Abstract
One of the most formidable socio-economic challenges which Christian communities are facing today is the growing dominance of neoliberalism. From wheat fields in Brazil to Wall Street in New York City, neoliberalism is marching on everywhere with its massive credit (or credit money). The purpose of this paper is to address a key structural injustice of neoliberalism—the deepening colonization of “social capital” by “financial capital.” Since the 1980s, a new economic process known as “financialization” has structurally changed the global economic system entailing an extreme income and wealth gap between the haves and the have nots. It has also rendered a countless number of ordinary people vulnerable to various types of debt entrapment while destroying the environment on a global scale. Behind all these forms of social and natural disintegration lies a crucial neoliberal apparatus fueled by credit. This paper engages in such problems by attempting to reconnect the lost link between social capital and financial capital. In doing so, it first analyzes the genealogical origin of the separation between financial capital and social capital. The author then comes up with ethical principles to re-anchor financial capital in social capital through a critical and interdisciplinary exploration.
Highlights
Without a doubt, one of the most formidable socio-economic challenges which Christian communities are facing today is the growing dominance of neoliberalism
A Brief History of Neoliberalism, David Harvey describes the concept of neoliberalism as follows: “Neoliberalism is in the first instance a theory of political economic practices that proposes that human well-being can best be advanced by liberating individual entrepreneurial freedoms and skills within an institutional framework characterized by strong private property rights, free markets, and free trade” (Harvey 2007, p. 2)
The purpose of this paper is to address one of the key structural injustices of our world—the deepening colonization of “social capital” by rising “financial capital”—which is pervasively undergoing in many parts of the world
Summary
One of the most formidable socio-economic challenges which Christian communities are facing today is the growing dominance of neoliberalism. According to Piketty, since the late 1970s, wealth (not income) has been increasingly reasserting itself, reminiscing about the unequal socio-economic situations of the eighteenth- and nineteenth-century western European society. He writes, “from 1977 to 2007, we find that the richest 10 percent appropriated three-quarter of the growth. Since the 1980s, a new economic process known as financialization has structurally changed the global economic system entailing extreme income and wealth discrepancies It has rendered a countless number of ordinary people vulnerable to various forms of debt entrapment while destroying the environment on a global scale. An ethics of credit is possible when we begin to see that credit is not a mere obverse of debt, but a form of societal gift whose purpose is to increase financial capital and to enhance social capital without thereby discriminating or denying anyone who is eligible to access to it
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