Market Absolutism | Challenging the Idolization of Economic Efficiency

The point is, ladies and gentleman, that greed, for lack of a better word, is good.
Greed is right, greed works.
Greed clarifies, cuts through, and captures the essence of the evolutionary spirit.
Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the upward surge of mankind.

Gordon Gekko

Neoliberalism has emerged as a dominant economic and political ideology, emphasizing the market as the primary mechanism for organizing society and allocating resources. The critique of neoliberalism by some theologians, who argue that it elevates the market and economic efficiency as ultimate values, bordering on idolatry, reveals concerns about the broader implications of prioritizing the market over moral and ethical considerations.

Neoliberalism and the Deification of the Market

Neoliberalism has emerged as a dominant economic and political ideology, emphasizing the market as the primary mechanism for organizing society and allocating resources. However, some theologians voice concerns about the consequences of elevating the market and economic efficiency to the status of ultimate values. They argue that this excessive focus on the market borders on a form of idolatry, where economic efficiency and market forces are treated as unquestionable and supreme entities.

The deification of economic efficiency and market forces raises concerns because it obscures other essential aspects of human life. By attributing ultimate value to the market, other dimensions of human existence, such as spiritual, moral, and ethical considerations, are overshadowed or even neglected. Theologians argue that this narrow focus undermines the significance of justice, compassion, and the common good, which should inform our understanding of economic systems and their impact on human flourishing.

Parallel to the critique of market absolutism, Radical Orthodox theologians highlight the detrimental consequences of elevating the market and economic efficiency as ultimate values. They see this elevation as a manifestation of the broader secularization of society, where autonomous reason and market capitalism take precedence over Christian metaphysics. According to Radical Orthodox theologians, this secularization diminishes the importance of moral and ethical considerations that are integral to a Christian understanding of the human person and society.

The critique of neoliberalism, emphasizing the deification of the market and economic efficiency, resonates with the concerns raised by Liberation Theology as well. Liberation theologians, similarly to the theologians critiquing neoliberalism, highlight the dangers of prioritizing the market as the ultimate authority in organizing society and allocating resources. They argue that such an excessive focus on economic efficiency can result in the neglect or suppression of moral and ethical considerations that are vital for fostering social justice and the well-being of marginalized communities.

Both the critique of neoliberalism and Radical Orthodox theology highlights the dangers of idolizing the market and economic efficiency. They emphasize the need to reclaim the significance of moral and ethical considerations in shaping economic systems and their impact on human well-being. By integrating Christian metaphysics into economic discourse, these perspectives advocate for a more holistic approach that recognizes the inherent dignity of individuals, promotes social justice, and upholds the ethical imperative to care for the marginalized and the environment. Radical Orthodox and Liberation Theology share a common concern about neglecting moral and ethical considerations when the market and economic efficiency are treated as idols.

Overshadowing Moral and Ethical Considerations

The theologians’ critique highlights the risk of neoliberalism subverting or neglecting broader ethical frameworks by treating the market as an ultimate value. The exclusive emphasis on economic efficiency as the measure of success and progress can overshadow moral and ethical considerations related to social justice, environmental sustainability, and the well-being of marginalized communities. This narrow focus disregards the importance of justice, compassion, and the common good, thus undermining the broader ethical considerations that should shape economic systems.

In the context of market absolutism, Radical Orthodox theologians offer a similar critique of the excessive focus on the market within neoliberalism. They argue that by treating economic efficiency and market forces as ultimate and unquestionable values, broader ethical frameworks that prioritize justice, compassion, and the common good are subverted. This deification of the market can overshadow moral and ethical concerns related to social justice, environmental sustainability, and the well-being of marginalized communities. Radical Orthodox theology contends that such neglect of ethical considerations undermines a Christian understanding of economic systems.

Liberation theology echoes the concerns about neoliberalism’s neglect of moral and ethical considerations. Like Radical Orthodox theologians, liberation theologians critique the excessive focus on the market and economic efficiency as ultimate values. They argue that this deification of the market risks overshadowing broader ethical frameworks that prioritize justice, compassion, and the common good. Within the context of social justice and the well-being of marginalized communities, liberation theology emphasizes the need to challenge systems that perpetuate inequality and exploitation.

Both Radical Orthodox and Liberation Theology share parallels with the critique of neoliberalism in relation to overshadowing moral and ethical considerations. They criticize the excessive focus on the market and economic efficiency as ultimate values, which risks neglecting broader ethical frameworks. The neglect of moral and ethical considerations related to social justice, environmental sustainability, and the well-being of marginalized communities undermines the pursuit of justice, compassion, and the common good within economic systems. Both theological perspectives call for a reevaluation that places ethical considerations at the forefront of economic discourse, aligning with the principles of justice and compassion emphasized in their respective traditions.

Neglecting Broader Ethical Frameworks

The deification of the market within neoliberalism, whereby the market is elevated as the ultimate authority in organizing society and allocating resources, can have detrimental effects on broader ethical frameworks. Neoliberalism places a disproportionate emphasis on economic efficiency, often prioritizing it above moral and ethical considerations. As a result, concerns related to social justice, environmental sustainability, and the well-being of marginalized communities are frequently sidelined or overlooked.

When economic efficiency becomes the sole criterion for success and progress, the moral and ethical dimensions of economic systems tend to be disregarded. Issues of social justice, such as income inequality, access to healthcare and education, and the rights of vulnerable populations, take a backseat to the pursuit of economic growth. Similarly, environmental sustainability often takes a secondary role as profit-driven practices disregard ecological concerns. This neglect of moral and ethical considerations is a reflection of neoliberalism’s reduction of value to monetary terms, undermining the importance of justice, compassion, and the common good.

The consequences of neglecting broader ethical frameworks within neoliberalism are far-reaching. The perpetuation of social injustices is a direct outcome of prioritizing economic efficiency above considerations of equity and fairness. This exacerbates existing inequalities and reinforces systems that marginalize certain groups based on socioeconomic factors. The neglect of ethical frameworks also obstructs the realization of a more equitable and sustainable society. By sidelining concerns related to social justice and environmental sustainability, neoliberalism perpetuates an unsustainable and unjust status quo.

In parallel with Radical Orthodox and Liberation Theology, critics of neoliberalism argue that the neglect of broader ethical frameworks undermines the pursuit of justice, compassion, and the common good. Radical Orthodox theologians emphasize that the elevation of the market as an ultimate value displaces the importance of moral and ethical considerations rooted in Christian metaphysics. Similarly, Liberation Theology contends that the neglect of ethical frameworks perpetuates social injustices and marginalizes the most vulnerable.

To address this neglect, there is a need to restore the centrality of moral and ethical considerations in economic systems. A more comprehensive approach should prioritize social justice, environmental sustainability, and the well-being of marginalized communities. This requires recognizing the inherent dignity of individuals, promoting equitable distribution of resources, protecting the environment, and uplifting those who have been historically marginalized or oppressed. By integrating ethical imperatives into economic discourse, societies can strive towards greater equity, justice, and sustainability.

In conclusion, the neglect of broader ethical frameworks within neoliberalism undermines the pursuit of justice, compassion, and the common good. This neglect perpetuates social injustices, widens inequalities, and obstructs the realization of a more equitable and sustainable society. It is imperative to reevaluate economic systems and prioritize moral and ethical considerations that prioritize social justice, environmental sustainability, and the well-being of marginalized communities. By doing so, societies can move towards a more just and compassionate paradigm that aligns with the principles advocated by Radical Orthodox and Liberation Theology.

Risk of Exploitation of People and the Environment

The risk of exploiting both people and the environment when economic efficiency becomes the primary goal is a significant concern raised by the critique of neoliberalism. When profit maximization becomes the driving force without considering the social and environmental impacts, detrimental consequences occur. Labour exploitation is one such consequence, as pursuing economic efficiency may lead to disregarding workers’ rights, fair wages, and safe working conditions. This exploitation further exacerbates income inequality, as the benefits of economic growth often disproportionately flow to the already privileged, widening the wealth gap within society.

Additionally, the deification of the market, which disregards moral and ethical considerations, contributes to the degradation of the natural world. Environmental degradation arises from unsustainable practices driven by the relentless pursuit of economic efficiency. Profit-oriented decisions often overlook the negative impacts on ecosystems, contributing to deforestation, pollution, depletion of natural resources, and climate change. Disregarding ethical and ecological concerns in favour of economic gains perpetuates a cycle of social injustices and environmental harm.

Parallel to this critique, Radical Orthodox theology echoes the concerns about exploiting people and the environment within neoliberalism. By prioritizing economic efficiency as the ultimate goal, there is a significant risk of neglecting the negative social and environmental impacts of certain practices. Pursuing profit at any cost can lead to the exploitation of labour, intensify income inequality, erode workers’ rights, and contribute to the degradation of the environment. Radical Orthodox theologians would contend that this disregard for moral and ethical considerations in favour of economic efficiency perpetuates social injustices and contributes to the degradation of the natural world.

For both the critique of neoliberalism and Radical Orthodox theology, the exploitation of people and the environment is seen as a consequence of the deification of the market and the neglect of moral and ethical considerations. This critique also aligns with the concerns raised by Liberation Theology, which emphasizes the importance of advocating for the dignity and well-being of marginalized communities. All three perspectives underscore the need to prioritize ethical considerations in economic systems to address social injustices and environmental degradation, ensuring that the well-being of individuals and the planet is safeguarded.

Reevaluating the Role of the Market

The critique highlights the necessity of reevaluating the role of the market and economic efficiency within a broader ethical framework. It recognizes that economic systems should not be solely driven by profit and market forces but rather should be guided by principles that uphold human dignity, social justice, and environmental stewardship. This reevaluation calls for a shift in perspective, urging societies to move beyond a narrow focus on economic growth and instead prioritize the well-being and flourishing of individuals, communities, and the planet as a whole.

To achieve this, it is crucial to integrate moral and ethical dimensions into economic practices. This means considering the impact of economic decisions on social justice, equality, and the common good. By incorporating ethical considerations, economic systems can be designed to prioritize fair and just distribution of resources, ensure access to basic needs for all individuals, and address systemic inequalities that perpetuate marginalization and exclusion.

Furthermore, responsible and sustainable approaches are necessary to promote the well-being of both present and future generations. This involves recognizing the interconnectedness of social, economic, and environmental systems. Economic practices must be aligned with the principles of environmental stewardship, taking into account the finite nature of natural resources and the need to protect and restore ecosystems. By embracing sustainability, economic systems can strive for long-term viability while minimizing negative impacts on the environment.

Advocating for responsible and sustainable economic approaches also entails challenging exploitative practices and promoting ethical business practices. It means advocating for fair wages, safe working conditions, and workers’ rights. It involves fostering ethical supply chains that prioritize human rights and avoid the exploitation of vulnerable populations. Responsible economic practices extend beyond immediate financial gains, recognizing the importance of social and environmental well-being in building a just and sustainable society.

In conclusion, the call for reevaluating the role of the market emphasizes the need to integrate moral and ethical considerations into economic systems. By prioritizing human dignity, social justice, and environmental stewardship, economic practices can be reshaped to promote the well-being of individuals, communities, and the planet. Responsible and sustainable approaches that uphold ethical principles are essential for addressing social injustices, protecting the environment, and fostering a more equitable and sustainable future for all. This reevaluation challenges the notion that economic efficiency alone should drive decision-making and advocates for a holistic approach that places human values and ethical considerations at the forefront of economic systems.

Conclusion:

The critique of market absolutism and idolatry, echoed by both Radical Orthodox and Liberation theology, emphasizes the importance of integrating Christian metaphysics into economic systems. Christian metaphysics, rooted in the belief in the sovereignty of God and the inherent dignity of all individuals, provides a guiding framework for prioritizing justice, compassion, and the common good. By placing ethical considerations at the forefront and recognizing the potential for exploitation, economic systems can better serve the well-being of individuals, communities, and the planet.

The integration of Christian metaphysics into economic discourse challenges the idolization of the market. It calls for a reevaluation of the role of the market and economic efficiency within a broader ethical framework that aligns with Christian principles. Christian metaphysics emphasizes human dignity, social justice, and environmental stewardship as core values, urging an economic approach that prioritizes moral and ethical dimensions. This shift is crucial to ensure responsible and sustainable practices that promote the well-being of individuals, communities, and the planet.

By acknowledging the potential exploitation of people and the environment, theologians advocate for an economic system that is not solely driven by market forces and profit maximization. Instead, economic systems should serve as a means to advance justice, compassion, and the common good. Christian metaphysics reminds us of the moral imperatives that guide economic decisions, challenging the notion that economic efficiency should be the ultimate goal.

In emphasizing Christian metaphysics in economic systems, theologians advocate for a paradigm shift that prioritizes human dignity and ethical considerations over the deification of the market. This framework calls for responsible and sustainable practices that take into account the well-being of all individuals, particularly the marginalized and vulnerable. It promotes a holistic approach that recognizes the interconnectedness of social, economic, and environmental realms and seeks to build a more just and equitable society.

In conclusion, by integrating Christian metaphysics into the economic systemic approach, we can challenge market absolutism and idolatry. This approach calls for a reevaluation of the role of the market within a broader ethical framework that aligns with Christian principles. By placing emphasis on justice, compassion, and the common good, economic systems can be transformed to serve the well-being of individuals, communities, and the planet. Christian metaphysics provides a guiding light that challenges the status quo and calls for responsible and sustainable practices in pursuit of a more just and equitable society.

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About Rev Lloyd Hobbard-Mitchell

Rev. Lloyd Hobbard-Mitchell, an Englishman deeply connected to Thailand, was ordained to the Sacred Priesthood on 28th May 2023.

In addition to his religious journey, he has worked as an online English teacher and pursued a career as an artist. He has also operated a tour desk business with his wife within international brand hotels.

Lloyd has extensive experience in the voluntary sector, specifically in addressing homelessness and social welfare.

He is a Fellow of the Royal Geographical Society and embraces opportunities to meet new people, see new places, explore cultural similarities, and celebrate differences.

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Combining Radical Orthodox and Liberation Theology into a coherent singular theological approach.

Until my ordination, on my journey of reading theology, I was most influenced by Liberation Theology.
My friend and colleague Fr. Zach Storey suggested I do a ‘deep dive’ into the works of David Bentley Hart, John Milbank and other Radical Orthodox Christian theologians.
I am now exploring whether there is a way to coalesce these two pillars of Theology into a coherent singular theological approach.

Would you like to know what I am working on now?

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