a statement released from the Pontifical Academy .

Not a Needy Person Among Them

Derek Hatfield / Shutterstock
Derek Hatfield / Shutterstock

AN UNUSUAL TITLE recently caught my eye at the library. The book is called The Moral Molecule: How Trust Works, by Paul J. Zak. An economist with obvious interests in biology, psychology, and religion, Zak’s numerous experiments demonstrate that when someone is shown a sign of trust or when one’s empathy is engaged, a certain molecule called oxytocin surges in the brain and blood.

“When oxytocin surges,” says Zak, “people behave in ways that are kinder, more generous, more cooperative, and more caring.” In other words, they follow the Golden Rule of treating others as you want to be treated. Zak eventually demonstrates how oxytocin can work within economic systems, which reminded me of a children’s song we sang at a church I used to attend in Chicago: “Love is like a magic penny. Hold it tight and you won’t have any. Lend it, spend it, and you’ll have so many they’ll fall all over the floor!”

And that reminded me of research I had done on the early Jerusalem church in the book of Acts. If there ever were oxytocin surges, it must have been at Pentecost and in the days and years of the shared economic community that followed!

Two summary texts describe the common life shared among these earliest believers: Acts 2:44-47 and 4:32-37. The first tells of their daily life together, distributing possessions, worshiping in the temple, and eating a daily communal meal in various households. The second passage describes the renunciation of private ownership. Believers sold their land and homes and gave the money to the community to be distributed “as any had need” (4:35).

Why did they do this? Wasn’t it impractical and more trouble than it was worth? Didn’t they soon have to cope with cheaters like Ananias and Sapphira (5:1-11) or complaints from Hellenist widows (6:1-6)? Didn’t that radical idealism soon peter out and people go back to their former lifestyles?

Interpreting through middle-class mirrors

My research on how these economic texts have been interpreted throughout Christian history was eye-opening. Ever since market capitalism arose in the 14th century, many commentators considered the communalism of the Jerusalem church to be unrealistic. For example, John Calvin, a 16th century community organizer, writes in his Acts commentary that he had to “properly” interpret communal sharing in 2:44 “on account of fanatical spirits who devise a koinonia of goods where all civil order is overturned.” He especially criticizes the Anabaptists of the time, because “they thought there was no church unless all mens’ (sic) goods were heaped up together, and everyone took therefrom as they chose.” Instead, Calvin recommends that “common sharing ... must be held in check.”

The rise of historical criticism during the 19th century in the West led to much skepticism about the accuracy of biblical texts. Luke wrote decades later, scholars asserted, idealizing the early church in Acts. The Jerusalem believers were very poor and had to help each other out, so Luke turns this grim picture into a Golden Age of sharing. In his 1854 commentary, Edward Zeller maintained that Acts 1 to 7 was full of legends and fictitious stories that Luke himself created.

The conservative reaction to such skepticism was to affirm the historicity of the early chapters of Acts—but to see this as a socialist experiment that soon failed and was never tried again. Its failure was confirmed by the poverty of the Jerusalem church in Acts 11:27-29, where the disciples at Antioch decided to “send relief to the believers living in Judea.”

No doubt these notions about the community of goods in Acts 2 to 6 prevail in many churches today. But both perspectives get it wrong because scholars and laypersons alike read these texts out of their own economic situation—Western capitalism. For middle and upper-middle classes (from which most biblical scholars emerge), capitalism has worked well. As a political and economic system, it has staunchly opposed Marxist and other ideas of socialist communalism, often perceived as “godless.”

This hostility has made it almost impossible to view the socialism of the early Jerusalem church as a positive development or one that survived more than a few years. For example, G.T. Stokes’ 1903 Acts commentary in the English Expositor’s Bible series declared that the Jerusalem experiment was a socio-economic disaster that should never have happened. One of the evils it produced, according to Stokes, was the conflict between the Hellenist and Hebrew widows in Acts 6:1. Stokes assumes they were destitute widows fighting over poor relief. Reflecting Victorian class distinctions and paternalistic attitudes, he asserts, “No classes are more suspicious and more quarrelsome than those who are in receipt of such assistance ... Managers of almshouses, asylums, and workhouses know this ... and ofttimes make bitter acquaintance with that evil spirit which burst forth even in the mother church of Jerusalem.”

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GOP 2016 Contenders Debate Again Jan. 14, Praying for Devoted (and Devout) Viewers

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Only seven contenders will be on the main stage for Fox Business News’ broadcast of the sixth GOP 2016 presidential debate Jan. 14 — almost all well-known for taking strong stands on faith in hopes for a boost from devoted viewers. The December debate was the third-most-watched one in debate tracking history, according to CNN. The theme of this week’s debate will be economic policy, with managing editor for business news Neil Cavuto and global markets editor Maria Bartiromo asking questions.

Should Christians be Socialists?

Crush Rush / Shutterstock.com
Crush Rush / Shutterstock.com

WE NEED TO overthrow...this rotten, decadent, putrid industrial capitalist system.”

So wrote Dorothy Day, the Catholic Worker co-founder whom Pope Francis recently held up to the U.S. Congress as a great exemplar of the American spirit.

In the centuries since the rise of capitalism, millions of Christians, like Day, have sought not only to bind up the wounds of the poor, but also to create a world in which people will not be impoverished by low wages, unemployment, discrimination, or plain bad luck. Day ended up advocating a sort of communitarian anarchism. But for many other Christians—from Mother Jones to Dom Hélder Câmara to Martin Luther King Jr.—the name for that alternate system has been “socialism.” And, after long decades during which acceptance of the existing economic order seemed inevitable, in 2016 the question of socialism is not only on the agenda again but, in the Democratic presidential primaries, on the ballot.

This is especially surprising because any alternative to corporate capitalism was widely declared dead after the 1991 collapse of the Soviet Union, which had called itself a socialist state and imposed its rule by force. Its failure, in the end largely economic, was rightly seen to discredit the Marxist-Leninist version of socialism that relied on centralized, coercive state power to manage the lives of its citizens. In the wake of the collapse, the West flooded the formerly communist states with free-market economic gurus to guide a sort of capitalist extreme makeover, and the end of history was declared.

But then global capitalism had its own collapse in 2008. In the U.S., the dream of upward mobility is dying. According to the U.S. Department of Labor, since 1973 the inflation-adjusted average hourly earnings for workers with a high school degree or less have declined; more-educated workers have barely stayed even. Meanwhile, according to the Economic Policy Institute, the inflation-adjusted income of the top 1 percent has risen 138 percent since 1979. A generation has arisen that sees its prospects declining. For this generation, “socialism” has little to do with the Soviet Union; it’s just another insult that Fox News hurls at the president most of them supported.

So for the first time in 100 years, a democratic socialist, Sen. Bernie Sanders of Vermont, is waging a serious U.S. presidential campaign. Since his campaign began, the percentage of Americans who say they are willing to vote for a socialist has risen. In fact, for the past five years, U.S. public opinion polls have shown increasingly favorable associations with the word “socialism.” Among millennials, the S-word’s positives are now higher than its negatives.

Even in the Catholic Church, consideration of socialist alternatives no longer seems taboo. Since the days of Pope John Paul II, liberation theology has been on the outs in Rome, but last year Gustavo Gutierrez, who gave the movement its name with his 1971 book, A Theology of Liberation, was welcomed to the Vatican to address a conference. This is the same man who famously proclaimed that Christian theology needs to speak “of social revolution, not reform; of liberation, not development; of socialism, not modernization of the prevailing system.”

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Once Pope Francis Knows U.S. Capitalism He Will Love It, Says Catholic Theologian-Economist

Photo via giulio napolitano / Shutterstock.com
Photo via giulio napolitano / Shutterstock.com

The Rev. Martin Schlag is a trained economist as well as a Catholic moral theologian, and when he first read some of Pope Francis’ powerful critiques of the current free market system he had the same thought a lot of Americans did: “Just horrible.”

But at a meeting on May 11 at the Harvard Club, Schlag, an Austrian-born priest who teaches economics at an Opus Dei-run university in Rome, reassured a group of Catholics, many from the world of business and finance, that Francis’ views on capitalism aren’t actually as bad as he feared.

6 Things to Expect in the Pope’s Address to Congress

Photo via giulio napolitano / Shutterstock.com
Photo via giulio napolitano / Shutterstock.com

The papal address to the Republican-controlled Congress is likely to be one of the most closely watched talks during the pope’s weeklong visit to Washington, New York, and Philadelphia this fall, especially since the presidential campaign season will be growing more intense.

Francis isn’t shy about tackling controversial topics or upending conventional orthodoxies about Catholics and politics — a prospect that makes U.S. conservatives especially nervous, given Francis’ insistence on raising concerns about issues such as economic justice, climate change, and immigration.

From the Archives: November 1993

DESPITE APPEARANCES, economics is in essence a very personal and fundamentally moral discipline. It is nothing short of the web of our material relationships with one another and with the natural environment. Economic relationships have personalities and personal histories. Inescapably, these relationships physically manifest our social and spiritual values.

Our language expresses this duality. “Values” are both moral principles and economic measures. “Equity” is defined both as a financial interest in property and as fairness or justice. The root of “property” is also the root of “propriety.” But perception and practice often reflect a division between them.

Many of the economic problems confronting us can be understood as the result of neglected or broken relationships. Americans ... have a tendency to polarize public and private interests and, in our case, to mythologize the private sector and ignore the community as a genuine economic actor.

If it will, the church can play a critical role in healing these divisions. It has a unique contribution to make: philosophically, by drawing on its theology of creation, its understanding of the individual in community, and its preferential option for the poor; practically, because it is the largest and most widespread non-governmental institution and one of the few stable institutions in low-income communities. 

Chuck Matthei was president of Equity Trust when this article appeared.

Image: Sprouts planted in gold coins,  / Shutterstock 

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Capitalism v. Democracy: Financing Seminary Education (Part II)

A Aleksii / Shutterstock.com
A Aleksii / Shutterstock.com

Author’s Note: Institutions we have valued for generations are dwindling and falling by the wayside because we no longer have the finances to sustain them. In this second essay on financing seminary education (read the first HERE), I will address the socio-political and economic concerns that add to the complexity of the current crisis in theological education.

Democracy is based on the ideal of political equality. Each citizen is to have the same potential to influence what government does regardless of financial status. Markets, on the other hand, are directly related to real dollars. The consequent result for the U.S. democratic capitalistic structure is that while the rich and the poor are equal politically, they will never be equal economically. This combination could lead to two undesirable extremes: 1) mob rule by asset-less democratic majorities, or 2) oligarchic rule by the affluent. Thus, government’s role is to oversee the enterprise through the creation of regulatory policies that prevent runaway markets and taxation that assures a sustainable distribution of wealth and resources for the whole population. In order to achieve these goals, political theorists have developed models that focus on creating and sustaining a strong middle class with the result that the median voter will correct rising inequality in wealth as well as poor economic performance.

Catholic and Libertarian? Pope's Top Adviser Says They're Incompatible

Honduran Cardinal Oscar Rodriguez Maradiaga prays at St. Paul the Apostle Church in New York. RNS photo by Gregory A. Shemitz.

Taking direct aim at libertarian policies promoted by many American conservatives, the Honduran cardinal who is one of Pope Francis’ top advisers said Tuesday that today’s free market system is “a new idol” that is increasing inequality and excluding the poor.

“This economy kills,” said Cardinal Oscar Rodriguez Maradiaga, quoting Francis frequently in a speech delivered at a conference on Catholicism and libertarianism held a few blocks from the U.S. Capitol.

The pope, Maradiaga said, grew up in Argentina and “has a profound knowledge of the life of the poor.” That is why, he said, Francis continues to insist that “the elimination of the structural causes for poverty is a matter of urgency that can no longer be postponed.”

“The hungry or sick child of the poor cannot wait,” the cardinal said.

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