Debt, Value and Economic Theology

dc.contributor.author Krier, Daniel
dc.contributor.author Krier, Daniel
dc.contributor.department Sociology
dc.date 2018-02-19T03:34:40.000
dc.date.accessioned 2020-07-02T06:50:21Z
dc.date.available 2020-07-02T06:50:21Z
dc.date.copyright Sun Jan 01 00:00:00 UTC 2017
dc.date.issued 2017-01-01
dc.description.abstract <p>Economic theologies are systems of religiously legitimated beliefs and practices that align value (in Marx’s sense) with values (in broad anthropological usage). This article outlines the place of debt and the credit system in the economic theologies of four ideal-typical variants of capitalism: CatholicismAnglicanism, Calvinism-Puritanism, Pietism-Quakerism, and Free-Grace Evangelism. At the threshold of capitalist modernity, the economic theology of Catholicism-Anglicanism interwove debts into prevailing systems of status honor that maintained aristocratic boundaries for elites while forcing contenders into displays of sacrificial virtue. Calvinism-Puritanism sanctioned profit-seeking through rational assumption of risk in the credit system as a necessary ethicalduty to prove salvation. Pietism-Quakerism warranted a rational credit system as a communitarian means to foster pious enterprise and to ease the worldly burdens of believers. Free-Grace Evangelism encouraged the assumption of debt for get-rich-quick-ventures and speculative trading in the frothy credit markets of charismatic capitalism. Contemporary (global) capital has breached the geographic boundaries and moral vacuums that separated these economic theologies, engendering a monstrous accumulation of debt in hybridized form. Critical theories of economic theology reveal how debt and other forms of fictitious capital are supported by a complex, contradictory social imaginary whose dynamics generate openings for progressive change.</p>
dc.description.comments <p>This article is published as Krier, Daniel. 2017. “Debt, Value and Economic Theology.” Continental Thought & Theory, Vol.1(2): 252-268. Posted with permission.</p>
dc.format.mimetype application/pdf
dc.identifier archive/lib.dr.iastate.edu/soc_las_pubs/25/
dc.identifier.articleid 1024
dc.identifier.contextkey 11062612
dc.identifier.s3bucket isulib-bepress-aws-west
dc.identifier.submissionpath soc_las_pubs/25
dc.identifier.uri https://dr.lib.iastate.edu/handle/20.500.12876/89240
dc.language.iso en
dc.source.bitstream archive/lib.dr.iastate.edu/soc_las_pubs/25/2017_Krier_DebtValue.pdf|||Fri Jan 14 22:56:35 UTC 2022
dc.subject.disciplines Business Law, Public Responsibility, and Ethics
dc.subject.disciplines Economic Theory
dc.subject.disciplines Educational Sociology
dc.subject.disciplines Ethics in Religion
dc.subject.keywords economic theology
dc.subject.keywords economic ethics
dc.subject.keywords religion
dc.subject.keywords debt
dc.subject.keywords sacrifice
dc.subject.keywords asceticism
dc.subject.keywords speculation
dc.subject.keywords ideology
dc.title Debt, Value and Economic Theology
dc.type article
dc.type.genre article
dspace.entity.type Publication
relation.isAuthorOfPublication f3409543-0f8c-4ca5-9512-370966b432fe
relation.isOrgUnitOfPublication 84d83d09-42ff-424d-80f2-a35244368443
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