Profits Without Honour? Economics, Theology and the Current Global Recession

Abstract

This article argues that the global economic crisis which began in 2008 creates opportunity for a wide-ranging debate about how internal and international markets operate; a debate to which theology would have much to contribute. While on the one hand it is important to look at the factors behind the crisis with a view to preventing its repetition, of greater worth would be a conversation-involving all stakeholdersabout the values that should underpin economic activity once the crisis has passed. This will involve asking questions about the fundamental purpose of market activity-is it simply to achieve 'growth' in GDP terms or, additionally, outcomes like 'happiness' and 'well-being'-and exploring how markets can operate to strengthen societies and enable all to enjoy 'fullness of life'.

The Present Economic System: Divergence from Aspiration (Need to Realize a Conscious Economic System for a Better World Order)

“…It is equally true that a subject can't be ethical, moral and spiritual, but by practicing its principles consciously; ethically, morally and spiritually conscious generation can be shaped. Edmund Burke's dictum that "the laws of commerce are the laws of Nature, and therefore the laws of God" [3].…”

“…Global economy is the system within which all else (human society, the planet and all other species) are subsumed as "subsystems" [3]. Thus, society's decisionmaking quality (consciousness) plays a significant role to find solutions to economic problems.…”

“…Economic growth makes no significant difference to quality of life. Accumulating money and material goods may be making us less rather than more happy [3].…”