Book Reviewed
by Darold Morgan
Richardson, TX Is the Market Moral?
Is The Market Moral
Rebecca M. Blank and William McGurn,
Brookings Institution Press, Washington, DC, 2004.
Two very capable and articulate authors bring their expertise and personal convictions to a subject which all of us need urgently to put into focus — the new imperatives of a global economy! Like it or not, this subject is on our doorstep and it is here to stay. What we have in this well-written book is a serious examination of morality, productivity, and freedom — globally! Rebecca Blank is an economist and dean of the Gerald R. Ford School of Public Policy at the University of Michigan. Additionally, she describes herself as “culturally Protestant in habits of mind and heart.” She adds that these are deeply embedded in her behavior and thoughts. William McGurn is the Wall Street Journal’s chief editorial writer and member of its editorial board. A practicing Catholic, a graduate of Notre Dame, he brings his point of view to these economic issues, convinced that cultural values take precedence over the markets of the world. Both agree that people are most prosperous when they are free and living in a culture where spiritual priorities are given their proper perspective.
Basically, there are two main chapters of the book. First, Blank has an extensive and intensive presentation of the “Market Economy” through what she dubs “the Lens of Faith.” The second comes from McGurn who gives us a lengthy essay on “Markets and Morals.” The balance of this rather short book is a dialogue of responses to each other. Frankly, this well can be the most interesting part of this unusual approach to the usually dry subject of economics. Both of the authors are committed Christians that earnestly want to see a vast improvement of Christian sensitivities to capitalism in its most fundamental form … the market economy involving not only stocks and bonds, but the wider world of raw products and services as well. It is apparent that both authors are quite knowledgeable about how the World markets function as globalization continues to reshape current thinking. Blank adds a strong conclusion when she states that “economists are more conversant with theology than are theologians with economics.” (92). This leads naturally to the evaluation that much of the criticism of the economic markets of our fastchanging world come from well-intentioned theologians whose grasp of these issues is fragmentary and even warped. This has led to some rather unbalanced proposals on wealth distribution and political change which has caused not only a lot of irritation on the part of responsible political leaders but a negative reaction to some serious problems brought on by a global market imbalance. But the authors strongly agree that the long hoped for virtue in these markets depend upon the individuals whose work and influence shape the economy of multiple countries around the world. McGurn argues more emphatically for personal integrity reflected in honesty, courage, diligence and a balanced unselfishness in these ongoing economic decisions. Blank, while accepting this premise, goes much further into the necessity of accompanying governmental involvement, which would mandate corrective actions.
The deep differences between a Catholic mind-set and the Protestant shaping of thought emerge repeatedly throughout the book. These are not confrontational and are very helpful to see both sides of the issue. McGurn concludes properly and kindly, “I had the feeling we were saying much the same things.”
The issue is highly relevant — “Creating a Virtuous Economy.” Christians have a unique role in being sensitive to the issues of investments, justice and decency in the markets of the world. Almost daily new stories reveal actions that are anything but Christian. These stories reflect a depth of selfishness, which is sometimes beyond description.
Currently huge wealth is being generated and its acquisition and use demands Christian sensitivity to the limitless needs of the poor and underprivileged worldwide.
These tensions are far from new, but here is an interesting, well-written book, which uses a fascinating format, which encourages all of us to come to a higher ethical standard. One could hope that the shakers and movers in the investment world, nationally and internationally, would read and apply some of these enduring Christian guidelines.
