Churches and Cooperatives (Part II): Blind Faith in Neoliberal Capitalist Theology
John Aden
Neoliberal capitalism is not merely a neutral system of exchange but a deeply theological system of faith. The calculated evangelism of the capitalist class led many of us to believe, as Margaret Thatcher claimed, that “there is no alternative” to capitalism. Belief in such a claim can hardly be rooted in evidence of capitalism’s efficacy. Rather, capitalism relies on blind faith in its dominant myths in order to sustain its hegemony.1 To challenge this hegemony, Jung Mo Sung argues we must desacralize capitalism, that is, “take away its ‘sacred religious aura’ and show that such religiosity is nothing but a perversion, an idolatry.”2 Exposing the idolatrous nature of capitalism reveals that we are not only up against a destructive economic system but a deeply embedded faith system that is antithetical to faith in a God of justice, grace, and love.
There are countless tenets of capitalist faith hiding in plain sight, but the recent turn towards neoliberalism highlights three interrelated values worth considering here: individualism, competition, and profit maximization as the ultimate good. The myth of individualism suggests that individuals alone are responsible for their own economic destiny. This myth is shrouded in notions of liberty and freedom, yet it actually distorts power relations that prevent us from genuine economic self-determination. Joerg Rieger suggests that individualism serves as “the myth of the ruling class, as it covers up the relations of power that benefit some and not others.”3 The economy is a complicated web of relations, and individualism fails to account for the vast power differentials that multiply wealth at the top while stifling economic freedom at the bottom. Individualism ignores the fact that those at the top are wealthy and powerful precisely because those at the bottom are not.
Faith in competition goes hand-in-hand with the myth of individualism. Capitalism precludes genuine solidarity by atomizing individuals and casting competition as the ultimate mover of economic progress. Top-down extraction is a zero-sum game that rewards the “winners” who profit from the defeat of the “losers.” The poor are nothing more than “necessary sacrifices” on the road of infinite progress, unfortunate tributes to the market gods.4 Yet Sung reminds us that Christianity’s conception of God is decidedly not on the side of the winners: “This faith allows the distinction between victory and the power of truth and justice.”5 The God of the Bible judges humanity by our care for the “least of these” (Matt. 25:31-46), while the gods of capitalism separate the sheep from the goats by their ability to survive the cutthroat competition of extractivist capitalism.
Finally, capitalism distorts the purpose of the economy by judging all economic actions according to one perverse telos: profit maximization. When Friedman rearticulated the social responsibility of businesses in terms of profits, he exemplified blind faith in the promises of neoliberal religion. Care for the broader community is a secondary issue, a luxury we can pursue only after appeasing the gods of the market. As the all-encompassing telos of orthodox capitalism, the logic of profit maximization creeps its way into everyday life. As Bruce Rogers-Vaughn argues, neoliberalism “marginalizes” and “corrupts” our sense of self by recasting our relationships within a capitalist logic.6 Our human nature and complex economic motivations are myopically realigned in service of endless profit. The problem is not profit as such; businesses must turn a profit to remain stable and provide economic opportunity. The problem is that neoliberalism transmutes money from a tool of exchange to an end in itself. When profit is the only rational pursuit, the purpose of the economy becomes disconnected from the day-to-day concerns of working people.
Despite its disastrous consequences, faith in capitalism lives on because it disguises itself as the only viable system of economics. Neoliberal capitalism is the religion whose confession of faith is that the only “rational” economic act is the endless pursuit of profit, and individualistic competition is, paradoxically, the ultimate method of human flourishing. Defenders of capitalism rely on blind, fundamentalist faith: it is not one option among many but the only true path. Neoliberal evangelism has been so strong that it is essentially taken for granted today as the natural way of doing economics. Yet the economy is a human-created construct. There is nothing more natural or rational about individual profit maximization than collective equity.
Humans undoubtedly have some natural tendencies towards greed and competition, but there is no reason that the economy should incentivize these sinful inclinations rather than nurture cooperation and solidarity. The “invisible hand” of the market has failed to transform our greed into good; instead, it has gathered up resources from the bottom and elevated them to the top. Faith in the gods of capitalism has wrought destruction for working people and the earth, and such faith is nothing short of a rejection of the Christian God. The golden calf of neoliberal extraction must be thoroughly challenged by a faith that proclaims “you cannot serve God and Mammon” (Matt. 6:24). Service of the true God requires us to imagine and embody new modes of economic organization rooted in cooperative care for the whole created order.
Despite its disastrous consequences, faith in capitalism lives on because it disguises itself as the only viable system of economics. Neoliberal capitalism is the religion whose confession of faith is that the only “rational” economic act is the endless pursuit of profit, and individualistic competition is, paradoxically, the ultimate method of human flourishing. Defenders of capitalism rely on blind, fundamentalist faith: it is not one option among many but the only true path. Neoliberal evangelism has been so strong that it is essentially taken for granted today as the natural way of doing economics. Yet the economy is a human-created construct. There is nothing more natural or rational about individual profit maximization than collective equity.
Humans undoubtedly have some natural tendencies towards greed and competition, but there is no reason that the economy should incentivize these sinful inclinations rather than nurture cooperation and solidarity. The “invisible hand” of the market has failed to transform our greed into good; instead, it has gathered up resources from the bottom and elevated them to the top. Faith in the gods of capitalism has wrought destruction for working people and the earth, and such faith is nothing short of a rejection of the Christian God. The golden calf of neoliberal extraction must be thoroughly challenged by a faith that proclaims “you cannot serve God and Mammon” (Matt. 6:24). Service of the true God requires us to imagine and embody new modes of economic organization rooted in cooperative care for the whole created order.
1 The language of “blind faith” in the economy is derived from Joerg Rieger, No Rising Tide: Theology, Economics, and the Future (Minneapolis: Fortress Press, 2009).
2 Jung Mo Sung, Desire, Market and Religion (London: SCM Press, 2007), 22. See also pp. 71-73.
3 Joerg Rieger, No Rising Tide, 84.
4 Sung, 17-18.
5 Sung, 24.
6 Bruce Rogers-Vaughn, Caring for Souls in a Neoliberal Age (New York, NY: Palgrave McMillan, 2016), 96.