Religion and the Rise of Capitalism

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From a leading expert on economic policy, this work reassesses the foundations of modern economic thought by exploring the significant, yet previously unrecognized, influence of religion. Critics argue that belief in free markets resembles a form of religion; this book reveals that, historically, there is validity to that claim. Contrary to the view of economics as a purely secular product of the Enlightenment, the author illustrates how religion profoundly shaped economic thinking from the beginning. The transition in economic thought during the eighteenth century was heavily influenced by religious debates within the English-speaking Protestant world. Key beliefs about human nature, the afterlife, and life's purpose were central to the context in which Adam Smith and his contemporaries operated. The author examines how these religious discussions help explain the seemingly irrational economic behaviors and voting patterns of many citizens, which often contradict their economic interests. By shedding light on the interplay between religious and economic thinking and its lasting effects, the author offers critical insights into contemporary economic policy debates and suggests ways to develop more effective policies that benefit all citizens.