Market, Money, and Christianity
“Poverty was nature surviving in society; that the limitedness of food
and the unlimitedness of men had come to an issue just when the promise of
boundless increase of wealth burst in upon us made the irony only the more bitter.”
-Karl Polanyi-
On every occasion when I contemplate international travel, my preparations include the essentials of documentation and related requirements. Additionally, my attention is also towards the exchange rate dynamics between the Indonesian Rupiah and the currency of my intended destination. It is this aspect that I accord paramount importance. The rationale behind this emphasis is rooted in the intrinsic weakness of the Rupiah concerning its exchange rate vis-à-vis other global currencies. During my most recent trip to Oxford a month ago, precise financial management became essential. I conscientiously established a predetermined budgetary limit for my discretionary expenditures, encompassing meals, books, and souvenirs. I set my budget at approximately 250 GBP. Converting this figure into Rupiah, it approximated my entire month’s salary. Sometimes, I’m just wondering, what if all the currencies in the world held equal worth? Would that bring about a utopia, or could it potentially unravel new style challenges in our lives?
The presence of money and currency values as a means of payment is the impact of the presence of a market system that replaces the traditional transaction system. In his monumental book, “Great Transformation,” Polanyi stated his thesis: “The idea of a self-adjusting market implied a stark utopia. Such an institution could not exist for any length of time without annihilating the human and natural substance of society; it would have physically destroyed man and transformed his surroundings into a wilderness.”[1] For Polanyi, money is not only a means of payment but also a symbol of “purchasing power.” Polanyi says, “This money was not a means of exchange, it was a means of payment; it was not a commodity, it was purchasing power; far from having utility itself, it was merely a counter embodying a quantified claim to things that would be purchased.”[2] If money describes a person’s purchasing power, then the impact is that humans need to work hard in every way or method, so that they can earn money to meet their living needs.
In a highly self-regulating market system, the market becomes disembedded from society, provoking some specific groups that gain control over resources and capital. Conversely, other groups of people struggle to access opportunities and end up marginalized, unable to benefit from the abundant natural resources available. According to Polanyi, economic systems in previous history, the motives and circumstances of productive activities were embedded in the general organization of society.[3]
Such a system supports the concept of equality and brings happiness to people’s lives. Polanyi then reminded us about the enormous impact of the Industrial Revolution, which caused the market to be disembedded from social life. Polanyi writes, “The Industrial Revolution was causing a social dislocation of stupendous proportions, and the problem of poverty was merely the economic aspect of this event.”[4] Poverty, suffering, inequality, and injustice are emerging everywhere because of the disembedded of the market system from social, community, and even natural contexts. Polanyi insists, “But a principle quite unfavorable to individual and general happiness was wreaking havoc with his social environment, his neighborhood, his standing in the community, his craft; in a word, with those relationships to nature and man in which his economic existence was formerly embedded.”[5] I recall an Asian theologian, M.P. Joseph, who, in his work titled “Theologies of the Non-Person,” writes, “The accumulation of wealth continues in the name of development and growth. The dangerous result of this process is that it offers a small minority of the wealthy class the right to control and own global resources and the global markets that regulate the exchange of these resources. The reality is growing control of resources. If the numbers circulating in the transnational capital markets convert into numbers, it would read that less than one percent of the rich own more than ninety percent of the world’s wealth.”[6] Circumstances like these are cause for significant concern if they persist.
The question is how Christianity can offer a solution to a world that is predominantly influenced by money and markets. History shows that Christianity was one of the significant factors that supported the emergence of capitalism and the creation of a free market system. Christianity seems to find comfort and a new identity there. Jason Clark reminds us about that. He says, “For I have already shown the move of aseity from Christian community into an aseity of the market, where the market becomes the ontological basis for all relationships and identity.”[7] Therefore, religion in somehow transformed into a market. Clark says, “The market itself becomes a society, as identity and practice relocate from within religious communities to the market itself as the site of a new religious and embedded community, a new market community. It maps out where markets become the site of identity, belonging, and being for people, replacing previous religious affiliations and commitments.”[8]
Responding to these phenomena, we need to remain optimistic. Indeed, the current economic and market system is increasingly showing its solid form. The resulting impact has far-reaching consequences. It may not be something we can halt or swiftly alter. However, the contemporary church and Christianity can draw lessons from history. The calling and mission of Christianity and the church are ongoing. We hope the church’s continued presence and active engagement will impart a distinct hue of love, advocacy, and transformation toward greater justice and equality, as the Bible says: “The exercise of justice is joy for the righteous, but terror to those who practice injustice.” (Proverbs 21:15)
[1] Karl Polanyi, Great Transformation: The Political and Economic Origins of Our Time, (Boston: Beacon Press, 2001), 3.
[2] Karl Polanyi, Great Transformation, 205.
[3] Karl Polanyi, Great Transformation, 73.
[4] Karl Polanyi, Great Transformation, 135.
[5] Karl Polanyi, Great Transformation.
[6] M.P. Joseph, Theologies of the Non-Person: The Formative Years of EATWOT, (Hampshire: Palgrave MacMillan, 2015), xiv.
[7] Jason Paul Clark, Evangelicalism, and Capitalism: A Reparative Account and Diagnosis of Pathogenes in the Relationship (2018), Faculty Publications – Portland Seminary, 135.
[8] Jason Paul Clark, Evangelicalism, and Capitalism.
About the Author
Dinka Utomo
Dinka Nehemia Utomo is an ordained pastor of the Protestant Church in the Western part of Indonesia (Gereja Protestan di Indonesia bagian Barat or GPIB). He has served for more than 15 years. The first five years of his ministry were in the remote area of East Kalimantan, including people from the indigenous Dayak tribe in the small villages in the middle of the forest, frequently reached using small boats down the river. For more than 15 years, Dinka has served several GPIB congregations in several cities in Indonesia. He has always had a passion for equipping Christian families, teaching and guiding them to build equal relations between husband and wife, maintaining commitment, love, and loyalty, creating a healthy and constructive Christian family atmosphere, and rejecting all forms of violence and sexual violence. Dinka's beloved wife, Verra, is also a GPIB pastor. They have two blessed children. Dinka and his wife and children love to spend quality family time, such as lunch or dinner, and vacation to exotic places.12 responses to “Market, Money, and Christianity”
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Hello Dinka,
I was listening to UK Telegraph and someone said that capitalism without a moral guide will spin out of control. Oligarchs, mafia bosses, corrupt politicians would take advantage of market forces keeping the bulk of money/power for themselves.
My prayer is that we Christians can rise to the task.
Shalom…
Hi Russel! Thank you for your comment, I appreciate it!
Absolutely! Christianity can rise to the task(s) and be ready to take risks(s). But, as Philippians 4:13 says, “I can do all this through Him who gives me strength.”
Because God sent the church as a lamb amidst the wolf.
Dinka,
The church’s “continued presence and active engagement” is truly needed on so many levels, especially in areas of justice, love, and acceptance. Thank you for your challenge to remain optomistic. God continues to work in and through His church.
Hi Esther! Thank you for your comment, I appreciate it!
Absolutely! That’s what Christianity and the church sent for.
As 1 Peter 2:9 says, “But you are a chosen people, a royal priesthood, a holy nation, God’s special possession, that you may declare the praises of him who called you out of darkness into his wonderful light.”
Dinka~
I highlighted here what you wrote:
“Responding to these phenomena, we need to remain optimistic. Indeed, the current economic and market system is increasingly showing its solid form. The resulting impact has far-reaching consequences. It may not be something we can halt or swiftly alter. However, the contemporary church and Christianity can draw lessons from history.”
Christians remaining optimistic is key! And we are not hearing enough optimism and hope! Thank you for that perspective.
Hi Pam! Thank you for your comment. I appreciate it!
Jesus said we are the salt and the light of the world. Therefore, we as Christians and church have to be as we are made and created for. We have to bring hope from God to the world because hope from God is always real hope.
Dinka,
What a brilliant post! I loved your introductory paragraph. In my recent travels, I have been so confused and humbled by the exchange rates.
The questions you brough forth:
“Sometimes, I’m just wondering, what if all the currencies in the world held equal worth?
Would that bring about a utopia, or could it potentially unravel new style challenges in our lives?”
I wonder what this would actually look like. If leveling the world’s economy would create a willingness to see one another differently. You have raised some powerful questions. I am intriqued!
Hi Jonita! Thank you for your comment. I appreciate it!
I was thinking about equality before the economic and financial things in this world. I’m just wondering, what will change in this world if all the money currencies have equal worth. Would it make the poor become wealthier or not?
I was thinking also about how the church and Christianity pay attention to this?
You write: “The question is how Christianity can offer a solution to a world that is predominantly influenced by money and markets?” That is a/the question here, isn’t it?
I suppose like all parts of unredeemed culture, Christianity has the opportunity to speak a countercultural narrative… God has something greater to offer than a self-regulating-market… Christians just have to figure out how to live into that reality instead of unthinkingly embracing what the world offers.
Great post, my friend.
Hi Tim! Thank you for your comment. I appreciate it!
I love your way of thinking about God’s power and the idea that “Christianity has the opportunity to speak a countercultural narrative and have to figure out how to live into that reality.”
Absolutely! I’m in agreement with you!
In my humble opinion, Christianity can build a system based on God’s love to bridge the gap between rich and poor people.
Hey Dinka, thank you for your well educated blog! I love how your brain thinks. “The question is how Christianity can offer a solution to a world that is predominantly influenced by money and markets.” How would you answer this question in the context where you pastor?
Hi Todd! Thank you for your comment. I appreciate it!
Your question is very good and challenging, Todd.
My concern is about equality and how Christianity can bridge the gap between the poor and rich people.
Maybe we can strengthen the church’s Diakonia services to its citizens and to society. As far as I know, there are 3 concepts of Diakonia service. First, charity, we can put in our program to help directly to the poor by giving them money or goods. Second, reformative, where the church reforms the mindset of people who need help by educating and training various special skills so that they can be independent. Third, transformative. This service contains not only education but also assistance and advocacy so that those who suffer can gain access and their rights to a more decent life.
Almost all of the local churches of my denomination already doing the first type of Diakonia ministry. Some do the first and second types. But only a few do all types of it.