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Redeeming Capitalism
On reclaiming the moral roots of capitalism for a virtuous future
For good or ill, the capitalism we have is the capitalism we have chosen, says Kenneth Barnes. Capitalism works, and the challenge before us is not to change its structure but to address the moral vacuum at the core of its current practice.
In Redeeming Capitalism Barnes explores the history and workings of this sometimes-brutal economic system. He investigates the effects of postmodernism and unpacks biblical-theological teachings on work and wealth. Proposing virtuous choices as a way out of such pitfalls as the recent global financial crisis, Barnes envisions a more just and flourishing capitalism for the good of all.
For good or ill, the capitalism we have is the capitalism we have chosen, says Kenneth Barnes. Capitalism works, and the challenge before us is not to change its structure but to address the moral vacuum at the core of its current practice.
In Redeeming Capitalism Barnes explores the history and workings of this sometimes-brutal economic system. He investigates the effects of postmodernism and unpacks biblical-theological teachings on work and wealth. Proposing virtuous choices as a way out of such pitfalls as the recent global financial crisis, Barnes envisions a more just and flourishing capitalism for the good of all.
337 pages, Kindle Edition
Published May 9, 2018
39 people are currently reading
177 people want to read
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Displaying 1 - 12 of 12 reviews
September 24, 2018
Barnes writes a thought-provoking book about the morality of capitalism but goes down the wrong path to let people prosper that can only come from strengthening institutions based on a wealth mindset from God not by expanding government with the assumption that people are benevolent.
He provides a relatively thorough history of the beginnings of capitalism and the relationship with theology, especially based on the views of Smith, Marx, Aquinas, Calvin, and Weber.
While his explanations are rather interesting, I found they were not adequate and didn’t get to the core of the problems facing our nation and world. These problems are from a lack of faith in God, which he correctly laments, but he misses the breakdown of our political, economical, and social institutions, driven primarily by an ever-expanding role of government in our lives.
Moreover, Barnes misses the fundamental causes of the financial crisis, dot com bust, and other busts by overlooking the booms created by government policy. Therefore, his solutions of more government, through a living wage and higher taxes and more regulation, are unlikely the solution whether from a theological or economical perspective.
Capitalism may seemed to have lost some of its moral virtues, but an economic system by itself doesn’t have a moral virtue, that can only be captured by people following in the steps of Christ, or living by the golden rule, whether a Christian or not.
Moreover, capitalism is much more moral than other economic systems and the capitalist systems today such as in America have been overtaken by socialist tendencies, so blaming capitalism is a false charge. Socialism is less moral given its very nature of redistribution by people based on subjective determinations for the benefit of a few relative to the moral nature from God who provides objective determinations for a wealth mindset rather than a poverty mindset.
In conclusion, institutions matter, and Barnes does a good job of making that case, but unfortunately many of his solutions would further weaken institutions, such as the family, by leaving less economic growth and prosperity as the government further becomes the head of the household instead of God.
Let People Prosper instead of making them poor thereby improving morality and prosperity through God! I give this book 3 stars.
He provides a relatively thorough history of the beginnings of capitalism and the relationship with theology, especially based on the views of Smith, Marx, Aquinas, Calvin, and Weber.
While his explanations are rather interesting, I found they were not adequate and didn’t get to the core of the problems facing our nation and world. These problems are from a lack of faith in God, which he correctly laments, but he misses the breakdown of our political, economical, and social institutions, driven primarily by an ever-expanding role of government in our lives.
Moreover, Barnes misses the fundamental causes of the financial crisis, dot com bust, and other busts by overlooking the booms created by government policy. Therefore, his solutions of more government, through a living wage and higher taxes and more regulation, are unlikely the solution whether from a theological or economical perspective.
Capitalism may seemed to have lost some of its moral virtues, but an economic system by itself doesn’t have a moral virtue, that can only be captured by people following in the steps of Christ, or living by the golden rule, whether a Christian or not.
Moreover, capitalism is much more moral than other economic systems and the capitalist systems today such as in America have been overtaken by socialist tendencies, so blaming capitalism is a false charge. Socialism is less moral given its very nature of redistribution by people based on subjective determinations for the benefit of a few relative to the moral nature from God who provides objective determinations for a wealth mindset rather than a poverty mindset.
In conclusion, institutions matter, and Barnes does a good job of making that case, but unfortunately many of his solutions would further weaken institutions, such as the family, by leaving less economic growth and prosperity as the government further becomes the head of the household instead of God.
Let People Prosper instead of making them poor thereby improving morality and prosperity through God! I give this book 3 stars.
Read
September 8, 2018My boss is friends with the author, so he asked me to order him a copy of this book. It arrived while he was out of town, so I read it out of curiosity.
It's okay?
The author traces the development of capitalism from "traditional" to "modern" to "postmodern," quoting at length from Adam Smith, Karl Max, and Max Weber. He also cites various more recent critiques of capitalism and asserts that they, like Marx and Engels, don't have a workable alternative to capitalism (though he agrees that many of their critiques have merit). He asserts that we can instead "redeem" capitalism, thus moving to "virtuous capitalism" in which the purpose of capitalism is overall human well-being and flourishing (including responsible stewardship of our natural environment), genuinely adding value to people's lives and making capitalism once again a tool rather than a master. He draws heavily on Aquinas' cardinal virtues as well as "faith, hope, anf love" from 1 Corinthians and quotes from Christian sources at length, though he asserts that these virtues are shared by Christians and non-Christians alike.
I mostly felt like he went on at excessive length without actually saying much. He gives some specific examples of virtuous capitalism already happening; and he overviews what redeeming work, money, and markets would entail; but as he says in one of the closing pages, "this is a can-do book, not a how-to book. It is more of a rallying cry than a playbook" (p. 206). I would have appreciated a much pithier book as a rallying cry, as well as one that used these virtues as more of a jumping off point (talking more about how these virtues would or could be deployed in a more virtuous capitalism) instead of spending so much time quoting Christian scripture and theologians on said virtues.
It's okay?
The author traces the development of capitalism from "traditional" to "modern" to "postmodern," quoting at length from Adam Smith, Karl Max, and Max Weber. He also cites various more recent critiques of capitalism and asserts that they, like Marx and Engels, don't have a workable alternative to capitalism (though he agrees that many of their critiques have merit). He asserts that we can instead "redeem" capitalism, thus moving to "virtuous capitalism" in which the purpose of capitalism is overall human well-being and flourishing (including responsible stewardship of our natural environment), genuinely adding value to people's lives and making capitalism once again a tool rather than a master. He draws heavily on Aquinas' cardinal virtues as well as "faith, hope, anf love" from 1 Corinthians and quotes from Christian sources at length, though he asserts that these virtues are shared by Christians and non-Christians alike.
I mostly felt like he went on at excessive length without actually saying much. He gives some specific examples of virtuous capitalism already happening; and he overviews what redeeming work, money, and markets would entail; but as he says in one of the closing pages, "this is a can-do book, not a how-to book. It is more of a rallying cry than a playbook" (p. 206). I would have appreciated a much pithier book as a rallying cry, as well as one that used these virtues as more of a jumping off point (talking more about how these virtues would or could be deployed in a more virtuous capitalism) instead of spending so much time quoting Christian scripture and theologians on said virtues.
August 17, 2018
An excellent, clearly written and timely book is a must-read for all who are troubled by the lack of ethics and morality in the postmodern capitalism that is today's economic system.
Read
June 6, 2019I found this book to be informative in many respects, but not entirely convincing in its argument that capitalism (and only capitalism) should be redeemed. The most convincing part of that argument is that capitalism can should be redeemed because it is the system already in place, and that it would take nothing short of violent revolution to overthrow it. However, I disagree, because, as the author acknowledges, it will take a long time for such a redemption to take. In the same amount of time, the hearts and minds of a new generation can be (and I would argue are being) molded to a greater acceptance of other economic models (socialism most readily comes to mind). Thus, the strongest point of the argument is rendered ineffective due to the time it would take.
Moreoever, a more conservative friend read this with me, and felt that it was not what he expected, as it quickly devolved into "typical liberal talking points", I believe were his words. I see his point, though for me, Barnes' willingness to engage with those talking points seriously won him a hearing from me, because it wasn't typical conservative talking points, but an acknowledgement of systematic evil within capitalism as it is now, a sensitivity to environmental issues, and so on. It is still unabashedly supportive of capitalism, obviously, but acknowledges that in its current form it is not viable.
Moreoever, a more conservative friend read this with me, and felt that it was not what he expected, as it quickly devolved into "typical liberal talking points", I believe were his words. I see his point, though for me, Barnes' willingness to engage with those talking points seriously won him a hearing from me, because it wasn't typical conservative talking points, but an acknowledgement of systematic evil within capitalism as it is now, a sensitivity to environmental issues, and so on. It is still unabashedly supportive of capitalism, obviously, but acknowledges that in its current form it is not viable.
March 31, 2024
im reading this for a project.
Frustratingly combines astute (although I don’t agree with some) historical insights into capitalism over time with some of the most trite recommendations for reforming it you could imagine.
“We should be more honest and moderate in our economic activity” literally only the most cartoonish caricature of a wall street baddie disagrees with that.
Should we solve these problems with structural and regulatory changes? No, clearly not, according to the author. The problems are moral—ceos and employees just need to be virtuous we’ll be fine.
Utopian solutions like Marxism don’t work because people are inherently greedy, but somehow people will overcome their greed by creating moral covenants with one another against their (financial) best interests under capitalism. Ok.
honestly i hate read the last bit of this so it’s a little harsh but my god. Rejecting actually thought out ideas for structural change addressing the Ills of capitalism (which the author acknowledges copiously to his credit) and positing this weak of an alternative feels borderline done in bad faith. Disagreeing with the “utopian” ideas is an absolutely tenable position (which he argues incredibly weakly), but this book makes a mockery of genuine intellectual tradition of capitalist critique.
Frustratingly combines astute (although I don’t agree with some) historical insights into capitalism over time with some of the most trite recommendations for reforming it you could imagine.
“We should be more honest and moderate in our economic activity” literally only the most cartoonish caricature of a wall street baddie disagrees with that.
Should we solve these problems with structural and regulatory changes? No, clearly not, according to the author. The problems are moral—ceos and employees just need to be virtuous we’ll be fine.
Utopian solutions like Marxism don’t work because people are inherently greedy, but somehow people will overcome their greed by creating moral covenants with one another against their (financial) best interests under capitalism. Ok.
honestly i hate read the last bit of this so it’s a little harsh but my god. Rejecting actually thought out ideas for structural change addressing the Ills of capitalism (which the author acknowledges copiously to his credit) and positing this weak of an alternative feels borderline done in bad faith. Disagreeing with the “utopian” ideas is an absolutely tenable position (which he argues incredibly weakly), but this book makes a mockery of genuine intellectual tradition of capitalist critique.
September 28, 2018
"Capitalism is a subject, not an object. ... Capitalism is nothing more than the result of countless individual and corporate decisions and for good or ill, the capitalism we have is the capitalism we have chosen; its redemption rest on the choices we are yet to make." This is how Kenneth J. Barnes, a senior international executive and now holder of the Mockler-Philips Chair in Workplace Theology and Business Ethics at Gordon-Conwell Theological Seminary, opens his new book on "virtuous capitalism". This is how Kenneth J. Barnes, a senior international executive and now holder of the Mockler-Philips Chair in Workplace Theology and Business Ethics at Gordon-Conwell Theological Seminary, opens his new book on "virtuous capitalism". The outline of the book is simple. After discussing the effects of the 2008 financial crisis (introduction and chapter 1), he takes the reader on a tour of the historical evolution of capitalism, covering pre-capitalist economies (chapter 2), the work and thought of Adam Smith (chapter 3), Karl Marx’s critique of capitalism (chapter 4), Weber’s “Protestant ethic” thesis (chapter 5), postmodern capitalism (chapter 6), and the political uprising of utopianism (chapter 7). After this historical overview, he addresses “God and Mammon-A Biblical Perspective” (chapter 8), “Theology and Ethics” from Augustinian, Thomistic, and Calvinist perspectives (chapter 9), the roles of “Common Grace, Wisdom, and Virtue” (chapter 10), the theological virtues (chapter 11), and how we might redeem capitalism “from the bottom up” (chapter 12) and “from the top down” (chapter 13).
While this is a good book to give to incoming students wanting to study business or economics, there are some serious problems with Barnes’ arguments. First is his inadequate treatment of the history of capitalism. His chapter on pre-capitalist economies fails to mention the rise of finance in the middle ages and the development of political economy in the works of Aquinas and the late Scholastics, as documented by Robert Lopez in his book The Commercial Revolution of the Middle Ages, 950-1350 and historians of medieval economic thought. While several names come to mind for those wishing to explore the later topic, Alejandro Chafuen’s Faith and Liberty: The Economic Thought of the Late Scholastics and Samuel Gregg’s For God and Profit: How Banking and Finance Can Serve the Common Good both have the virtue of being scholarly introductions for laymen. These thinkers had a decisive influence on Gershom Carmichael and Francis Hutcheson, both whom Adam Smith read as a college student. Of course, one cannot discuss the history of capitalism without mentioning the names of Friedrich Hayek and John Maynard Keynes and the impact their debates on capital theory and macroeconomic had on subsequent generations of economists; sadly, one only finds a critique of Milton Friedman’s NYT op-ed on business ethics in Barnes’ book.
Aside from his simplistic history of capitalism (as well as important theological traditions in business ethics), some of his policy prescriptions might raise an eyebrow or two. For example, Barnes erroneously states that the living wage is premised on “the minimum wage” (138). Yes, the minimum wage interferes with the operations of a free market, but the living wage does not have to. As Acton Institute scholar Dylan Pahman points out in his article “Giving the Just Wage Its Due”, this approach to economic justice errs “in focusing on the universal to the neglect of the particular”:
"Justice, classically defined, is to render to each what is due. A just wage, then, is that wage which remunerates a worker with proper regard to his or her particular contribution, need, and other circumstances. The focus on a living wage reduces this criterion to need alone and furthermore presumes that the need of each worker is the same. But is this actually the case? No, it isn’t."
Such factors include the price of housing in a given area (Grand Rapids, Michigan is much cheaper than anywhere in California) and the experience of the employee in question (a working father working full-time versus an unskilled teenager working weekday afternoons). While “Scripture is clear in its mandate to pursue justice, love mercy, and to respond with care to those in economic need” (Dennis Hollinger, Choosing the Good, quoted in Barnes, 136), these “exceptionless moral norms” do not come prepackaged with specific policy proposals.
A third issue I have with the book is its lack of discussion of the ethics of money production. Not once did I see that famous line from John Paul II’s Centennius Annus that a properly functioning economy requires “stable money” (paragraph 48). It is because we do not have a stable monetary system that we have had worldwide economic problems since the Bretton Woods agreement, the 2008 financial crisis being the most severe. Those interested in this issue are encouraged to read Jörg Guido Hülsmann’s The Ethics of Money Production and Denis Fahey’s Money Manipulation and Social Order.
Despite these criticisms, there is much to appreciate in Barnes’ book. His distinction between the short term and long term highlights an important aspect of ethical entrepreneurship, and his discussion of economic justice is long overdue. While I do not hope Barnes’ book is the end of the discussion of these matters, I sincerely hope it marks the beginning.
While this is a good book to give to incoming students wanting to study business or economics, there are some serious problems with Barnes’ arguments. First is his inadequate treatment of the history of capitalism. His chapter on pre-capitalist economies fails to mention the rise of finance in the middle ages and the development of political economy in the works of Aquinas and the late Scholastics, as documented by Robert Lopez in his book The Commercial Revolution of the Middle Ages, 950-1350 and historians of medieval economic thought. While several names come to mind for those wishing to explore the later topic, Alejandro Chafuen’s Faith and Liberty: The Economic Thought of the Late Scholastics and Samuel Gregg’s For God and Profit: How Banking and Finance Can Serve the Common Good both have the virtue of being scholarly introductions for laymen. These thinkers had a decisive influence on Gershom Carmichael and Francis Hutcheson, both whom Adam Smith read as a college student. Of course, one cannot discuss the history of capitalism without mentioning the names of Friedrich Hayek and John Maynard Keynes and the impact their debates on capital theory and macroeconomic had on subsequent generations of economists; sadly, one only finds a critique of Milton Friedman’s NYT op-ed on business ethics in Barnes’ book.
Aside from his simplistic history of capitalism (as well as important theological traditions in business ethics), some of his policy prescriptions might raise an eyebrow or two. For example, Barnes erroneously states that the living wage is premised on “the minimum wage” (138). Yes, the minimum wage interferes with the operations of a free market, but the living wage does not have to. As Acton Institute scholar Dylan Pahman points out in his article “Giving the Just Wage Its Due”, this approach to economic justice errs “in focusing on the universal to the neglect of the particular”:
"Justice, classically defined, is to render to each what is due. A just wage, then, is that wage which remunerates a worker with proper regard to his or her particular contribution, need, and other circumstances. The focus on a living wage reduces this criterion to need alone and furthermore presumes that the need of each worker is the same. But is this actually the case? No, it isn’t."
Such factors include the price of housing in a given area (Grand Rapids, Michigan is much cheaper than anywhere in California) and the experience of the employee in question (a working father working full-time versus an unskilled teenager working weekday afternoons). While “Scripture is clear in its mandate to pursue justice, love mercy, and to respond with care to those in economic need” (Dennis Hollinger, Choosing the Good, quoted in Barnes, 136), these “exceptionless moral norms” do not come prepackaged with specific policy proposals.
A third issue I have with the book is its lack of discussion of the ethics of money production. Not once did I see that famous line from John Paul II’s Centennius Annus that a properly functioning economy requires “stable money” (paragraph 48). It is because we do not have a stable monetary system that we have had worldwide economic problems since the Bretton Woods agreement, the 2008 financial crisis being the most severe. Those interested in this issue are encouraged to read Jörg Guido Hülsmann’s The Ethics of Money Production and Denis Fahey’s Money Manipulation and Social Order.
Despite these criticisms, there is much to appreciate in Barnes’ book. His distinction between the short term and long term highlights an important aspect of ethical entrepreneurship, and his discussion of economic justice is long overdue. While I do not hope Barnes’ book is the end of the discussion of these matters, I sincerely hope it marks the beginning.
December 9, 2021
This book is a plea for not writing off capitalism, but to redeem it. It's not capitalism itself that makes the system corrupt, but the people and our morality.
Part of the book is about the causes of the corruptness of the system, which gives some factors but is definitely not profound and it doesn't do justice to the complexity of the situation and the system failures during several crises.
In a way I love his plea for virtuous capitalism by using the cardinal and theological virtues, and I agree that if people would live out these fundamental virtues, all economic and societal systems would be less corrupt, but whether this is a realistic? Luckily we see in society and in some areas a shift from pietistic neo-liberalism to a more human approach, with values as human flourishing, thrift, mutuality and interconnectedness (all mentioned in his book). Maybe we are a bit on our way to redeeming capitalism.
It is worth reading, as it gives an interesting, but not complete, perspective and desire.
Part of the book is about the causes of the corruptness of the system, which gives some factors but is definitely not profound and it doesn't do justice to the complexity of the situation and the system failures during several crises.
In a way I love his plea for virtuous capitalism by using the cardinal and theological virtues, and I agree that if people would live out these fundamental virtues, all economic and societal systems would be less corrupt, but whether this is a realistic? Luckily we see in society and in some areas a shift from pietistic neo-liberalism to a more human approach, with values as human flourishing, thrift, mutuality and interconnectedness (all mentioned in his book). Maybe we are a bit on our way to redeeming capitalism.
It is worth reading, as it gives an interesting, but not complete, perspective and desire.
December 18, 2021
Ken Barnes is a businessman, pastor & academic who makes the case for capitalism as “the best economic system the world has seen” while simultaneously critiquing the lack of morals that has bankrupted its’ practice. He looks at Aristotelian ethics & Judeo-Christian ethics as the key to “redeeming capitalism.” Lots of interesting takes on the history of capitalism & recent failures of capitalism, along with examples of companies thinking creatively & benevolently to serve people well.
April 23, 2024
A good book, and well worth reading. From a Christian perspective, it's heartening to see sound Biblical thoughts brought forth. From the perspective of someone who appreciates what capitalism can do but also is aware of its excesses, it's important to know there are thought leaders committed to moving capitalism back toward a moral, grounded, long-term foundation.
December 28, 2020
I should have read the Epilogue first. It says that the how-to of redeeming capitalism is beyond the scope of this book. So, in terms of practicality, there's less here than from business ethics books i read 30+ years ago.
I did enjoy the chapter on Adam Smith.
I did enjoy the chapter on Adam Smith.
November 2, 2019
I loved this book and think it holds key ideas to moving the US economy forward and benefitting all people. I only wish there were more practical applications.
February 11, 2024
I’m always here for deep intellectualism and living theology. Learned a lot of economic history (and learned how much I still don’t know).
Displaying 1 - 12 of 12 reviews