The Theological Roots of Capitalism: A Conversation with Economist Benjamin M. Friedman

In 'The Structure of Scientific Revolutions', Thomas S. Kuhn argues that scientific progress does not occur through a gradual accumulation of facts, but rather through periodic revolutions that disrupt existing paradigms. Kuhn introduces the concept of 'normal science' and 'revolutionary science', where normal science involves puzzle-solving within an established paradigm, and revolutionary science involves a paradigm shift that fundamentally changes the way scientists view the world. He explains that these revolutions are driven by the accumulation of anomalies that cannot be explained by the current paradigm, leading to a crisis and eventually a new paradigm that offers a different perspective and new ways of conducting research.

In this book, Thomas Frank explores the transformation of Kansas from a state with a radical past to a stronghold of conservative politics. He argues that the culture wars have allowed the Republican Party to capture the populist language of social class, presenting themselves as the embodiment of working-class anti-elitism. Frank analyzes how conservatism, once associated with class privilege, became the creed of many ordinary Americans, particularly in Kansas, where workers and farmers support policies that often harm their own economic interests. The book critiques the role of the Democratic Party in neglecting its traditional support base, such as organized labor, and how this neglect has contributed to the rise of conservative politics.

Published in 1776, 'The Wealth of Nations' is Adam Smith's magnum opus that laid the groundwork for modern economics. The book critiques mercantilist economic theories and introduces the concept of the 'invisible hand,' which describes how individual self-interest leads to societal benefit. It emphasizes the division of labor, the accumulation of capital, and the importance of free markets. Smith argues that a nation's wealth is not measured by its gold and silver reserves but by the stream of goods and services it produces. The book also outlines the core functions of government, such as maintaining defense, enforcing civil law, and promoting education, while advocating for limited government intervention in market activities.

In 'Religion and the Rise of Capitalism,' Benjamin M. Friedman argues that religious thought, especially the transition from Calvinism to a more optimistic Protestantism, played a crucial role in shaping Adam Smith's economic theories. Friedman traces how these theological shifts influenced Smith's concept of the 'invisible hand' and how these ideas were later adopted and adapted in America. The book also examines the evolution of American economic life, including the impact of religious beliefs during the Great Depression and the Cold War, and how conservative Protestantism fused with conservative economics in the twentieth century.

In this book, Max Weber argues that the Protestant work ethic, especially as influenced by Calvinism, played a significant role in the development of modern capitalism. Weber posits that the concept of a 'calling' and the this-worldly asceticism of Protestantism fostered a culture of hard work, thrift, and the accumulation of wealth, which were crucial for the emergence of capitalist culture. He contrasts this with the traditional economic attitudes and the medieval monastic ideal of other-worldly asceticism. The book also explores how these religious ideas influenced the development of a rational and disciplined approach to economic activity, which became a hallmark of modern capitalism.

In 'Progress and Poverty', Henry George examines the paradox of why poverty and economic depressions occur alongside technological and economic progress. He argues that the private ownership of land, which increases in value without the owner's effort, is a primary cause of poverty and economic cycles. George proposes a single tax on land values as a remedy, suggesting it would reduce other taxes, encourage productive use of land, and distribute wealth more equitably. The book was highly influential, contributing to the Progressive Era and worldwide social reform movements.