May has been a terrible month for “The Market”. After some signs earlier this year that the economy was beginning to rebound, most of the strengthening receded in the last 30 days. Many of us “depend” on “The Market” for our livelihood, plans for our children, plans for our retirement or living out our retirement. What we were told was wise investing over a long period of time has turned into a roller coaster of unpredictability.
Bill Enright is the Director of The Lake Institute on Faith and Giving at the University of Indiana. He is one of the smartest people I know when it comes to research and trends regarding faith and money. This month in his Insight column he wrote about God and Money. Here is what he wrote:
Recently I stumbled across an essay written in 1999 by Harvey Cox, retired Professor of Divinity at Harvard, on "The Market as God." Cox reminded me that "at the apex of any theological system is its doctrine of God." So we use words like Allah, God, Yahweh to denote divinity; Adam Smith, I would argue, used the term "Invisible Hand" to reflect his understanding of God. Today The Wall Street Journal and the business section of our newspapers all seem to suggest that a new grand narrative now governs human history, The Market.
In the monotheistic faiths God is sometimes characterized as omnipotent - all powerful and capable of defining what is real. As omniscient - all knowing, reflecting a kind of photographic wisdom that is all-inclusive and comprehensive. As omnipresent - or existing everywhere and shaping or influencing everything. Until recently, Cox reminds us, the Market was never God as it existed amidst the restraint of other institutions and centers of value...or gods.
What sets the market god apart from the God of traditional religious faiths? Traditional religions stress the finite character of human beings and the limits that characterize any earthly enterprise. So, as you think about your financial situation both individually and as a faith-based institution don't base your economic decisions solely on the market. Take time to bend your knees and bow your heads to the God behind and beyond the market as a potential source of wisdom, hope and generosity.
What is the source of your wisdom and strength this week?
Billy Echols-Richter
Pastor
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