Journal of Markets & Morality is an open-access, peer-reviewed academic journal published by the Acton Institute, promoting intellectual exploration of the relationship between economics and morality from both social science and theological perspectives.
Acton Institute for the Study of Religion & Liberty
Articles submitted to the Journal of Markets & Morality should be original contributions and not be under consideration for any other publication or previously published. Authors submitting articles for publication warrant that the work is not an infringement of any existing copyright and will indemnify the publisher against any breach of such warranty. For ease of dissemination and to ensure proper standards of use, papers and contributions become the legal copyright of the publisher unless otherwise agreed. Reprint rights are usually granted upon request.
Sin, Property Rights, and Self-Governance within the Market Order
This article examines the roles of sin, property rights, and self-governance within market order from a Christian perspective. Human beings, created imago dei, are called to fulfill the creation mandate (Gen. 1:28–30) in their work, because it brings glory to God and has eternal significance. However, this becomes distorted and encumbered because of sin. Hence property rights are necessary for sinful people in a fallen world to engage in oikonomia—stewardship—of their human and physical capital, ordered to greater flourishing and the revelation of God’s glory. Markets serve as a means for people to engage in self-governance and fulfill the creation mandate, through their role as a space for creativity and innovation and for creating relationships and discerning moral action. Matthew Owens and Anne Bradley, “Sin, Property Rights, and Self-Governance within the Market Order,” Journal of Markets & Morality 27, no. 2 (2024): 81–108.
Copyright (c) 2025 Journal of Markets & Morality
Desire for Children and Reproductive Freedom: What Do Medicine, Social Ethics, and Churches Say?
Since the first IVF birth in 1978, assisted reproduction has grown, with millions of children born globally, including over 450,000 in Germany by 2024. While addressing involuntary childlessness, techniques such as IVF and ICSI raise ethical concerns, often prioritizing adult desires over the child’s dignity. The German Embryo Protection Act limits such practices, but calls for a new reproductive medicine law challenge this. This article critiques the commodification of embryos, highlights risks such as feticide, and warns of the path toward eugenics, advocating for natural conception to uphold human dignity and the child’s rights. Manfred Spieker, “Desire for Children and Reproductive Freedom: What Do Medicine, Social Ethics, and Churches Say?,” trans. Kai Weiß, Journal of Markets & Morality 27, no. 2 (2024): 109–124.
Symposium Introduction: Economic Ethics in Judaism and Early Christianity
This symposium explores how ancient Jewish and Christian economic ethics—on wealth, work, and stewardship—can be meaningfully applied to modern society, bridging historical gaps with new frameworks and insights. Todd A. Scacewater, “Symposium Introduction: Economic Ethics in Judaism and Early Christianity,” Journal of Markets & Morality 27, no. 2 (2024): 127–131.
“The Land Is Mine”: What Does Theology Have to Do with Land Reform?
This article presents the historical links between the Landless Rural Workers’ Movement (MST) and the Catholic Church and provides a critical introduction to the hermeneutics of liberation theology. Then, it uses narrative analysis to demonstrate that, by repeatedly presenting characters who are wealthy landowners and homeowners, the gospel of Luke proposes a theological and an ethical point. The theological point is that God is the true owner of land as an economic good. The ethical point is that, since God is the supreme owner of land, persons who own real estate should use it in altruistic rather than selfish ways. João Paulo Thomaz de Aquino, “‘The Land Is Mine’: What Does Theology Have to Do with Land Reform?” Journal of Markets & Morality 27, no. 2 (2024): 133–148.
International Aid in the First Century: The Jerusalem Collection and Its Lessons
This study sets the collection for Jerusalem in the broader context of aid across boundaries. It asks what can be learned from the Jerusalem offering in regard to contemporary aid or relief for the poor in international or cross-cultural settings. Despite similarities with other forms of aid within the Greco-Roman and Jewish contexts, as several scholars have noted, this article argues that the Jerusalem collection should be seen as a distinct international aid project with countercultural aspects, rooted in Paul’s messianic and missional worldview. John W. Taylor, “International Aid in the First Century: The Jerusalem Collection and Its Lessons,” Journal of Markets & Morality 27, no. 2 (2024): 149–167.
The Economic Ethics of the Apostolic Fathers
This article explores how the early church’s evolving social position and social responsibility affected Christian views of resources, almsgiving and charity, and administration of charity. From the first to second centuries, Christian views of wealth became more positive due to the church’s rising social responsibility for the poor, where almsgiving and charity were elevated and seen as redemptive, and the institutionalized class of “holy poor” helped to administer charity. These developments in the second century constitute a significant trajectory from the pessimistic views of wealth in the apostolic era to the Church’s political and economic power in the Middle Ages. Todd A. Scacewater, “The Economic Ethics of the Apostolic Fathers,” Journal of Markets & Morality 27, no. 2 (2024): 169–179.
The Time/Wage Index: A Framework for Applying Christian Ethical Teachings to Modern Economic Systems
The ethical teachings of Jesus of Nazareth and Paul of Tarsus speak powerfully about economic issues including work, saving, spending, and care for the poor. However, these teachings arose in a significantly different context than that of modern Christians in Western nations. The ethical teachings can be applied to modern economic life using a framework consisting of the ratio of time and wages, which helps to better understand the purchasing power and economic costs of subsistence and luxury goods in the ancient context. This time/ wage measurement helps to discern the ethical expectations for generosity and stewardship in the New Testament. David Kotter, “The Time/Wage Index: A Framework for Applying Christian Ethical Teachings to Modern Economic Systems,” Journal of Markets & Morality 27, no. 2 (2024): 181–191.
Review of “Pax Economica: Left-Wing Visions of a Free Trade World” by Marc-William Palen
Pax Economica: Left-Wing Visions of a Free Trade World Marc-William Palen Princeton: Princeton University Press, 2024 (xv + 309 pages)
Review of “Law from Below: How the Thought of Francisco Suárez, SJ, Can Renew Contemporary Legal Engagement” by Elisabeth Rain Kincaid
Law from Below: How the Thought of Francisco Suárez, SJ, Can Renew Contemporary Legal Engagement Elisabeth Rain Kincaid Moral Traditions Washington, DC: Georgetown University Press, 2024 (232 pages)
Review of “Medieval Money, Merchants, and Morality” by Diane Wolfthal
Medieval Money, Merchants, and Morality Diane Wolfthal Lewes, UK: Giles, 2023 (232 pages)
Review of “Work Out Your Salvation: A Theology of Markets and Moral Formation” by D. Glenn Butner Jr.
Work Out Your Salvation: A Theology of Markets and Moral Formation D. Glenn Butner Jr. Minneapolis: Fortress Press, 2024 (262 pages)
Review of “Catholic Social Thought, the Market and Public Policy” by Philip M. Booth and André Azevedo Alves (Editors)
Catholic Social Thought, the Market and Public Policy Philip M. Booth and André Azevedo Alves (Editors) London: St. Mary’s University Press, 2024 (302 pages)
Kuyper’s Earliest Essay on the “Social Question”: Introduction
Translator’s introduction to Abraham Kuyper’s essay “The Factory Workers.” Johan Snel, “Kuyper’s Earliest Essay on the ‘Social Question’: Introduction,” Journal of Markets & Morality 27, no. 2 (2024): 209–217.
In “The Factory Workers,” Abraham Kuyper engages with the “social question” of labor arising from the Industrial Revolution by drawing on Christian theology. Abraham Kuyper, “The Factory Workers (1870),” trans. Johan Snel, Journal of Markets & Morality 27, no. 2 (2024): 219–225.
Luigi Taparelli, SJ, and “The Two Economies”
Translator’s introduction to Luigi Taparelli’s essay “The Two Economies.” Thomas C. Behr, “Luigi Taparelli, SJ, and ‘The Two Economies,’” Journal of Markets & Morality 27, no. 2 (2024): 229–232.
In “The Two Economies,” Taparelli argues that the modern world runs on two opposing economies: one built on self-interest and endless gain, the other on faith, duty, and the order that gives life meaning. Luigi Taparelli, SJ, “The Two Economies (1856),” trans. Thomas C. Behr, Journal of Markets & Morality 27, no. 2 (2024): 235–289.
Alphabetical listing, by author, of contributions to the Journal of Markets & Morality 27, no. 1 and 2 (2024).
Editorial: The Development of Social Doctrine
As society evolves through feudalism, industrialization, and pluralism, Christian social doctrine must also develop—without altering core truths—to faithfully map and navigate today’s complex social landscape. Dylan Pahman, “Editorial: The Development of Social Doctrine,” Journal of Markets & Morality 27, no. 2 (2024): 75–78.
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It is necessary to read Thomas’s works and the related literature in the light of new scholarship, not only to come to a more exact understanding of it, but also to retest its coherence and, whenever necessary, abandon deficient analyses in favour of more compelling ones. The articles in this edition of Markets & Morality are a valuable contribution, therefore, to this ongoing endeavour. Philip Booth and Dominic Farrell, "Editorial: Thomism and Economics," Journal of Markets & Morality 27, no. 1 (2024): 1-3.
Usury and Interest: Forgotten Contributions to the Thomistic Tradition
There has been a recent increase in Catholic authors concerned about usury. However, these authors generally misunderstand later Thomistic teaching on this subject. This article uses the writings of Saint Alphonsus Liguori, Cardinal Juan de Lugo, and Cardinal Jozef-Ernest van Roey to explain how later Thomists approach extrinsic titles (particularly lucrum cessans) and explain how this tradition was able to develop Aquinas’s usury theory in a way that allowed a universal right to charge interest on a loan given the proper intention. Finally, it deals with several recent objections to this and finds them lacking. Matthew J. Advent, "Usury and Interest: Forgotten Contributions to the Thomistic Tradition," Journal of Markets & Morality 27, no. 1 (2024): 7-30.
Toward a Thomistic Account of the Virtues of the Entrepreneur: Moral, Intellectual, and Theological Strengths for Flourishing
Although entrepreneurs are a driving force of a free market economy, most of the research on entrepreneurship has focused on the economic outcomes rather than on the flourishing of the entrepreneurs themselves. To understand which strengths of character, mind, and spirit help entrepreneurs to flourish, I propose a Thomistic hierarchy of all the virtues and focus on those that are particularly salient in helping entrepreneurs to excel. This research synthesizes previous research into a framework of moral, intellectual, and theological virtues, and this account resonates qualitatively with the experience of over thirty practicing entrepreneurs. This research breaks new ground by treating the infused cardinal virtues—investigating how the life of faith can impact entrepreneurial endeavors—and it casts virtue ethics into a wider framework of the more recent science of human flourishing, approaching eudaimonia. Finally, it brings the Thomistic virtues of the entrepreneur into dialogue with contemporary Austrian economic theories of entrepreneurship. Paul J. Radich, "Toward a Thomistic Account of the Virtues of the Entrepreneur: Moral, Intellectual, and Theological Strengths for Flourishing," Journal of Markets & Morality 27, no. 1 (2024): 31-56.
Review of "Work as a Calling: From Meaningful Work to Good Work" by Garrett W. Potts
Work as a Calling: From Meaningful Work to Good Work Garrett W. Potts New York: Routledge, 2022 (153 pages)
Review of "All the Kingdoms of the World: On Radical Religious Alternatives to Liberalism" by Kevin Vallier
All the Kingdoms of the World: On Radical Religious Alternatives to Liberalism Kevin Vallier Oxford: Oxford University Press, 2023 (320 pages)
Review of "The Church after Innovation: Questioning Our Obsession with Work, Creativity, and Entrepreneurship" by Andrew Root
The Church after Innovation: Questioning Our Obsession with Work, Creativity, and Entrepreneurship Andrew Root Grand Rapids: Baker Academic, 2022 (xiv + 256 pages)
Review of "Research Handbook on Corporate Governance and Ethics" edited by Till Talaulicar
Research Handbook on Corporate Governance and Ethics Till Talaulicar, ed. Cheltenham, UK: Edward Elgar Publishing, 2023 (450 pages)
Review of "Aristotle’s Economics: Ethics and Exchange" by David Reisman
Aristotle’s Economics: Ethics and Exchange David Reisman Cheltenham, UK; Northampton, MA; USA: Edward Elgar, 2024 (173 pages)
Review of "Welfare for Markets: A Global History of Basic Income" by Anton Jäger and Daniel Zamora Vargas
Welfare for Markets: A Global History of Basic Income Anton Jäger and Daniel Zamora Vargas Chicago: University of Chicago Press, 1st ed. (April 18, 2023)
Alphabetical listing, by author, of contributions to the Journal of Markets & Morality 26, no. 1 and 2 (2023).
Editorial: Friendship, Markets, and Reciprocal Gifts
In his 2009 encyclical Caritas in Veritate, Pope Benedict XVI highlighted the inadequacy of a social imaginary that only includes the market and the state: "The exclusively binary model of market-plus-State is corrosive of society, while economic forms based on solidarity, which find their natural home in civil society without being restricted to it, build up society. The market of gratuitousness does not exist, and attitudes of gratuitousness cannot be established by law. Yet both the market and politics need individuals who are open to reciprocal gift." How might we conceptualize these “economic forms” of “reciprocal gift” that reside in “civil society” and are “based on solidarity” but are neither market nor state? Friendship fits the bill. Dylan Pahman, "Editorial: Friendship, Markets, and Reciprocal Gifts," Journal of Markets & Morality 26, no. 2 (2023): 145-150
This article examines the possibility of friendship in commercial society. While the literature surrounding friendship in the market is growing, it has not adopted a common definition of friendship, and thus often addresses varying forms of friendship. To clarify this debate, we employ Aristotle’s three forms of friendship—utility, pleasure, and the highest form—which helps to analyze the viability of these different forms of friendships in the market. From our analysis, we argue that the lower forms of friendship (utility and pleasure) can and often do develop in the market, though the highest form of friendship is less likely but is still possible in the market. Using existing academic literature and novel survey evidence, we analyze the potential of each form of friendship in the market to understand how possible these friendships are within market spaces. Rachael Behr LaRose and Virgil Henry Storr, "Three Forms of Friendship in the Market," Journal of Markets & Morality 26, no. 2 (2023): 153-179
A Norman Paradigm? Scholastic Reasoning, Jesuit Pedagogy, and the Emergence of Political Economy
Due to Normandy’s peculiar local and environmental characteristics, it was an ideal microcosm and an original laboratory, in which the multiform mediation of late scholasticism generated an unexpected intellectual vitality in a context of encounter and clash with the theological-philosophical disputes of the Reformation. The Norman exceptionality as a focal point and natural multiplier in the evolutionary process of political economy deserves its due attention, as well as the thread from Oresme to Montchrétien, William Petty, and Boisguilbert, as well as their connection to the Jesuit pedagogy. Giovanni Patriarca, "A Norman Paradigm? Scholastic Reasoning, Jesuit Pedagogy, and the Emergence of Political Economy," Journal of Markets & Morality 26, no. 2 (2023): 181-209
Considerations for Remuneration in Papal Social Encyclicals
Papal encyclicals have been a source of study for various philosophers, theologians, and more recently, business ethicists. Several social encyclicals have contributed to the corpus of Catholic social teaching. Drawing from Rerum Novarum, Quadragesimo Anno, Mater et Magistra, Pacem in Terris, Populorum Progressio, Redemptor Hominis, Loborem Exercens, Centesimus Annus, Sollicitudo Rei Socialis, Veritatis Splendor, Deus Caritas Est, Evangelium Vitae, Caritas in Veritate, and Laudato Si, the issue of “fair and just” remuneration is discussed. We also draw from Gaudium et Spes and the Compendium of the Social Teachings of the Church. Despite having a religious basis, these social encyclicals also have important ramifications for secular scholars because they appeal to stakeholders’ mutual duties and responsibilities in facilitating a socially just workplace. These teachings, rooted in natural law, focus on the harmony between labor and capital to bring about prosperity for nations and their citizens. Paolo Fragomeni and Christopher Chan, "Considerations for Remuneration in Papal Social Encyclicals," Journal of Markets & Morality 26, no. 2 (2023): 211-229
"Social Justice" as a Standard for Institutions and Policy
The concept of "social justice" has ardent advocates and avid foes. Drawing from the modern tradition of Catholic social teaching, I develop a conceptualization of social justice that is sensitive to the critiques of scholars who charge that the concept is unfit to serve as a standard for normative evaluation because it is necessarily statist and egalitarian. I propose defining social justice as the securing of that to which members of a society are due according to mutual obligations enforceable by a public authority, as essential to the common good. The conceptualization offers a framework for clear debate about social justice-based claims. Ben Peterson, "'Social Justice' as a Standard for Institutions and Policy," Journal of Markets & Morality 26, no. 2 (2023): 231-255
The God of the Market: A Molinist Response to James M. Buchanan’s Atheism
James M. Buchanan makes a striking claim: If humans have free will, then even an omniscient planner cannot foreknow the outcomes of market exchange. For Buchanan, this claim demonstrates the impossibility of achieving market outcomes by central planning. However, I argue that the Christian God would foreknow market outcomes. Moreover, despite Buchanan’s atheism and antitheism, his presuppositions (free will, subjective consciousness, and reason) carve out an explanatory role for the existence of God. In turn, God provides a foundation for objective moral value, and our creation in his image objectively defines our personal identities. These conclusions contravene Buchanan's "normative individualism" defense of liberty. Rather, on a Catholic view, one should defend liberty because of its essential role in achieving the common good. Christopher M. Russo, "The God of the Market: A Molinist Response to James M. Buchanan’s Atheism," Journal of Markets & Morality 26, no. 2 (2023): 257-273
Review of "The Hope of the Poor: Philosophy, Religion and Economic Development" by Gordon Graham
The Hope of the Poor: Philosophy, Religion and Economic Development Gordon Graham United Kingdom: Imprint Academic (IPS), 2023 (230 pages)
Review of "Danish Capitalism in the 20th Century: A Business History of an Innovistic Mixed Economy" by Stefan Kirkegaard Sløk-Madsen
Danish Capitalism in the 20th Century: A Business History of an Innovistic Mixed Economy Stefan Kirkegaard Sløk-Madsen Cham, Switzerland: Palgrave MacMillan, 2022 (204 pages)
Review of "Healthy and Wealthy? A Biblical-Theological Response to the Prosperity Gospel" edited by Robert L. Plummer and "Rich in Good Deeds: A Biblical Response to Poverty by the Church and by Society" edited by Robert L. Plummer
Healthy and Wealthy? A Biblical-Theological Response to the Prosperity Gospel Robert L. Plummer, ed. Dallas: Fontess Press, 2022 (200 pages) Rich in Good Deeds: A Biblical Response to Poverty by the Church and by Society Robert L. Plummer, ed. Dallas: Fontess Press, 2022 (214 pages)
Review of "The Individualists: Radicals, Reactionaries, and the Struggle for the Soul of Libertarianism" by Matt Zwolinski and John Tomasi
The Individualists: Radicals, Reactionaries, and the Struggle for the Soul of Libertarianism Matt Zwolinski and John Tomasi Princeton: Princeton University Press, 2023 (432 pages)
Review of "Climate Change, Radical Uncertainty and Hope: Theology and Economics in Conversation" by Jan Jorrit Hasselaar
Climate Change, Radical Uncertainty and Hope: Theology and Economics in Conversation Jan Jorrit Hasselaar Amsterdam University Press, 2023 (180 pages)
"Is Social Justice Just?" edited by Robert M. Whaples, Michael C. Munger, and Christopher J. Coyne
Is Social Justice Just? Robert M. Whaples, Michael C. Munger, and Christopher J. Coyne, eds. Oakland, CA: Independent Institute, 2023 (376 pages)
Copyright (c) 2023 Journal of Markets & Morality
Editorial: From Christian Political Economy to Christian Socialism
The phrase “Christian Political Economy” comes from the historian of economics A. M. C. Waterman, and it specifically refers to Christians, often clergy such as Thomas Robert Malthus and Richard Whately, who, following in the footsteps of Adam Smith, were early practitioners of the new science of political economy from 1798 to 1833, specifically in Britain. Some, following Waterman, mark a “separation” after this period, in which the paths of Christian theology and economic science parted ways. Yet one might push back the date to the Revolution in Paris in 1848, illustrated on the cover of this issue with an anonymous painting of the burning of the throne of Louis-Philippe on February 24. The next generation of Christian social activists, again in Britain, would see renewed interest in Christian engagement with the economy, but this time through the likes of Christian socialists F. D. Maurice, J. M. Ludlow, and Charles Kingsley, whose Christian socialist brotherhood began in order to forestall in Britain the wave of revolution that swept across Europe from Paris in 1848. Dylan Pahman, "Editorial: From Christian Political Economy to Christian Socialism," Journal of Markets & Morality 26, no. 1 (2023): 1-3
Nineteenth-Century British Christian Socialism: Association rather than Competition
This article traces the origins, varieties, and trajectory of Christian socialism in Britain in the nineteenth century. Reacting to theological acceptance of the new science of political economy, particularly as articulated by the Rev. T. Robert Malthus, as well as, after his time, the divergence of mainstream economics from theology, the Christian socialists sought a foundation for Christian political economy other than competition. They believed to have found it in cooperation, but what that meant to conservative Anglican clergymen F. D. Maurice and Charles Kingsley differed from the more radical J. M. Ludlow. Nevertheless, together their grassroots efforts differed from later generations’ advocacy for state action, which would ultimately taint the movement’s reputation in the twentieth century, though it has seen a resurgence since the ministry of Tony Blair. Ross B. Emmett, "Nineteenth-Century British Christian Socialism: Association rather than Competition," Journal of Markets & Morality 26, no. 1 (20223): 7-25
The Origins and Aims of F. D. Maurice’s Christian Socialism: A Consideration of Patristic Motifs
This article demonstrates how salient characteristics of F. D. Maurice’s Christian socialism resonate with his appreciation of Ignatius of Antioch, Clement of Alexandria, and Augustine of Hippo. Maurice’s understanding of the divine family of God that motivated his solidarity with the working classes resonates with his understanding of Ignatius. This solidarity drove him to Christian socialism, which he conceived as primarily an educational project in line with his reading of Clement. Ultimately, this extended to his mentorship of younger Christian socialists mirroring his appreciation for the early Augustine’s philosophical pedagogy. These patristic motifs thus nuance and clarify Maurice’s sometimes puzzling involvement with Christian socialism in Britain from 1848 to 1854. Dylan Pahman, "The Origins and Aims of F. D. Maurice’s Christian Socialism: A Consideration of Patristic Motifs," Journal of Markets & Morality 26, no. 1 (2023): 27-49
Evangelicals and Business in Nineteenth-Century Britain
What was distinctive about the evangelical approach to business in nineteenth-century Britain? For the evangelical business provided both opportunity and temptation. In addition, the evangelical approach was shaped by the wider context of the Christian adoption of political economy. The evangelical, combining natural theology and economics, understood the market as a place of divine blessing and yet was acutely aware of the temptation to sin—indeed, the perils of particular sins—in a fallen world. The market was viewed as a place of discipleship, the setting for the formation and deployment of moral virtue and moral character. Debt and bankruptcy were viewed particularly negatively, the latter as part of God’s providential judgment. Socialism, whether Christian or secular, was viewed with suspicion both economically and theologically. Richard Turnbull, "Evangelicals and Business in Nineteenth-Century Britain," Journal of Markets & Morality 26, no. 1 (2023): 51-67
Christian Theology and American Economics: From the Free Market to Socialism
This article examines the different trajectory of Christian theology in nineteenthcentury American economics as compared to its trajectory in nineteenth-century British economics. While this trajectory is not identical in the two countries, there are several important similarities. Understanding the similarities, as well as the differences, requires an understanding of the influence of both American exceptionalism and the role of republican ideology in nineteenth-century American thought. Bradley W. Bateman, "Christian Theology and American Economics: From the Free Market to Socialism," Journal of Markets & Morality 26, no. 1 (2023): 69-84
Economics and the Moral Theology of Mutual Benefits: Francis Hutcheson, David Hume, and Adam Smith
This article situates the political economy of Francis Hutcheson, David Hume, and Adam Smith in relation to their emphasis in ethics on serving the good of our neighbors. In consonance with Protestant discourses on vocation and moral economy, these three Scots came to depict honest commerce as a mode of cooperation—either literally with God or metaphorically with our fellow human beings—through which we serve the common good. That depiction energized the emerging authorization of commercial enterprises and the importance of freedom, personal stewardship, and industry to the prosperity of humankind. Erik W. Matson, "Economics and the Moral Theology of Mutual Benefits: Francis Hutcheson, David Hume, and Adam Smith," Journal of Markets & Morality 26, no. 1 (2023): 85-103