Christianity and the New Spirit of Capitalism by Kathryn Tanner (Yale University Press, New Haven CT and London, 2019). Hbk. £22.50.
Hbk. £22.50.
In this book, Tanner begins from an exposition of Weber’s discussion of the ways in which Christian beliefs helped to form capitalism – and indicated its necessity. She then sets out her intention as ‘to show how Christian beliefs … might undermine rather than support the new spirit of capitalism’ (p7). In setting the scene for the book, she then unpacks different types of capitalism, showing how industrial capitalism or a service economy where capitalism deals with the production of goods and services is now being supplanted by finance-dominated capitalism, which decouples money from production, becomes a way of betting on defaulters and aims to return value to stockholders with a relentless focus on profit. She explores the way in which nations are pushed into handing over services to private companies, or the responsibility and costs for welfare, education etc. are placed on individuals. The Protestant work ethic underpinned industrial capitalism: the slow and steady pursuit of profit was matched by the slow and steady pursuit of success by employees.
However, the new spirit of finance capitalism suggests that if someone is not doing well, it is their fault.
In the second chapter, Tanner discusses the way in which debt and meeting expectations can chain workers to the past, whilst employers are released from it. She describes the changing world of ‘just in time’ production (avoiding costly stockpiling), and unpicks the impact of pressures for increasing returns on investment in increasing demands placed on a shrinking workforce: ‘Workers are made more productive the more one now asks of them’ (p42).
Such productivity comes at a cost. She explores the intricate relationships of outsourcing, and its impact in reducing wages as well as prices. Then she looks into the ways in which poorer workers find themselves taking loans with ever higher interest rates until eventually they default. Meanwhile money that could have been used for food and housing goes to service debt. She then examines the way in which Christianity engages with the past, reading backwards from later events to interpret earlier ones.
In subsequent chapters Tanner unpacks aspects of finance dominated capitalism – ‘total commitment’, ‘nothing but the present’ and ‘another world’, in each case then examining what Christianity might have to say about this. Whereas commitment to profitability evacuates self from the equation, she suggests that because it embraces and alters all other commitments, one’s identity with Christ becomes primary. Fear of loss in the present leads individuals to hold fast to the status quo, but for Christians, she suggests, it is possible to visualise assessing the ‘profitability’ of one’s life through the eyes of God, whose gaze extends through the whole of time. Financial markets encourage people to act to anticipate the future world, and take action to bring about the best consequences in that future, but for many reasons such projections are not reliable. Tanner argues that in Christianity, drawing on God’s grace, people are driven by hope for a different world to do everything they can to achieve it in their lives (not sitting back and leaving the matter to God).
In the final chapter, Tanner looks at the world we might hope for. In finance-dominated capitalism, individuals are singled out, made accountable for their own success or failure.
Everyone is in a competitive relationship with everybody else. In Christianity, each human being has value, and not through any sense of worth measured against others. God does not love us more if we succeed than if we fail. And, Tanner argues, community is created between individuals for each of whom God is at the heart of a common vision and desire.
This book is written by a distinguished scholar.
It explores important issues for our world today.
However, it is demanding to read, particularly if you are not already familiar with the theoretical and financial concepts it explores. I was pleased to have wrestled with it, but I doubt if it is intended for a non-academic audience.
Dr Pauline Pearson is Professor of Nursing at the University of Northumbria and a non-stipendiary minister in the Church of England.