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The Market as God
“Essential and thoroughly engaging…Harvey Cox’s ingenious sense of how market theology has developed a scripture, a liturgy, and sophisticated apologetics allow us to see old challenges in a remarkably fresh light.”—E. J. Dionne, Jr.We have fallen in thrall to the theology of supply and demand. According to its acolytes, the Market is omniscient, omnipotent, and omnipresent. It can raise nations and ruin households, and comes complete with its own doctrines, prophets, and evangelical zeal. Harvey Cox brings this theology out of the shadows, demonstrating that the way the world economy operates is shaped by a global system of values that can be best understood as a religion.Drawing on biblical sources and the work of social scientists, Cox points to many parallels between the development of Christianity and the Market economy. It is only by understanding how the Market reached its “divine” status that can we hope to restore it to its proper place as servant of humanity.“Cox argues that…we are now imprisoned by the dictates of a false god that we ourselves have created. We need to break free and reclaim our humanity.”—Forbes“Cox clears the space for a new generation of Christians to begin to develop a more public and egalitarian politics.”—The Nation
314 pages, Kindle Edition
First published September 12, 2016
40 people are currently reading
345 people want to read
About the author
Harvey Cox
53 books45 followersHarvey Gallagher Cox Jr., Ph.D. (History and Philosophy of Religion, Harvard University, 1963; B.D., Yale Divinity School, 1955) was Hollis Professor of Divinity at Harvard, where he had been teaching since 1965, both at HDS and in the Harvard Faculty of Arts and Sciences, until his retirement in 2009.
An American Baptist minister, he was the Protestant chaplain at Temple University and the director of religious activities at Oberlin College; an ecumenical fraternal worker in Berlin; and a professor at Andover Newton Theological School. His research and teaching interests focus on the interaction of religion, culture, and politics. Among the issues he explores are: urbanization, theological developments in world Christianity, Jewish-Christian relations, and current spiritual movements in the global setting. His most recent book is When Jesus Came to Harvard: Making Moral Decisions Today. His Secular City, published in 1965, became an international bestseller with more than 1 million copies sold. It was selected by the University of Marburg as one of the most influential books of Protestant theology in the twentieth century.
An American Baptist minister, he was the Protestant chaplain at Temple University and the director of religious activities at Oberlin College; an ecumenical fraternal worker in Berlin; and a professor at Andover Newton Theological School. His research and teaching interests focus on the interaction of religion, culture, and politics. Among the issues he explores are: urbanization, theological developments in world Christianity, Jewish-Christian relations, and current spiritual movements in the global setting. His most recent book is When Jesus Came to Harvard: Making Moral Decisions Today. His Secular City, published in 1965, became an international bestseller with more than 1 million copies sold. It was selected by the University of Marburg as one of the most influential books of Protestant theology in the twentieth century.
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Displaying 1 - 9 of 9 reviews
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February 7, 2017Pretty wild to read an eminent theologian writing about exactly the same material I cover in my fiction!
October 23, 2016
Some of the analogies were interesting. Also, ideas picked up and improved upon by the markets which were hitherto predominant in religion is a good read. But a large part of the book is obtuse for the economics / market enthusiast. Its one thing to read about how the Genesis, interpreted in one way, calls for breaking the big banks, decentralization and democratization of the economy, and totally another, to hope that market participants will draw from their religious affiliations or "faith" to correct the course of capitalism. Nonetheless, basic points like how features of the market today are like a religion and how the EMH or the need for progress is accepted as divine truth is interesting. Milton Friedman would be happy knowing that free market liberalism, now, not only has its own mega-churches (200 West, Manhattan) but folks from other religions are contesting to subdue it. (Critics confirm that your ideas are not ephemeral)
October 14, 2024
The Market as God: Thoughts
Harvey Cox seems to know his stuff, when it comes to theology. I Learned a lot of things reading this book that is full of historical facts and insights to events. Cox has also done an impressive job of relating that theology to the market. However, it is not a market. It is the markets. And as he points out, the ‘reputed’ founders of monotheism did not say that God was a singular being, rather that there was One God that the Jewish people should worship. Is that relevant? Perhaps.
Yes, life is complicated that way.
There is not a market. There are many markets. Some are more manipulated than others. Most have some key players that set the tone. The tone is usually to the benefit of the players, and not the consumers. And yet, when there is healthy competition, consumers can benefit. Greatly.
Let’s take a step back. The book attempts to explain how two seemingly divergent intellectual pursuits – theology and economics – relate to each other, and perhaps more importantly relate to humans. It is part history, part theology, part economics, part an attempt to explain how we ended up in this mess. Yes, mess. In short, it is examining human society.
Human society and how both religions and markets have played a key role. For instance, one of my junior associates, she is not yet five, said to me words to the effect, “we have changed our office to a treasury and we will have all the money in the world.” “If you have all the money,” I explained, “people will just start using something else for money.” They countered that with another argument about not letting people know that they have all the money. But we are digressing.
We are digressing because we the people are the markets. We decide what is good and valuable. And that, to a significant degree, includes money. We don’t see it because we are in the forest. But if you figured out how to stop using money – or limiting its use, perhaps then, and only then, we could see the power that we have over money.
On a broader scale look at how THE MARKET panics when we the people cut back our spending for a quarter (3 months) or two. RECESSION – blare the headlines.
Yes, we are influenced by THE MARKET, but collectively, we in The West can also influence the markets. However, because I don’t agree that it should be, doesn’t mean that many don’t put their FAITH in the Market to be all, solve all, and do ALL.
In that sense, too many have put aside wisdom, learning, and insight and hope that this mystical being called god – sorry – I meant THE MARKET, will solve our problems. THE MARKET is not one. It is us. We are it. There are many markets and they are interlinked and interdependent.
This is a book worth reading. Not because THE MARKET is God. Far from it. The author draws some parallels and issues cautionary warnings. Rightly so.
The author concludes with these words, and I do not think that it is a spoiler to reveal them, “No human individual or institution, not even the Market, is suited to be a deity. When the market does not have to be God anymore, it might be a lot happier. “ So would be the people that make up that market. That be us!
Lino Matteo ©™
Twitter @Lino_Matteo
https://linomatteo.wordpress.com/2024...
#Markets #God #god #FinancialLiteracy #Montreal #BusinessEnglish #LinoMatteo #SundayThoughts #BookReview
Harvey Cox seems to know his stuff, when it comes to theology. I Learned a lot of things reading this book that is full of historical facts and insights to events. Cox has also done an impressive job of relating that theology to the market. However, it is not a market. It is the markets. And as he points out, the ‘reputed’ founders of monotheism did not say that God was a singular being, rather that there was One God that the Jewish people should worship. Is that relevant? Perhaps.
Yes, life is complicated that way.
There is not a market. There are many markets. Some are more manipulated than others. Most have some key players that set the tone. The tone is usually to the benefit of the players, and not the consumers. And yet, when there is healthy competition, consumers can benefit. Greatly.
Let’s take a step back. The book attempts to explain how two seemingly divergent intellectual pursuits – theology and economics – relate to each other, and perhaps more importantly relate to humans. It is part history, part theology, part economics, part an attempt to explain how we ended up in this mess. Yes, mess. In short, it is examining human society.
Human society and how both religions and markets have played a key role. For instance, one of my junior associates, she is not yet five, said to me words to the effect, “we have changed our office to a treasury and we will have all the money in the world.” “If you have all the money,” I explained, “people will just start using something else for money.” They countered that with another argument about not letting people know that they have all the money. But we are digressing.
We are digressing because we the people are the markets. We decide what is good and valuable. And that, to a significant degree, includes money. We don’t see it because we are in the forest. But if you figured out how to stop using money – or limiting its use, perhaps then, and only then, we could see the power that we have over money.
On a broader scale look at how THE MARKET panics when we the people cut back our spending for a quarter (3 months) or two. RECESSION – blare the headlines.
Yes, we are influenced by THE MARKET, but collectively, we in The West can also influence the markets. However, because I don’t agree that it should be, doesn’t mean that many don’t put their FAITH in the Market to be all, solve all, and do ALL.
In that sense, too many have put aside wisdom, learning, and insight and hope that this mystical being called god – sorry – I meant THE MARKET, will solve our problems. THE MARKET is not one. It is us. We are it. There are many markets and they are interlinked and interdependent.
This is a book worth reading. Not because THE MARKET is God. Far from it. The author draws some parallels and issues cautionary warnings. Rightly so.
The author concludes with these words, and I do not think that it is a spoiler to reveal them, “No human individual or institution, not even the Market, is suited to be a deity. When the market does not have to be God anymore, it might be a lot happier. “ So would be the people that make up that market. That be us!
Lino Matteo ©™
Twitter @Lino_Matteo
https://linomatteo.wordpress.com/2024...
#Markets #God #god #FinancialLiteracy #Montreal #BusinessEnglish #LinoMatteo #SundayThoughts #BookReview
November 8, 2019
This is excellent and so relevant to our current situation. I know how materialistic living is taking over our lives in many ways, but this book reveals how much more than I realized it is. Not only do we find ourselves bound up in it, but have replaced spiritual ritual with market ritual. Our liturgical calendar becomes Black Friday and Cuber Monday and various other market based holidays.
Harvey Cox writes in an easy to read intellectual manner. Not so high brow that the average reader can’t comprehend, but definitely scholarly. Highly recommend for the Christian and also for others feeling drawn on to the worship of the Market God.
Harvey Cox writes in an easy to read intellectual manner. Not so high brow that the average reader can’t comprehend, but definitely scholarly. Highly recommend for the Christian and also for others feeling drawn on to the worship of the Market God.
June 28, 2020
There is deifying of the Market in the last few centuries going on, with many believing in almost religious manner in the free market, having Adam Smith as founder and patron saint. According to Harvey Cox this faith is deceptive since the Market tends to tramp on the weak and the poor. Hence, the Market should stop being a God, but must return to its role as a servant of humanity…
April 9, 2023
People with no training in Economics may find its analogies provoking.
March 4, 2022
Very Interesting. I see the same thing in other areas of peoples life like Politics. God can't and should not be replaced.
April 24, 2017
An interesting book on parallels between Religion and The Market. Includes a survey course on religious philosophy.
I enjoyed the book. It struck a chord with me in it's application of morals to The Market.
Especially in the beginning it was difficult to understand the basis for Mr Cox's point of view. Mr Cox is a Professor of Divinity at Harvard. His language is based in theology. His thought is based on a depth of understanding of theological philosophy that I don't share.
It had to be difficult to balance the underlying historical analysis of religion (primarily Christianity) with keeping the book readable. For me this resulted in a set of further-reading notes.
I can see Mr Cox's points on Religion and agree with his take on The Market. Much of the discussion is about big 'R' Religion and big 'M' Market.
For me where the book missed was in comparing Religion and The Market as entities, while going not exploring that both concepts are really about people.
I enjoyed the book. It struck a chord with me in it's application of morals to The Market.
Especially in the beginning it was difficult to understand the basis for Mr Cox's point of view. Mr Cox is a Professor of Divinity at Harvard. His language is based in theology. His thought is based on a depth of understanding of theological philosophy that I don't share.
It had to be difficult to balance the underlying historical analysis of religion (primarily Christianity) with keeping the book readable. For me this resulted in a set of further-reading notes.
I can see Mr Cox's points on Religion and agree with his take on The Market. Much of the discussion is about big 'R' Religion and big 'M' Market.
For me where the book missed was in comparing Religion and The Market as entities, while going not exploring that both concepts are really about people.
March 4, 2018
I read the actual book-book, based on a review I read somewhere. Very compelling reading crossing the border between theology (my area) and economics (totally NOT my area). Good stuff all the way around, made more so because of the current political climate in the US. I was a little fearful that Cox set up economic theory and the market construct as a straw man, picking and choosing which aspects of the topic to address and critique. Maybe that's just a function of the brevity of the book. I wasn't overly distracted but I wondered what an economist would make of Cox's ideas, and what a dialogue would read like. All that being said, I don't think the author made any cheap shots or took advantage of the one-sided nature of the book, but earnestly tried to honestly take on the influence of market theory in our US culture and the Christian church/faith. The evaluation of Adam Smith, economist, and the critique of holidays' appropriation by the market were well-done to my estimation.
Displaying 1 - 9 of 9 reviews