Among the many conversations arising from the “economic meltdown” and the “banking fiasco” was one that got my attention. It was around the question: ‘Has [neo] capitalism failed?” Pundits took clear views from "yes" to "no" and "not sure " with a note that capitalism is here to stay – as it will always find ways to morph into something else. Even a committed socialist amazingly conceded that socialism will be unable to provide an alternative system.
Contemplating on the foregoing and the way discourses and conversations have been going over the last month, I am struck by the fact that there is no sense of “repentance” or the ability for people in responsible position to express “regret” or say that they are “sorry”. Part of our dilemma is that we do not know who should be taking that responsibility. Should it be the phenomenally salaried CEO’s of the banking institutions? Should it be governments? Should it be the public for panicking with a loss of confidence? Perhaps, the inability for people to come forward may be related to the complexity of our economic lives that suggests, among other things, that we no longer know who is in control.
Yet, I wonder, how it would be possible to come out of this and not re-inscribe the very thing if there are no faces to the "sin" (to re-introduce a bad-word). Whatever fancy language or jargon we use to name sin in this context, it is still greed that assumes the garb of unregulated economics becoming gods accountable only to its own rules. This, I submit, must be sourced by human beings, not UFO’s.
In this regard religions and faiths have a tremendous role to play in putting “heart” back into our economic lives. Hence, one can appropriate the Psalmist: “Create in us clean hearts and right spirits, O Divine One.”
As I write from a Christian perspective, let me note for those who think (especially our pontificating pundits) that the Church is out of touch with this issue, I have some news for you: for quite some time, Churches (especially the World Council of Churches [WCC] and most of the historical Churches in the UK) have been speaking out, researching and writing on issues of the market, economy, economics and poverty. Their publications can fill quite a few bookshelves.
To use the title of a book the first General Secretary of the WCC, The Greatness & Wretchedness of the Church, churches in spite of all their weaknesses have been and are prophetic (their greatness). Unfortunately (fortunately some will say) church tends to end up in a no-win situation (same will be true of all religions and faiths). When they live and practice their prophetic ministry they are told to mind things “spiritual” and keep out of politics. And when it is perceived that they are silent, they are told off for their silence, hypocrisy and "pie in the sky in the great bye and bye" attitude.
To return morality, heart, and responsibility, and a spirit of repentant humility to our economic life, we need to rediscover our spiritual core and hence the critical and constructive role of faiths. The question, therefore, is not whether capitalism has failed: it is whether we can put back heart, soul and responsibility in our economic relationships. What shall it profit our generation and future ones if we gain the whole world and lose morality, conscience, heart, and soul?
Contemplating on the foregoing and the way discourses and conversations have been going over the last month, I am struck by the fact that there is no sense of “repentance” or the ability for people in responsible position to express “regret” or say that they are “sorry”. Part of our dilemma is that we do not know who should be taking that responsibility. Should it be the phenomenally salaried CEO’s of the banking institutions? Should it be governments? Should it be the public for panicking with a loss of confidence? Perhaps, the inability for people to come forward may be related to the complexity of our economic lives that suggests, among other things, that we no longer know who is in control.
Yet, I wonder, how it would be possible to come out of this and not re-inscribe the very thing if there are no faces to the "sin" (to re-introduce a bad-word). Whatever fancy language or jargon we use to name sin in this context, it is still greed that assumes the garb of unregulated economics becoming gods accountable only to its own rules. This, I submit, must be sourced by human beings, not UFO’s.
In this regard religions and faiths have a tremendous role to play in putting “heart” back into our economic lives. Hence, one can appropriate the Psalmist: “Create in us clean hearts and right spirits, O Divine One.”
As I write from a Christian perspective, let me note for those who think (especially our pontificating pundits) that the Church is out of touch with this issue, I have some news for you: for quite some time, Churches (especially the World Council of Churches [WCC] and most of the historical Churches in the UK) have been speaking out, researching and writing on issues of the market, economy, economics and poverty. Their publications can fill quite a few bookshelves.
To use the title of a book the first General Secretary of the WCC, The Greatness & Wretchedness of the Church, churches in spite of all their weaknesses have been and are prophetic (their greatness). Unfortunately (fortunately some will say) church tends to end up in a no-win situation (same will be true of all religions and faiths). When they live and practice their prophetic ministry they are told to mind things “spiritual” and keep out of politics. And when it is perceived that they are silent, they are told off for their silence, hypocrisy and "pie in the sky in the great bye and bye" attitude.
To return morality, heart, and responsibility, and a spirit of repentant humility to our economic life, we need to rediscover our spiritual core and hence the critical and constructive role of faiths. The question, therefore, is not whether capitalism has failed: it is whether we can put back heart, soul and responsibility in our economic relationships. What shall it profit our generation and future ones if we gain the whole world and lose morality, conscience, heart, and soul?
image credit: jagessar
