Free Republic

Harvard economist Benjamin Friedman's book, 'Religion and the Rise of Capitalism,' provides an illuminating, if not always convincing, examination of how theology influenced modern economic thought.“One of the fundamental elements of the spirit of modern capitalism,” German sociologist Max Weber wrote in his landmark 1905 book, The Protestant Ethic and the Spirit of Capitalism, “of rational conduct on the basis of the idea of the calling, was born from the spirit of Christian asceticism.”Weber attributed the free-market success so prevalent amongst Protestant societies to its origins in Calvinist predestinarian theology: believers could never know for sure whether they had been...

Share prices went through the roof, speculation ran wild and money poured into ill-fated ventures before the boom turned, inevitably and catastrophically, to bust. After that financial crash in 1720, called the South Sea Bubble, the British government was forced to undertake a bailout that eventually left several million pounds of debt on its books. Almost three centuries later, Britons are still paying interest on a small part of that obligation. Now, prompted by record low interest rates, the British government is planning to pay off some of the debts it racked up over hundreds of years, dating as far...