Economic Religion and the Worship of Progress

In: The American journal of economics and sociology, Band 78, Heft 2, S. 319-362

Abstract

AbstractIn contemporary thought, the terms "secular" and "religious" are polar opposites. They are held to occupy separate domains. But that view is mistaken. Religious belief organizes society around fundamental ideas about ethics and existence. This article examines the way economic belief systems function as religions. Economic thought in various forms (Marxist, Keynesian, neoclassical) is brimming with implicit religious meaning. Instead of belief in an afterlife and heaven, modern economics promises heaven on earth in the form of continuous material progress. Adherents of competing economic ideologies often promote them with the energy of religious zealots. Thus, modern societies are still organized around religious principles, but they are now hidden from sight. This article shows how the religious dimension of the modern worship of economic progress is rooted in Christian theology: Calvinism in the United States and Lutheranism in the Nordic countries, which are famous for their own brand of social democracy. In recent decades, secular faith in the religion of economic progress has begun to falter. The failures of mainstream economics to warn of impending crisis has reduced its credibility, even among economists. More importantly, the rise of environmentalism as a religion has vastly increased the number of citizens who question the goal of material progress. The attack on economic religion may have also undermined the credibility of mainstream political parties, partially explaining Brexit in England and the election of Donald Trump in the United States.