Beyond the Bottom Line: Why Faith Demands a More Human Economy
The American dream: a concept as varied as the individuals who dream it.
In his 1931 book, The Epic of America, James Truslow Adams coined the term, “the American dream,” and defined it as, “That dream of a land in which life should be better and richer and fuller for everyone.” [1]
In her paper, “Defining the American Dream”, Carla Riggio more helpfully discovered six themes that run through all the definitions she heard from her subjects: “hard work, freedom, social mobility, material gain, family connection, and individuality. Older participants had a richer and more clear definition of the American Dream while younger generations expressed more skepticism toward the concept.” [2]
The desire for a better future drives us all, regardless of where we are in life. We all desire to be happy; we all desire to flourish.
Yet for many people, achieving this dream increasingly means juggling multiple jobs, often within the “gig economy.”
Today, 16% of Americans rely on online gig platforms for income. [3] The Economic Policy Institute paints a bleak picture for gig workers: low wages, technical difficulties impacting earnings, and basic needs insecurity. [4]
As Cornell professor Louis Hyman notes in a WBUR interview:
It’s important to realize that for a hundred years, the industrial economy didn’t deliver the good life either. That it was this transformation in the 1930s and 940s, where workers demanded better lives, and the state guaranteed that, that made it possible for those 25 years, for which we are nostalgic now, to occur. As we think about autonomy and self-reliance and self-determination, I completely agree that those are core American values going back to Jefferson… But they are also values that we need to fight for, and make sure that, even if our jobs are flexible and autonomous, that there is still a measure of security in our lives. And that’s what’s not being delivered now for lots of people. [5]
A Self-Regulating Market
Hyman is likely referring to Karl Polanyi’s 1944 book, The Great Transformation. Polanyi believed, “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.” [6]
In other words, true laissez-faire capitalism, where the market dictates prices without any intervention from the government, would simply burn itself out because, by not taking account of the needs, relationships, and dignity of the people within the market, it would leave behind the very people it is meant to support. We see this today in the gig economy, as well as in other aspects of the market.
Jason Clark states, “The SRM [self-regulating market] destroyed all non-market relationships through this move from production to exchange. Whilst the policy of laissez-faire in early capitalism was the ‘freedom from regulation in production’, the late-capitalist condition is a move to ‘consumption’ through exchange.” [7]
I was reading books with my granddaughter Clara this morning. She suddenly was eager to show me a children’s book about Clara Lemlich, the girl who masterminded the New York shirtwaist strike of 1909, a women’s labor union strike. Thanks to Clara, the workers gained higher wages and better working conditions. Their dream of a better, richer life became more realistic when the needs of the people overcame the bottom line of unchecked market forces.
Fictitious commodities
Polanyi explains that there are real commodities: items made or manufactured, and sold. This includes cars, houses, clothing, jewelry, etc.
But when we turn labor, land, or money into a commodity, we turn what is essential for life into “stuff” to be traded. He calls these three in particular, “fictitious commodities.” Polanyi explains a series of assumptions about a self-regulating market such that, “If these conditions are fulfilled, all incomes derive from sales on the market, and incomes will be just sufficient to buy all the goods produced.” [8]
Polanyi goes on to state, “A self-regulating market demands nothing less than the institutional separation of society into an economic and a political sphere… But labor and land are no other than the human beings themselves of which every society consists and the natural surroundings in which it exists. To include them in the market mechanism means to subordinate the substance of society itself to the laws of the market.” [9]
Why are land, labor, and money false commodities?
- Land: Traditionally, land was tied to communities, families, or even a sense of identity. Commodifying it means treating it just like any other product, where its value is only about price. This ignores its importance for farming, housing, or even sacred sites.
- Labor: Your ability to work isn’t an object, but commodification treats it as such. Instead of considering the human needs of workers, it becomes solely about wages and profit. This can lead to exploitation, as the market “doesn’t care” about worker well-being.
- Money: Money is meant to facilitate exchange, but when it’s itself the thing being bought and sold (think stocks, complex financial instruments), it can become disconnected from the real economy. This contributes to instability, as we saw in the 2008 financial crisis. [10]
The answer to the inevitable cruelties of a completely self-regulating market is to embed the market within society.
Imagine a fish. We know it can’t survive out of water. The water is its environment, what it depends on. Polanyi says the market is like that fish. It can’t exist in a vacuum; it’s always “embedded” within society.
To make it clearer, think of a sports game. Of course, it’s about competition and winning which is a bit like a market. But there’s more to it:
- Rules: Without agreed-upon rules, it’s just a brawl, not a game. These rules are like the social/legal framework of a market.
- Sportsmanship: Even in competition, there are expectations of fair play and respect for opponents. These are like the cultural values influencing a market.
- Referees: Someone has to enforce the rules and ensure fairness. This is like the role of government in a market, preventing things from getting out of hand.
Polanyi argues that trying to separate the “market game” from these other factors is impossible and harmful. Just like a game without rules, a market without social embeddedness is destructive, not beneficial.
Biblical Market Leadership
As Christian leaders, it is incumbent upon us to examine how we are “in the world, but not of the world.” How do we interpret economics in general, and Polanyi’s theories specifically, in light of our faith? How do we not fall prey to the temptations of the self-regulating market, to live only by the driving forces of the bottom line?
In his dissertation, Jason Clark explains that “Evangelicalism was once an initial countermovement par excellence to the dynamics described by Polanyi, but it remains to be seen if it can recover a mode of ongoing countermovement. The locus of salvation moved from the nature of Christianity to one in which the SRM [self-regulating market] becomes the site of a ‘secular salvation’.” [11]
With the desire to keep Christ as the focus, and thereby, the people who matter more than commodities, let’s look at some of Polanyi’s ideas about the market with a Christian lens:
- Community and the common good. Polanyi emphasized the importance of social embeddedness and the dangers of a purely individualistic market.
We read in Matthew 25 that we are to care for “the least of these”. The fourth commandment says to take a sabbath every seven days. God knows we need regular rest and to experience worship and fellowship with others. We aren’t made for constant work. Acts 2:44-45 states, “All the believers were together and had everything in common. They sold property and possessions to give to anyone who had need.”
- Limits on commodification. Polanyi argues against treating land, labor, and money as mere commodities, highlighting the social and ethical consequences.
We are constantly warned in the Bible against the dangers of greed, exploitation, and the pursuit of wealth at the expense of others. See Proverbs 11:28 (“Those who trust in their riches will fall, but the righteous will thrive like a green leaf.”) And Amos 8:4-6 (“Hear this, you who trample the needy and do away with the poor of the land…”). And see the parable of the rich fool in Luke 12.
- The role of authority. Polanyi sees a necessary role for the state in regulating markets and protecting society.
God’s words in the Bible recognize the importance of legitimate authority for maintaining order and justice (see Romans 13:1-7). While not advocating for any specific political system, it emphasizes the responsibility of those in power to serve the common good.
- Sabbath and rest. Polanyi implicitly critiques the relentless drive for efficiency and profit that characterizes a self-regulating market.
God institutes the Sabbath as a time for rest and reflection, a counterpoint to the demands of work and economic activity (see Exodus 20:8-11). Sabbath can be seen as a recognition of the limits of commodification and the importance of non-economic values. Also, the Jubilee Year in Leviticus 25 describes how the land is returned to its original owners; this command can be seen as a rejection of the permanent commodification of land.
- Stewardship of creation: Polanyi expresses concern about the environmental impact of a market-driven society.
When we read the Bible from beginning to end, we clearly see a golden thread identifying humanity’s role as stewards of God’s creation, responsible for caring for the earth and its resources (e.g., Genesis 2:15).
Human flourishing
Let’s revisit that gig economy and the American dream.
We can see that market forces are not adequately embedded in society; it is still driven by the desire for money on the part of the owners. The people who serve and invest their labor into the system are too often not reaping the benefits of their labor.
The point of government is to protect its people and allow them to flourish. The American Declaration of Independence affirms this: “We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable rights, that among these are Life, Liberty and the pursuit of Happiness.” [12]
What then, is “happiness”? Do we know it when we see it, or more accurately, feel it?
Many people throughout the centuries have examined the concept of happiness or flourishing. We don’t have space to explore them all, so let’s look at just one contemporary example, Martin Seligman. His PERMA theory of well-being includes five building blocks that enable flourishing:
- Positive Emotion
- Engagement
- Relationship
- Meaning
- Accomplishment [13]
When we examine the gig economy, the conditions at a factory, or any other aspect of the market, we need to consider how they contribute to – or detract from – the flourishing of those who engage in those activities.
Honoring the dignity of all people
The gig economy starkly illustrates how market forces, when not properly embedded in society, fail to deliver the “better and richer” life that defines the American dream. While individuals strive for “happiness,” often through multiple jobs and precarious work, the system itself prioritizes profit over people.
This echoes Karl Polanyi’s warning about the self-regulating market: it “would have physically destroyed man and transformed his surroundings into a wilderness.” He reminds us that labor is not just a commodity, but represents human beings with inherent needs and dignity.
The Declaration of Independence enshrines the “pursuit of Happiness” as an unalienable right. But achieving true flourishing, as Seligman’s PERMA model suggests, requires more than just material wealth.
By integrating biblical principles of justice, compassion, and stewardship with insights from positive psychology, we can envision an economy that prioritizes human flourishing over unchecked profit. This requires a conscious effort to embed the market within a framework of social responsibility and biblical and ethical values.
The American dream, in its truest sense, is about creating a society where everyone has the opportunity to thrive. With God’s word as our guide, let us work together to build an economy that reflects this vision, an economy that honors the inherent dignity and flourishing of all people.
1) David Leonhardt, “The Last American Dream, Quantified at Last”, The New York Times, Dec. 8, 2016, https://www.nytimes.com/2016/12/08/opinion/the-american-dream-quantified-at-last.html.
2) Clara R. Riggio, (2021) “Defining the American Dream: A Generational Comparison,” Modern Psychological Studies: Vol. 27 : No. 1 , Article 1. Available at: https://scholar.utc.edu/mps/vol27/iss1/1
3) Ben Zipperer, et al, “National Survey of Gig Workers Paints a Picture of Poor Working Conditions, Low Pay,” Economic Policy Institute, June 1, 2022, https://www.epi.org/publication/gig-worker-survey/
4) Zipperer.
5) Meghna Chakrabarti, “The Origin Story of the Gig Economy,” WBUR, Aug. 20, 2018, https://www.wbur.org/onpoint/2018/08/20/gig-economy-temp-louis-hyman
6) Karl Polanyi, The Great Transformation: The Political and Economic Origins of Our Times, (Boston, MA, Beacon Press, 2001), 3.
7) Jason Paul Clark, “Evangelicalism and Capitalism: A Reparative Account and Diagnosis of Pathogeneses in the Relationship” (2018). Faculty Publications – Portland Seminary. 132. https://digitalcommons.georgefox.edu/gfes/132
8) Polanyi, 72.
9) Polanyi, 74-75.
10) Polanyi, 71ff.
11) Clark.
12) “Declaration of Independence: A Transcription”, National Archives. https://www.archives.gov/founding-docs/declaration-transcript
13) Positive Psychology Center, “PERMA Theory of Well-being and PERMA Workshops”, Penn Arts & Sciences. https://ppc.sas.upenn.edu/learn-more/perma-theory-well-being-and-perma-workshops#:~:text=Seligman’s%20PERMA%E2%84%A2%20theory%20of,are%20strategies%20to%20increase%20each.
About the Author
Debbie Owen
Deborah C. Owen is an experienced spiritual director, Neuro-based Enneagram executive and life coach, disciple maker, professional writer, senior librarian, and long-time church Music Director and lay leader. She has earned the award of National Board Certification for teaching excellence, and a podcasting award, and is pursuing a Doctor of Leadership degree through Portland Seminary at George Fox University. She lives in the backwoods of Maine with her husband and flat-coated retriever. She spends as much time as she can with their 3 grown children, daughter-in-law, and 2 small grandchildren. Find her online at InsideOutMinistries.info.8 responses to “Beyond the Bottom Line: Why Faith Demands a More Human Economy”
Leave a Reply
You must be logged in to post a comment.
wow debbie this is absolutely incredible. You are so brilliant and I love your integration of biblical practices to create a more just society and community.
If you were sitting with a ‘gig worker’ who has been held captive to this entire broken system, where would you suggest they begin in order to experience more freedom and happiness?
Ryan, that’s the “$64,000 question” isn’t it? (Thank you for your kind words!)
I’m not an expert on the gig economy, but I’ve read about it a bit in the news over the last few years. It seems that when workers create a union to advocate for their mutual best interests, then – and only then – do good things happen.
It’s too bad that we are so often completely driven by the bottom line such that we forget there are real people attached to the numbers. That’s where the biblical way of life and economics has to drive our decisions. People before money. Always.
Hi Debbie,
As always, your post is top-notch!
If you were to sit in front of Polanyi and ask the following question:
“What solution do you propose to counter the negative impacts of a self-regulating market on society?”
What specific answer(s) will you be seeking from Polanyi?
Thank you Shela!
If I were to ask Polanyi, “What solution do you propose to counter the negative impacts of a self-regulating market on society?”
I would hope he would be able to suggest people-based strategies and a reduced emphasis on the bottom line. He certainly seemed to recognize that when markets aren’t connected to real people, they basically “bull-doze” right over top of them because they are focused only on making money. From what I’ve read, Polanyi knew that ethics, morality, and compassion would be necessary to have markets that work both financially and personally.
Debbie,
I appreciate your post it is full of wonderful thoughts. I really appreciate how you end your post with “With God’s word as our guide, let us work together to build an economy that reflects this vision, an economy that honors the inherent dignity and flourishing of all people.” Our denomination, ECO Presbyterian, asks their churches to consider what their Flourishing next step is. I would ask you the same question. Given what you have learned so far this semester, what do you see yourself doing in your life or ministry to help you and those around you to flourish?
Jeff, that is a prescient question! (“Given what you have learned so far this semester, what do you see yourself doing in your life or ministry to help you and those around you to flourish?”)
It is exactly the question with which I have been wrestling lately, and for which I have been seeking wisdom from teachers and mentors, as well as continued prayer conversations with God. In addition, that’s pretty much the point of my NPO project (helping others flourish, that is).
A brief and incomplete response is that I am trying to share what I’ve learned about flourishing through relationships – with God and with others – by writing books, coaching, spiritual direction, and leading retreats. You know how so many people who need therapy often end up as therapists? I’m kind of like that, I think: I need to know more about flourishing, so I’m researching it and sharing what I learn with others.
There’s a lot more to that question – and I appreciate you asking it so I could dig a bit deeper into my own issues – but in this forum, that will have to do as a start. 🙂
Great post, Debbie. Very thoughtful and thorough. I loved how you integrated biblical principles with Polanyi.
As the church disciple’s people, which of these do you perceive the most difficult to help people apply in the world of the Gig economy? Why?
Debbie, I appreciate your brief exploration of the American dream from the perspectives of economics and faith. How can we effectively balance the ideals of the American dream—such as individual freedom and material success—with the need for social responsibility and community welfare?