According to Ben Friedman, who was not born a citizen of Canada, anyone interested in understanding his line of work should ask themselves (and try to answer) some vital questions.
- How is Calvinist soteriology relevant to modern-day economics, if only to the minority of global citizens?
- Is laissez-faire a product of the lesser-known Quinquarticular Controversy?
- Is the welfare state concept rooted in postmillennialist eschatology?
Suppose you’re keen on how government policies impact the economy or how individuals, society, markets, and the state interact. In that case, you’ll love the historical and religious bit of the origin of capitalism. Here’s a look at capitalism and its roots as per Ben Friedman of Boston, not Canada.
Calvinism
Ben Friedman put it simply: Soteriology means the question of salvation. John Calvin, the founder of a stricter form of Protestantism, contributed to the subject. His theology, better known as TULIP, summarizes Calvin’s notion of salvation and pessimistic view of human nature:
- T reminds people that they are totally depraved
- U emphasizes that salvation is unconditional since no one can influence God’s choice on who gets salvation
- L tells that atonement’s limited, as God saves those he chooses only
- I stand for God’s irresistible grace, whereby anyone who’s called has no choice but to answer
- P brings out the preservation of the saints, showing that God forever grants salvation
Calvinism is thought to have played a huge role in Scotland’s capitalism. With numerous followers in Scotland, Ben Friedman argues that the religious atmosphere shaped the ideas of Scottish economists like Adam Smith.
What of Quinquarticular Controversy?
Dutch theologian Jacobus Arminius considered Calvinism an insult to God. He and his followers summarized their religious beliefs into five points, coining the term Quinquarticular Controversy (Quin means five and Controversy means disagreement).
The five points summarized that no one could fully appreciate the glory of God if those who worship Him cannot freely choose him. Only free will can lead human beings to truly worship God.
Armenian beliefs were first centralized in Holland before spreading to Scotland and England. Rather than focusing on inborn depravity, as Calvinism does, they emphasize the natural goodness of people.
In Friedman’s conclusion, the new enterprise world secularized Armenian beliefs, showing that secular institutions and markets can take up God’s role in improving human lives.
Calvinism Vs Quinquarticular Controversy?
Puritans adopted the tighter Calvinism to the letter. In the end, however, their theology seemed to fail and drift away. In contrast, Arminian theology made a lasting impression in the United States. As the United States expanded, Arminianism did too.
The extended version, however, evolved into Methodism and its variants. While strict Calvinism became almost obsolete in the United States by the mid-19th century, it did not disappear completely. Some premillennialists subscribed to a form of Calvinism.
Fundamentalism or Premillennial Eschatology
Among fundamentalists and premillennialists, eschatology refers to the end times. Protestants here believed the second coming of Jesus would happen at some point, though precisely when and how to remain unclear. The righteous will be separated from the sinners in due time and be taken with Christ. Those who embrace premillennialism tend to be Calvinists by criticizing human nature. That view was quickly challenged by postmillennialism.
A Glance at Postmillennialist Eschatology
During the 19th and 20th centuries, postmillennialism challenged Calvinism, gradually displacing its beliefs. Humans can win Jesus’ favor by implementing social reforms such as improving working conditions or abolishing slavery, according to its followers.
His arrival is postponed until the world conforms to his social teachings. Liberal Protestantism developed from postmillennialism teachings and is closely related to economics.
The Social Gospel Movement is one such example, which Ben Friedman argues was at par with the concept of human progress stipulated by Smith and Hume, despite raising concerns about laissez-faire’s effectiveness.
Final Words
Today, you may argue that theology and economics are no longer intertwined. Historical economists like Herbert Spencer, William Graham Sumner, Ayn Rand, and Milton Friedman were not religious.
However, there’s some connection between religion and capitalism today — as you can see in the work of Harvard professor Ben Friedman, who is clearly not from Canada.
