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Christian Perspective
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But first, what is an economy? An economy is the sum of the many
interactions by which we encounter other people and procure the
means of life. Economics limits its interest to those outside our
household, interactions with whom are expressed in terms of
payments. Money specifies and delimits the scope of this encounter,
so we are compelled to provide them with what our contract
delineates, but no more. It is the contention of this book, that we
do not just enter exchanges because we have to, but also because
we want to. We transact with one another deliberately and willingly:
other people are attractive and fascinating; through interacting with
them we find out what is worth having. Our desires are constantly
being re-shaped as we interact with other people. An economy is a
set of arrangements by which we organise these interactions in a
particular place, for a particular time, and so it refers to the way we
organise our affairs and the way that, since a large of people are
interacting even without us, for each of us affairs seem to organise
themselves.
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modern economics runs on a small number of metaphors. Over time
some of these are over-used and others neglected; the conceptual
basis for the disciple becomes narrower, though mathematics
provides ever-more sophisticated compensation. In order that it
remains a worthwhile explanation of the real world in which we
engage with one another, economics needs metaphors than the
modern discipline presently uses. We will achieve a better
understanding of our economy, and of ourselves, when we employ
the tools in the box marked ‘Society’ in addition to those in the box
marked ‘Economy’.
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inadequate understanding of what an economy is. If the economy
is in a mess it could be because we have operated a simplistic view
of human nature, operating on a shallow account of what people
owe us and we owe them. We have not invested very deeply in one
another or acted in those ways that help the economy to continue in
the long term. What is more, we may have communicated this view
and even perhaps imposed it on other people. Perhaps we have
done so because it has suited us, but perhaps it does so no longer,
in which case it may be time to develop a better understanding.
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in-house, either at home, or locally, or even nationally, since many
products that used to be made in this country are made here no
longer. If the supply of economic services is not functioning well this
may be because we have allowed other people to exercise many
functions, and take responsibilities, in our stead. Work gives us a
set of abilities; when we no longer do that work, we will may find
ourselves losing some of those skills. Could it be that our crisis is
caused by a loss of our own abilities, not only skills associated with
producing things, but also the ability to get on with one another, in
families or in society as a whole? We may recover those abilities,
but only by going back to the kitchen or engine room, and re-
discovering how to perform some services for one another, face-to-
face.
The economy is the sum of all thing things that we do. It is our
work, the products of that work and it is the outcome of all our
decisions about which work to engage in. We have the economy
that we have worked for. We can blame bankers and hedge fund
managers, rightly, for some of its present crisis, but we created the
expectations of high returns which they competed to satisfy. We can
blame our politicians, but their fault is chiefly that they tried to give
us the uninterrupted economic growth that we demanded. We
blithely assumed that they would always be able to provide a rising
standard of living, in an expanding universe in which greater
numbers of people could be included in an ever-more secure social
covenant. They might be better leaders if they stood up to us, and
tell us that governments cannot make economies grow, but only
safeguard the conditions in which a growing economy can
occasionally emerge.
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The crisis is not simply out there in the impersonal system that we
call ‘the economy’, but right here, in our own motivations. We may
have over-stretched our governments by asking them to take on
those responsibilities that we no longer want to exercise for
ourselves. It might have been prudent not to buy in so many
services from the market that we made our own economic virtues
and skills redundant. Though they were regarded as opposites not
long ago, market and state seem to have become inseparable, two
heads of one corporatist, centralist beast. By trying to do for us
everything that we once did for ourselves, market and state turn
into a single hybrid entity, with the result that there is no other
entity to appeal to when we begin to feel squeezed. We have not
only made the market and state too powerful, but we have also
made them too weak. We have asked the government to intervene
constantly, rather than just occasionally, in the market to protect us
from financial losses. This has made it difficult for the market to
judge the true value of our work or the true worth of our economy.
The market cannot work well when we insist that the government
insulate us from the corrections and restraints which the market
would otherwise bring. Governments find it difficult to resist all the
groups which come to it for financial support. Having allowed them
to grow in order to compete internationally, corporations and banks
are able to dip into the purse which belongs to everybody and
governments have grown too weak to stop the biggest of them from
plundering our national economy.
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uniting them into a team, society or nation, each member of it
ready to act beyond their immediate self-interest. In the Christian
view, therefore, there are two fundamental products of the
economy. The first is the human being, and the second is the
culture that keeps that human beings social creatures and so
sustains them in societies. Humans are formed by cultures to
exercise their generosity, and to do so in freedom, because they
want to.
Love is the motive of all human action. It is what holds any society
or group of people together. Of course we could refer to it more
soberly as ‘attachment’, since ‘love’ has become associated with
sentiment. Nonetheless love holds a man and a woman together,
and their marriage supports their love, so it continues ever when
their first love falters. Readiness to love is holds a society together,
and makes its member prepared to contribute in ways that do not
receive any reward, at least not payment. Love is the political force
that holds people together in families and communities, and
prompts them to work and serve, regardless of whether they are
paid to do so. These attachments give us a motive to enter
economic relationships with other people, both those we know and
with strangers from the other side of the world. Love sends us out
to work, to meet others and enter exchanges with them. Love –
attachment or commitment, if you prefer – is the motor of any
economy: this is not a sentimental statement, but a pragmatically
economic one.
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business, or run a campaign, or raise money for a charity, or set up
a new political movement: your enterprise can express itself in
ways that are civic, commercial or charitable or political. Law and
government exist in order to safeguard this sphere in which any
individual can take initiatives, work for themselves and their family
or for any other group.
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tradition is a treasury of resources that help us to understand
ourselves, enable us to come to terms with one another and make
the necessary adjustments to changing circumstances. Modern
economics gives us a cheap and reductive account of our history
that leaves us with a very inflexible understanding of ourselves,
which makes it difficult to make sense of the changes happening
around us. By withholding essential aspects of our identity it
withholds the resources by which we can adapt and remain a
flourishing society, so in consequence we have not been adapting
well. As a result we have been suffering crises that appear
economic but which are fundamentally crises of our own self-
understanding and confidence.
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extend many decades, which span a lifetime or even the life-times
of all those now living. The present state of the economy depends
on more than the present generation.
We will not find the origins of our economic crisis just within the
time-frame used by contemporary market analysts, for whom
‘short-term’ means between now and the end of next week,
‘medium-term’ refers to the next few twelve months, while ‘long-
term’ refers to the next five or ten years at the most. Each of us is
going to live much longer than that. Let us take a longer look and
ask ourselves what sort of economy we hope for in two or three
decades’ time, and what sort of economy present trends is likely to
produce. We used to say that we are working now in order to
accumulate savings which we will be able to live on when we are no
longer able to work; in fact when we stop work we will depend on
the earning power of those in work at that time. We need an
economy that will continue to work so that we can stop working at
some point in the future when we will be supported by those whom
we are supporting now. We rely now on the future health of the
economy. If you hope for an economy strong enough to support you
then, what direction should we take to bring about that economy
then?
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correction and so be adaptable, and who are motivated to act in
ways that do more good than harm to those around them. We are
restrained and empowered by notions of the common good that we
do not readily override. Over centuries that mound may grow into a
hill. Every generation re-uses the top layer of this inherited material
and hopes to add at least as much as it subtracts to that hill. But in
recent years we have been making deeper excavations into it and
digging up some basic bonds that give individual persons their
motivation. As a result each of us has fewer attachments to a
smaller number of people, those we consider to be family, and so
we have fewer reasons to go to work. But will the work we have
been doing replace enough cultural capital to enable our children to
live as well as we have?
This book suggests that the health of our economy depends on its
orientation towards the future. Any future requires children, so that
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the population remains more or less the same, and it requires that
these children grow up into energetic and motivated persons so that
we have a buoyant economy. But here is one reason why our
economy is in trouble: the proportion of economically active
members is dropping and the proportion of dependent ones is
rising. Those who realise are taking steps to safeguard themselves
and the effects of their attempts to do so is inadvertently making
the climate more difficult for everyone else. Let us take a moment
to sketch some of these connections.
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it is able to ask questions, affirm whatever is good, and identify
what is not. The Church suggests that man is both knowable to
himself, and so is fair object for study, and yet is also not entirely
knowable, and so not simply the object of economics, management
or any other discipline. Man is not the miserably anti-social creature
imagined by modern economics. Just as he has talked himself into
believing that he is, he can also talk himself out of this
impoverishing description again.
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