The Market as God

Cox has made a(nother) major contribution. Today (post-)modern (and non-modern) society are in (1) political crises in the form of civil conflict, polarized politics, and numerous “hot” wars; (2) the previous financial and economic crises in the US (2007 – 8) and Europe (2009 – 11) threaten to reemerge anew, while at the same time economic inequality is becoming dangerous for social and political stability in most market economies. Financial crises are normal manifestations in market economies (see Rogoff and Reinhart 2011 This Time Is Different: Eight Centuries of Financial Folly ) and so too are the hardships they cause on individual human beings. (3) The immanent environment crisis looms and the majority of citizens do not participates in the earthly economic gains of market economies (e.g. more than 50 percent of 2016 American workers make less than $25,000 per year), creating economic hardships which in turn generate (4) the personal crises of anxiety, depression, feelings of hopelessness, fear and hate.Following Pope Francis’s provocation, Cox convincingly argues in this book that the basis of these other earthly crises is an overarching Existential Crisis (my term, not Cox’s).We economists self-impose blindness toward fully understanding social being. We are trained to avoid normative judgements. Economics however is normative to its core. To paraphrase J.S. Mill, an economist cannot be a good economist, who is simply an economist. Cox argues there is an existential dimension to social being that is not only ignored by economists, but transgressed by an over-focus on material well-being.This book is an important contribution to understanding the deficiency of spirituality in modernity. Cox does not claim that the market and money has become God. Rather “the market” plays an analogous epistemological role in economic theory (and economic policy) as “God” does in theology.Ontologically, Cox demonstrates that the behavior of human beings in markets for the pursuit of personal satisfaction (what economists call ‘utility’), profits, and money has important similitudes of worship rituals. The Market fulfills for many human beings what religious worship fulfilled in the past. According to Cox the historical and existential result is not benign, but malignant for the well-being of the individual and society.Economic theory has emerged and replaced theology as the “queen of the sciences.” Adam Smith, considered in many history of thought books as the ‘founder of political economy’ is perhaps more accurately understood not as the first economist, but the last theologian to be widely read by a general audience.When Cox speaks about The Market becoming “divine,” he is underscoring the role that it plays in the majority of people’s cultural existence. Cox convincingly argues that the “existence” of corporations as people is remarkably similar to the debates that surround the nature of the Holy Trinity. However, whereas the Holy Trinity sustains an ethics of human empathy, the Corporation transgresses an ethics of human empathy and is seen to be amoral, as is The Market.Wealth, money and worldly power has in (post-)modernity trumped empathy, love, and grace. The “secular city” (Cox 1965 The Secular City: Secularization and Urbanization in Theological Perspective ) and the “secular age” (Taylor 2007 A Secular Age ) has turned “The Market Geist” into a type of deity and Money into a type of Patron Saint.The Market gospel is “buy this and you will be happy,” whereby Money is vehicle of happiness. Cox successfully argues and convincingly demonstrates that The Market and Money have become religious phenomenon in (post-)modern societies. The Market and Money are not capable of bearing the cultural weight. This is the foundation of an Existential and Spiritual Crisis.

It's almost new. I liked it.

I used this book for a discussion in my church setting. It is beautifully written and Cox makes the case for the deification of The Market with great theological analogues from Christianity and occasionally Islam. Lots of deep food for thought. As an 88 year old male I'm not so market driven but as a Christian the content of this book is food for the soul and the intellect.

So appropriate now that the golden idol is being worshipped.

Excellent and very current

I heard about Harvey Cox via CBC Radio Tapestry with Mary Hynes. If you have time, Google and give it a listen. This catapulted me into the book and was not disappointed. It has actually peaked my interest to read more about "economics" and purchase The Wealth of Nations".Some of the fundamentals Mr. Cox speaks of in the book are great examples of what's really happening in the World and how the Market is a big influence. "Cox has been at the forefront of divinity studies for over 50 years. But when he turned his attention from the Bible to the business pages, he realized our relationship with the market has all the markings of a religion".

Cox is a brilliant thinker and an engaging writer. The economists and businesspeople criticizing his latest work are missing the point--it it purposefully tongue-in-cheek. Take it from someone who actually read the book--it is an engaging read, provocative, informative, and at times funny!

I think I misunderstood the purpose of this book, which failed to really engage me. I had assumed that Cox would spend a chapter or two outlining the (mostly obvious) similarities between the market and religion, and then proceed to do further analysis on the implications and give concrete ideas about how the situation could be rectified.Instead, the bulk of the book seems to be dredging up more and more historical anecdotes and trends to support the hypothesis of the market being a religion, which began to overstay its welcome halfway through the book -- Are megachurches the malls of religion? Did you know the market has a liturgical year? -- The point is made, now what next?Cox finally gets around to proposing a solution in the final chapter, which is probably the most focused part of the book and could have been perfectly suitable as a stand-alone blog post. But a proclivity toward fanciful structuring muddies the waters as he frames his solutions within the context of the Genesis narrative. We end up learning more about Genesis scholarship than economic theory or, more importantly, what Cox believes in for the future. It's vaguely advocating decentralization, but would you care to elaborate? What is exciting about co-ops? What might these changes look like on a practical level? I was hoping to hear more concrete ideas.I don't dislike the book, but I did find it was not a fit for my expectations. If you're looking for sharp and focused criticism of the current economic pseudo-religion from a Christian perspective, it doesn't deliver much. I imagine I'd love to hear the author lecture individually on some of these topics which he is clearly passionate about. I'm just afraid the final product is hard to recommend as a cohesive work.

Useful and good analysis

Interesting take on the way that the market has become all pervasive. Using religious language to illustrate the power and apparent transcendence of the financial system shows how the first commandment is being broken so easily. So well-written it could be a novel if the message wasn't so serious. It explains relatively complex matters in a comprehensive way, without falling into ironic simplicity. Not sure if it would be my 'desert island' book, but it would definitely make a short-list.

Campione del dialogo interreligioso da teologo protestante qual è, con questo libro non solo rafforza il suo impegno ma ancora una volta ci invita a rivedere i concetti di secolarizzazione e religione nella società moderna. UN BEL LIBRO A 360°.