In The Market As God, the Hollis Research Professor of Divinity at Harvard University, Harvey Cox, ponders the deification of “the Market”. This begins will a series of comparisons between the way people have spoken of the personified “Market” and deities like the biblical “God”. For example, the “Invisible Hand of the Market” echoes discussions around Providence in Christian theological works. The Market is presented as a Creator who brings into existence the “corporation-person” or the corporation-with-personhood. This deity is contrasted with some of the images of the biblical “God” who prohibits things like “usury” (i.e. predatory lending) and calls for periods of wealth redistribution (e.g. the “Jubilee”).
Once Cox has accustom the reader to a theological way of talking about economics, he explores the many unhealthy deficiencies in our capitalist system. To be clear, Cox will come to argue at the end of the book that “the Market” can redeemed when it is saved from the burden of being “divine,” so he doesn’t appear to be anti-capitalist, per se, as much as critical of what he perceives to be abusive forms of capitalism that can’t bear the weight of our expectations.
The final third of the book explores the history of how money and religion have related, looking at how money may have played a role in providing St. Augustine with his victory of the (declared heretical) monk Pelagius; how Adam Smith’s economics was grounded in his theology; and other similarities between modern economic-speech and theological-speech, such as a sense of mission and the missionary mindset, the function of “liturgical” seasons, and various forms of eschatology.
This book is insightful. While connected, certain parts could be read independently of the others as mini-essays. Whether or not Cox’s confidence in the small-m “market” is justified is something not all readers will resonate with but his broader comparative insights are thought-provoking and at least raise the question of whether work and business is taking the place in people’s lives that religion once occupied.
On a related note, I’m happy to promote a video that I had a small part in scripting: Religion For Breakfast, a.k.a. Andrew Henry, has addressed a related book, Carolyn Chen’s Work Pray Codehttps://brianleport.home.blog/2022/06/03/book-note-carolyn-chens-work-pray-code/ in the video (“Tech Companies: A New Religion?”) linked below: