Faith, Finance, and Economy : Beliefs and Economic Well-Being

This open access book seeks to foster a multidisciplinary understanding of the ties between faith, financial intermediation, and economic progress by drawing on research across economics, finance, history, philosophy, ethics, theology, public policy, law, and other disciplines. Chapters in this edited volume examine themes as consequential as economic opportunities, real world outcomes and faith; values and consumerism; faith, financial intermediation and economic development in Western and Islamic societies; and the impact of faith issues on US workers, on the workplace and religion, and on the characteristics of good wealth. Though engaging with difficult questions, this book is written in an accessible style to be enjoyed by laypeople and scholars alike. Preface Contents Notes on Contributors 1 Introduction The Objectives of This Book Some Information About Thrivent An Overview of the Chapters A Brief Comparison to the Existing Literature Christianity in the Discussions of Faith and Finance The Importance of Faith and Finance Issues Bibliography 2 Christian Faith and Economics Private Ownership, a Market Economy and the Decentralization of Power Bibliography 3 Biblical Stewardship and Economic Progress Introduction God’s Design and Desires Purpose and Creativity Shalom and Flourishing Oikonomia: Stewardship and the Economic Way of Thinking Economic Realities and Human Anthropology Conclusion Bibliography 4 Rationality and Alienation: Themes from Gandhi Introduction A Counterargument Against the Lockean Contract The Tragedy of the Commons Liberty and Equality An Unalienated Life An Unalienated Way of Thinking Bibliography 5 Consumerism in Contemporary China The Compulsion to Consume The Limits of State Consumerism Official Embrace of Markets and Materialism Bibliography 6 Anglican Christians and Modern Political Economy Three Remarkable Men: Berkeley, Swift, and Tucker George Berkeley Jonathan Swift Josiah Tucker Conclusion—What Price Ignorance? Bibliography 7 Islamic Finance, Consumer Protection and Public Policy Introduction Origins, Sources and Brief History Introduction to the Principles of Islamic Finance Prohibitions Riba (“Usury”) Qimar (“Excessive Risks”) and Maysir (“Wagering”) Gharar (“Prohibition on Excessive Risk and Deception”) Haram (“Prohibited”) Goods and Services Islamic Finance Products and Mechanisms Murabahah (“Rent to Own”) Ijarah (“Lease Finance”) Mudharabah (“Profit/Loss Sharing”) Musharaka (“Partnership with Profit/Loss Sharing”) Istisna (“Agreement for Future Delivery”) Takaful (“Mutual Benefit Society”) Sukuk (“Investment Certificate”) Practical Issues in Implementing Islamic Finance Lack of Knowledge on the Part of Muslim Consumers and the Non-existence of Uniform Standards Shortage of Experts with Simultaneous Understanding of Islamic Rules, Finance and Law Lack of Professionalism and the Resulting Lack of Credibility Legal Impediments, Regulatory Confusion and Lack of Oversight Politics and Public Opinion Conclusion Bibliography 8 Christianity and Inequality in the Modern United States Phase One: Grassroots Uprisings, 1865–1900 Phase Two: Institutional Breakthroughs, 1900–1935 Phase Three: On the March, 1935–1975 Phase Four: Toward a New Gilded Age Bibliography 9 Faith and Work: Brave New World? Introduction We’re Not in Kansas Anymore: Today’s Workplace Context Has Changed Research into the Intersection of Faith and Work The Case for “Conflicting Forces” The Case for “Convergent Resources” What Does Faith at Work Look like? Conclusion Bibliography 10 The Moral Ecology of Good Wealth Wealth Creation: Stewardship Wealth Distribution: Justice and Right Relationships Wealth Dispersion: Charity and the Logic of Gift Conclusion Bibliography Name Index Subject Index