Guide Calculated futures : theology, ethics, and economics

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Calculated Futures: Theology, Ethics, and Economics. By: D. Wishlist Wishlist. Write a Review. Advanced Search Links. Product Close-up This product is not available for expedited shipping. Add To Cart. Christian Theology in Practice: Discovering a Discipline. How Can America Survive? Christian Economic Ethics: History and Implications. Beyond the Collection Plate. Related Products. Paul Scott Wilson. Michael S. Douglas F. Have a question about this product? It is generally understood that the necessary components for the functioning of an idealized free market include the complete absence of government regulation, subsidies, artificial price pressures and government-granted monopolies usually classified as coercive monopoly by free market advocates and no taxes or tariffs other than what is necessary for the government to provide protection from coercion and theft, maintaining peace and property rights and providing for basic public goods.

Right-libertarian advocates of anarcho-capitalism see the state as morally illegitimate and economically unnecessary and destructive. Although laissez-faire has been commonly associated with capitalism, there is a similar left-wing laissez-faire system called free-market anarchism , also known as free-market anti-capitalism and free-market socialism to distinguish it from laissez-faire capitalism. Welfare capitalism refers to a capitalist economy that includes public policies favoring extensive provisions for social welfare services.

The economic mechanism involves a free market and the predominance of privately owned enterprises in the economy, but public provision of universal welfare services aimed at enhancing individual autonomy and maximizing equality. Examples of contemporary welfare capitalism include the Nordic model of capitalism predominant in Northern Europe. Anglo-Saxon capitalism refers to the form of capitalism predominant in Anglophone countries and typified by the economy of the United States. It is contrasted with European models of capitalism such as the continental social market model and the Nordic model.

Calculated Futures: Theology, Ethics, and Economics by D. Stephen Long

Anglo-Saxon capitalism refers to a macroeconomic policy regime and capital market structure common to the Anglophone economies. Among these characteristics are low rates of taxation, more open financial markets , lower labor market protections and a less generous welfare state eschewing collective bargaining schemes found in the continental and northern European models of capitalism.

The East Asian model of capitalism involves a strong role for state investment and in some instances involves state-owned enterprises. The state takes an active role in promoting economic development through subsidies, the facilitation of "national champions" and an export-based model of growth. The actual practice of this model varies by country. A related concept in political science is the developmental state. The social market economic model sometimes called Rhine capitalism is based upon the idea of realizing the benefits of a free-market economy, especially economic performance and high supply of goods while avoiding disadvantages such as market failure , destructive competition, concentration of economic power and the socially harmful effects of market processes.

The aim of the social market economy is to realize greatest prosperity combined with best possible social security.

Ethical Economics

One difference from the free market economy is that the state is not passive, but instead takes active regulatory measures. Characteristics of social market economies are a strong competition policy and a contractionary monetary policy. The philosophical background is neoliberalism or ordoliberalism. Market socialism is a form of market economy where the means of production are socially owned. In a market socialist economy, firms operate according to the rules of supply and demand and operate to maximize profit; the principal difference between market socialism and capitalism being that the profits accrue to society as a whole as opposed to private owners.

The distinguishing feature between non-market socialism and market socialism is the existence of a market for factors of production and the criteria of profitability for enterprises. Profits derived from publicly owned enterprises can variously be used to reinvest in further production, to directly finance government and social services, or be distributed to the public at large through a social dividend or basic income system.

Calculated Futures : Theology, Ethics, And Economics

Market socialism traces its roots to classical economics and the works of Adam Smith , the Ricardian socialists and mutualist philosophers. In the s, the economists Oskar Lange and Abba Lerner developed a model of socialism that posited that a public body dubbed the Central Planning Board could set prices through a trial-and-error approach until they equaled the marginal cost of production in order to achieve perfect competition and pareto optimality. In this model of socialism, firms would be state-owned and managed by their employees and the profits would be disbursed among the population in a social dividend.

This model came to be referred to as market socialism because it involved the use of money, a price system and simulated capital markets, all of which were absent from traditional of non-market socialism. A more contemporary model of market socialism is that put forth by the American economist John Roemer , referred to as economic democracy. In this model, social ownership is achieved through public ownership of equity in a market economy.

A Bureau of Public Ownership would own controlling shares in publicly listed firms, so that the profits generated would be used for public finance and the provision of a basic income. Libertarian socialists and anarchists often promote a form of market socialism in which enterprises are owned and managed cooperatively by their workforce so that the profits directly remunerate the employee-owners.

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These cooperative enterprises would compete with each other in the same way private companies compete with each other in a capitalist market. The first major elaboration of this type of market socialism was made by Pierre-Joseph Proudhon and was called mutualism. Self-managed market socialism was promoted in Yugoslavia by economists Branko Horvat and Jaroslav Vanek. In the self-managed model of socialism, firms would be directly owned by their employees and the management board would be elected by employees.

These cooperative firms would compete with each other in a market for both capital goods and for selling consumer goods.

Market economy

Following the reforms , China developed what it calls a socialist market economy in which most of the economy is under state ownership, with the state enterprises organized as joint-stock companies with various government agencies owning controlling shares through a shareholder system. Prices are set by a largely free-price system and the state-owned enterprises are not subjected to micromanagement by a government planning agency.

This system is frequently characterized as state capitalism instead of market socialism because there is no meaningful degree of employee self-management in firms, because the state enterprises retain their profits instead of distributing them to the workforce or government and because many function as de facto private enterprises. The profits neither finance a social dividend to benefit the population at large, nor do they accrue to their employees.

In China, this economic model is presented as a preliminary stage of socialism to explain the dominance of capitalistic management practices and forms of enterprise organization in both the state and non-state sectors.

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A wide range of philosophers and theologians have linked market economies to monotheistic values. Michael Novak described capitalism as being closely related to Catholicism, but Max Weber drew a connection between capitalism and Protestantism. The economist Jeffrey Sachs has stated that his work was inspired by the healing characteristics of Judaism. In the Christian faith, the liberation theology movement advocated involving the church in labor market capitalism.

Many priests and nuns integrated themselves into labor organizations while others moved into the slums to live among the poor.

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The Holy Trinity was interpreted as a call for social equality and the elimination of poverty. However, the Pope was highly active in his criticism of liberation theology.

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He was particularly concerned about the increased fusion between Christianity and Marxism. He closed Catholic institutions that taught liberation theology and dismissed some of its activists from the church. The Buddhist approach to the market economy was dealt with in E. Schumacher asserted that a market economy guided by Buddhist principles would more successfully meet the needs of its people. He emphasized the importance or pursuing occupations that adhered to Buddhist teachings.

The essay would later become required reading for a course that Clair Brown offered at University of California, Berkeley. The economist Joseph Stiglitz argues that markets suffer from informational inefficiency and the presumed efficiency of markets stems from the faulty assumptions of neoclassical welfare economics, particularly the assumption of perfect and costless information and related incentive problems. Neoclassical economics assumes static equilibrium and efficient markets require that there be no non- convexities , even though nonconvexities are pervasive in modern economies.

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  5. Stiglitz's critique applies to both existing models of capitalism and to hypothetical models of market socialism. However, Stiglitz does not advocate replacing markets, but instead states that there is a significant role for government intervention to boost the efficiency of markets and to address the pervasive market failures that exist in contemporary economies. Robin Hahnel and Michael Albert claim that "markets inherently produce class division". Without taking the argument that far, it is evident that in a market system with uneven distribution of empowering work, such as Economic Democracy, some workers will be more able than others to capture the benefits of economic gain.