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Journal of Markets & Morality is a peer-reviewed academic journal published by the Acton Institute for the Study of Religion & Liberty. The journal promotes intellectual exploration of the relationship between economics and morality from both social science and theological perspectives.
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The Globethics library contains articles of the Journal of Markets & Morality as of vol. 1(1998) no. 2 to current.
Recent Submissions
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Review of "Handbook of Christianity and Economics" edited by Paul OslingtonHandbook of Christianity and EconomicsEdited by Paul OslingtonOxford, U.K.: Oxford University Press, 2014 (656 pages)
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Islamic Venture Capitalism: Lessons to Learn from Social Venture CapitalismThis article examines whether the ethical/moral claims of Islamic Finance should converge with the common principles of Impact Investing and Social Venture Capitalism to achieve measurable ethical outcomes. This article seeks to demonstrate a convergence between social venture capital and Islamic venture capital as both utilize equity investments and attempt to intentionally invest in ventures to seek a positive social outcome. Further research should explore how the Islamic Finance industry can address the lack of ethical outcomes in investments by implementing the rigorous measurement methodologies of investment currently utilized by impact investment, which has been incorporated into social venture capitalism.Ahktar Ismail Mohammed, "Islamic Venture Capitalism: Lessons to Learn from Social Venture Capitalism," Journal of Markets & Morality 25, no. 2 (2022): 339-351
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A Christian Humanist Critique of Our Post-Pandemic, Technocratic EconomyOur economic and political system is at the heart of a cultural crisis. This crisis is best understood as a slow retreat into an anti-institutionalist individualism. We see a steady decline of social trust and less investment in the institutions that have provided a structure for social life. The result is an increased reliance on the state and on commerce to pattern social life and meet human needs. I argue that this crisis is partially the result of a pattern of economic trends toward greater prosperity, greater specialization, and concentrated economic power. In this environment, our private and public life is increasingly subject to technocratic control, either by government or by private enterprise. C. S. Lewis warned of the dehumanizing tendencies of the technocrats of his era. Similarly, Solzhenitsyn warned of a kind of corruption he saw in the public retreat from morality. I argue that this technocratic move is not entirely bad, but following a Kuyperian line, that a less technocratic order would have to include a public commitment to limiting the exercise of power both by the state and by firms.Steven McMullen, "A Christian Humanist Critique of Our Post-Pandemic, Technocratic Economy," Journal of Markets & Morality 25, no. 2 (2022): 301-314
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Review of "A Consequentialist Defense of Libertarianism" by Richard FumertonA Consequentialist Defense of LibertarianismRichard FumertonLanham, MD: Lexington Books, 2021 (232 pages)
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ContributorsAuthors and bios for JMM 25.2
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Vocation, Virtue, and the COVID-19 VirusVocation plays a crucial role in promoting human flourishing. Vocational practices, however, are weakened when markets or the state intrude too extensively in the daily lives of people. Consequently, inordinately invasive markets and governments diminish human flourishing. This article explains why this is the case and suggests some ways to prevent unwarranted intrusions, using social response to the COVID-19 pandemic as an application and arguing on this basis that the virus must now be treated as endemic.Brent Waters, "Vocation, Virtue, and the COVID-19 Virus," Journal of Markets & Morality 25, no. 2 (2022): 275-287
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The Price Revolution in Sixteenth-Century Spain: Interest Rates, Payments, and Deadweight LossThis article supports scholars who question the hypothesis that the inflation experienced in sixteenth-century Spain was primarily the result of the influx of precious metals from America. It cites evidence of high interest rates and the development of highly efficient clearinghouse payments mechanisms as indications of a dearth, rather than an abundance, of actual silver and gold coinage. The article suggests that market distortions created by cartel-like arrangements in commodities financing and trading may be an overlooked but important cause of the “price revolution” of the time. The article bases its arguments upon evidence provided by firsthand contemporary observers with particular reference to the Castilian wool trade.Michael Thomas D'Emic, "The Price Revolution in Sixteenth- Century Spain: Interest Rates, Payments, and Deadweight Loss," Journal of Markets & Morality 25, no. 2 (2022): 205-216
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The Pandemic as Apocalypse: What the Last Two Years Have Revealed about Who We AreA salient feature of the modern economy is that the meaning of work has been reduced to its most basic economic function: providing an income for the worker and serving as a factor of production for business. But to get better traction on the growing crisis about work, we need to retrieve the deeper meaning of work—its place in a life with purpose and its role in contributing to the life of the community. This article retrieves the thought of Thomas Aquinas as a framework for thinking about work and asks what the response to the pandemic reveals about our sense of purpose and our sense of community.Mary L. Hirschfeld, "The Pandemic as Apocalypse: What the Last Two Years Have Revealed about Who We Are," Journal of Markets & Morality 25, no. 2 (2022): 289-300
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Review of "The Enduring Tension: Capitalism and the Moral Order" by Donald J. DevineThe Enduring Tension: Capitalism and the Moral OrderDonald J. DevineNew York: Encounter Books, 2021 (384 pages)
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Pope Francis and a Century of Catholic Social Teaching on Markets: From Measured Optimism to SkepticismThis article examines the economics of Pope Francis, particularly his views on markets, in the context of a century of Catholic Social Thought (CST). In general, CST has recognized the potential and necessity of markets, while also encouraging them to be guided toward the common good. The Church has emphasized the role of civil society and morality when it comes to economic exchange and has demonstrated an acute understanding of the dangers of interventionist governments. In this article, we demonstrate how Pope Francis has diverged from his predecessors in his critiques of markets and takes an ungenerous approach to them. Pope Francis critiques markets in a way that is different from his predecessors. He often uses hyperbole when discussing the impact of markets and does not reflect on the comparative failings of alternative institutional arrangements (i.e., a larger state) in his writings or speeches, given the imperfections of human nature.Julia R. Norgaard, Hannah Mead Kling, and Nikolai G. Wenzel, "Pope Francis and a Century of Catholic Social Teaching on Markets: From Measured Optimism to Skepticism," Journal of Markets & Morality 25, no. 2 (2022): 187-203
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Introduction: Islam, Economics & LibertyThe recent, rapid, and resilient growth of Islamic finance has raised its prominence in many member countries of the International Monetary Fund. The IMF observes that the impact of Sukuk (Islamic bonds) “is expanding with remarkable international reach of issuers and investors. This trend is expected to continue, driven, in particular, by strong economic growth in countries with large, and relatively unbanked, Muslim populations.” The World Bank notes that the “equity-based, asset-backed, ethical, sustainable, environmentally- and socially-responsible” Islamic finance industry is growing 10–12 percent annually. Further, there is “solid evidence that Islamic finance has already been mainstreamed within the global financial system—and that it has the potential to help address the challenges of ending extreme poverty and boosting shared prosperity.”Omar Qureshi, "Introduction: Islam, Economics & Liberty," Journal of Market & Morality 25, no. 2 (2022): 333-337
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On Seeing Invisible Hands: Adam Smith’s Benevolence and Self-LoveIn this article I will focus on two questions: First, does the “invisible hand” metaphor contribute to understanding the commercial society? And second, does it help us cope with the tensions between self-love, interest, and benevolence? While trying to answer these questions, I will examine connotations that Adam Smith’s idea of “invisible hand” have had as well as his possible sources of inspiration for such choice of words. In the Wealth of Nations, Adam Smith implies that in the commercial society each participant seems to be concerned with his own self-love and interest. While in The Theory of Moral Sentiments we find him suggesting the crucial importance of the moral approbation bestowed through selfless acts of benevolence. This article argues that Smith’s invisible hand in the marketplace may bring together passions centered upon the self with passions centered upon others. By doing so this article contributes to smooth the allegedly differences of philosophy between Adam Smith’s two great books.Orlando Samões, "On Seeing Invisible Hands: Adam Smith’s Benevolence and Self-Love," Journal of Markets & Morality 25, no. 2 (2022): 217-236
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Does Capitalism Have a Prayer?: Economic Ideology, Religiosity, and Satisfaction with LifeThis article examines the relationship between an individual’s satisfaction with life and latent character traits such as economic ideology, religiosity, and political ideology. To conduct the analysis, the authors use original survey data gathered from Amazon’s Mechanical Turk, which results suggest that religious respondents are significantly more satisfied with their lives, while individuals with a less-capitalist economic orientation are significantly less satisfied than the mean respondent. The most satisfied individuals are those that have a high level of religiosity and a more-capitalist economic ideology. These results suggest that religious beliefs and economic ideology may be complementary traits for one’s satisfaction with life.Adam T. Jones, Daniel Soques, Joel R. Tilloton III, and Ethan Watson, "Does Capitalism Have a Prayer?: Economic Ideology, Religiosity, and Satisfaction with Life," Journal of Markets & Morality 25, no. 2 (2022): 237-271
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Rethinking Corporate Personhood in Consultation with IslamAlthough its legal definition and properties are still debated today, the abstract and nominalist concept of corporate personhood is seen as a boon in the development of capitalism. Its role was pivotal in scaling Western economies because it attracted capital formations that could maximize profit-seeking whilst mitigating risk and personal liability. Critics maintain, however, that such structured vehicles facilitate cover for bad actors to exact crimes in a legally protected manner, and that while corporations themselves may ultimately be held accountable by the law, the individuals who make said conscious decisions via the corporate vehicle can escape retributive justice. The Islamic civilization also witnessed immense capital formation, but its checks and balances differed in emphasis, prioritizing different aspects of personhood, such as the preservation of lineage. Islamic law’s definition of a person is realist, grounded, and consistent. While it differs in scope, consultation with Islam’s conceptualization of personhood ground a rethinking of best practices in pluralistic societies in search of greater moral economic outcomes.Jibril Latif, "Rethinking Corporate Personhood in Consultation with Islam," Journal of Markets & Morality 25, no. 2 (2022): 353-364
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Editorial: How Much Is Too Much to Save a Life?How can something so unquantifiable, the value of a human life, be quantified? Yet in the last two years it has not been hard to find contemporary, real-world applications of this problem due to the COVID-19 pandemic.Dylan Pahman, "Editorial: How Much Is Too Much to Save a Life?" Journal of Markets & Morality 25, no. 2 (2022): 155-157
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Review of "The Good Ancestor: A Radical Prescription for Long-Term Thinking" by Roman KrznaricThe Good Ancestor: A Radical Prescription for Long-Term ThinkingRoman KrznaricNew York: The Experiment, 2020 (336 pages)
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What Should Be Exchanged for a Human Life?: Cost-Benefit and COVID-19Has COVID-19 strengthened the case to use Cost-Benefit Analysis (hereafter CBA), including cash values assigned to lives? CBA derives from utilitarian economics. Utilitarianism’s weaknesses have been noted and attempts made to refine its application to economics. The Christian worldview implies an immense value should be placed on every human life. A theological economics would almost certainly critique key assumptions underpinning utilitarianism and hence of CBA. This article seeks to show that this need not mean a ban on use of CBA. We suggest, particularly in the context of COVID, that CBA, including valuations or exchange values for a life, can be used subject to ethical constraints. While this analysis yields ambivalent results as to the cost-benefit outcome for “large scale” policy responses, such as national lockdowns, “smaller scale” policies, such as masks, vaccination, and incentives to be vaccinated, may more likely produce net benefits.Esmond Birnie, "What Should Be Exchanged for a Human Life?: Cost-Benefit and COVID-19," Journal of Markets & Morality 25, no. 2 (2022): 161-185
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Contributors Index (vol. 25)Alphabetical listing, by author, of contributions to the Journal of Markets & Morality 25, no. 1 and 2 (2022).
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Will COVID-19 Destroy Work and Community?: A Theological and Economic InvestigationThe COVID-19 pandemic and the attendant government responses have led to more division, largely along ideological lines, which puts a strain on community relations and even on work. This article begins with a theological examination of human anthropology, a proper understanding of God’s created order, and man’s unique role in cultivating greater human flourishing, which is our purpose. The COVID-19 pandemic, an unprecedented global crisis, strained our relationships and has dramatically altered the way we work in the market. Far more pernicious, it has also harmed what Tocqueville described as “the art of association.” The way we work has and will continue to change, but the aftermath of ideological cultural divisions will not just damage the community—if permanent, it will damage the way we relate to each other in all realms of life with human flourishing as the collateral damage. This article explores both.Anne Rathbone Bradley, "Will COVID-19 Destroy Work and Community?: A Theological and Economic Investigation," Journal of Markets & Morality 25, no. 2 (2022): 315-329
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Is Homo Economicus Sovereign in His Own Sphere? A Challenge from Neo-Calvinism for the Neoclassical ModelThe mainstream model of homo economicus or “economic man” has been both a major tool for modern economic theory as well as the focus of much criticism and debate. The Dutch Neo-Calvinist tradition can be fruitfully placed into dialogue with neoclassical economics, bringing both challenges to as well as opportunities for cross-disciplinary edification. Neo-Calvinism can both acknowledge the legitimacy as well as the limitations of the neoclassical model, with implications for the use of social scientific models more generally. While affirming the relative legitimacy (or we might say “sovereignty”) of homo economicus, the Neo-Calvinist tradition also raises challenges that social scientific models must grapple with, particularly with respect to the latent anthropological and theological assumptions about reality that are inevitably embedded in any model.Jordan J. Ballor, "Is Homo Economicus Sovereign in His Own Sphere? A Challenge from Neo-Calvinism for the Neoclassical Model," Journal of Markets & Morality 25, no. 1 (2022): 7-22