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Money, Greed, And God: Why Capitalism Is The Solution And Not The Problem (2009)

by Jay W. Richards(Favorite Author)

3.96 of 5 Votes: 4

ISBN

0061375616 (ISBN13: 9780061375613)

languge

English

genre

Nonfiction

publisher

HarperOne

review 1: The title is a bit misleading. It's roughly 90% a defense of capitalism, and 10% a discussion of how capitalism is not inconsistent with Christianity. I found that to be a good thing, that a Christian could discuss the merits of capitalism without playing the "God card."Richards structures his book around objections that a believer might have to capitalism--he calls them "myths." So, Chapter 1 deals with the myth that socialism or communism is more "fair," or that early Christians were socialists. He points to the moral bankruptcy of communism, and how sharing does not equal socialism in the early church. Chapter 2 deals with the unintended consequences of "compassionate" policies, such as "fair trade," welfare, foreign aid, or a "living wage." He teaches how these ar... moree in fact harmful, both to individuals and to the economy as a whole. The next chapter deals with the basic beauty of capitalism--buying and selling is always a "win-win" for the parties involved, since deals are not coerced. This touches on the "invisible hand" that translates private desires into the public good.Chapter 4 touches on the myth of wealth as a finite pie, with the rich getting more at the expense of the poor. This is just plainly untrue, and the idiot liberals on TV that talk about "income inequality" don't understand the fundamentals of wealth creation (this is ESWP speaking, not the author).The next two chapters deal with the twin myths that capitalism is based on greed, and that Christians should oppose it because they oppose usury. In fact, the Bible condemns charging interest on loans given to the indigent. Roughly 99.9999% of modern capital markets have nothing to do with that.Chapter 7 deals with the aesthetic argument--doesn't capitalism lead to crass consumerism? If it does, it's not fault of capitalism, which merely gives the people what they want. That's the beauty of the system. If you want to spend $30 on a bottle of artisan olive oil, you can do so. But if you want to spend $5 on a velvet painting of Elvis, you're free to do that too. That's the point--you're FREE to do either.Richards concludes his work by channeling his inner Julian Simon, showing how it is impossible, thanks to the built-in price mechanism of capitalism, for us to ever run out of the earth's resources, despite dire predictions to the contrary.All in all, this is a great economic primer. He doesn't hit you over the head with his faith, but brings it in when appropriate. Best of all, he shows in dazzling brilliance the beauty of capitalism.
review 2: In “Money, Greed, and God: Why Capitalism is the solution and not the problem” Jay Richards details and refutes eight common myths about capitalism. Richards is responding to the mounting arguments that the values of Christianity and capitalism are incongruous: a person cannot be a Christian and accept an economic system based on a profit incentive. He rebuts these claims through a combination of philosophic inquiry and personal experience.Richards tackles some of the most common issues involved in many discussions about capitalism, including: comparing the results of capitalism to an unrealized utopia; the unintended consequences of good intentions; believing that trade is a zero sum game rather than win-win; and, whether or not greed is the primary motivator of capitalism. Richards recounts how his attitude and beliefs about free markets have changed since he was younger. He works through the arguments with a willingness to say how his thinking has developed. As a result, he can sympathize with those who believe that other economic systems resonate with an underlying moral sentiment; he challenges his readers to apply critical thinking to this sentiment and consider where the arguments lead.Readers will enjoy how Richards presents his arguments. Each chapter is a conversation about the major arguments, rather than a dissertation of all germane and tangential issues. His writing style is very conversational; rather than defaulting to an academic and abstracted voice, he engages his readers and works through each of these arguments in an accessible way. Critics will sharpen their proverbial pencils on how much time he spent on one topic at the expense of another, and ask why he was not more specific about other points. Remember that Richards is providing a summary retort to the common myths and helping his readers think through the foundational arguments.There is a surprise “extra” in the appendix section, which was my favorite part to read. Richards compares Adam Smith’s concept of the “invisible hand” with F.A. Hayek’s theory of Spontaneous Order. In “The Wealth of Nations,” Smith demonstrates that markets function in a certain order; this observation leads him to describe an “invisible hand” that directs the workings of the market in certain ways. Later, F.A. Hayek countered his claim by saying that markets are manifested through a spontaneous ordering; in other words, order is created out of chaos. Richards teases out the tension of these ideas and presents both of them in a “side by side” way which allows readers to understand how these ideas overlap and how they differ. I will conclude with a note on the title: I think a more accurate subtitle for the book is “Why Christians can support free market capitalism.” The main thrust of Richard’s argument demonstrates how Christians can be consistent in their faith and support free markets. Following the teachings of the Bible does not preclude a person from supporting capitalism; he maintains that support for capitalism is needed in order for economic growth in the United States and around the world. less

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