Money-Theism: Joerg Rieger Explains How Economics is an Odd Sort of Religion
Part of the problem with the current economic crisis is that economics is based on an odd sort of faith, expressed tongue in cheek by the term “money-theism,” which has been popularized by comedian Stephen Colbert. There are a few big faith claims, like the ideas that economic deregulation always promotes growth, that tax cuts for powerful corporations and the wealthy always spur the economy and that wealth gathered at the top inevitably trickles down. This list of faith claims includes the well-worn belief that a rising tide will lift all boats, a belief that is maintained despite the fact that more and more people are drowning even in times when economic tides are rising In the recent history of the United States, this should have become clear by the 1990s, when a growing economy left more and more people behind. Yet facts like these did little to deter the faith of the leading economists.
There are alternative voices in the economic community Who are now talking about economics as a form of religion or even a form of theology: economics as it is currently practiced, they note, is based on faith claims, and economists function like religious professionals when their main task is promoting the big ideas rather than crunching numbers. While this assessment is not necessarily made in order to rebuff the study of economics, it does not present a flattering understanding of religion. Religion is defined here, it seems, as that which people blindly accept, in terms of big ideas that do not need to be–and should not be–questioned. Religion, in this account, is the exact opposite of anything that can be supported by observation and evidence. Unfortunately this is a misunderstanding with disastrous consequences, of which economic crashes are just the tip of the iceberg?
The above passage comes from the preface of Joerg Rieger’s book, No Rising Tide. So far I’m completely blown away. In this book, Rieger shows how religion and economics are intimately tied, and how both shape our beliefs, life and worlds more than we could ever know. Shout out to Tripp Fuller for this gem! Rieger is a real treasure and I’m glad to have his voice out there speaking truth to power and empire.
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