Michael Novak’s 1982 book The Spirit of Democratic Capitalism
makes an essential contribution to the study of the
theology and philosophy of economics. Novak
discusses the crucial need for a philosophy of democratic
capitalism: a combination of markets, democracy, and
culture. Many fascinating questions are discussed in the book,
such as 1) how did Spain and Portugal misunderstand the
nature of economics, causing them to fall from being
some of the richest countries in Europe to becoming
some of the poorest? 2) how did North and South America
develop along such different economic trajectories (noting
that South America was the place richer in natural
resources)? 3) why would economic growth in developed nations
be blamed for the poverty of poorer nations, since the poverty
was there long before the growth happened?
Novak says (page 85):
“(Democratic capitalism’s) political economy is not
designed for saints. Whereas socialists frequently promise,
under their coercive system, ‘a new socialist man’ of a virtuous
sort the world has never seen before, democratic capitalism …
promises no such thing. Its political economy, while
depending on a high degree of civic virtue in its citizens,
(and upon an especially potent moral-cultural system separated
from the state) is designed for sinners. That is,
for humans as they are.”
Also worth noting is the intellectual journey
Novak took, from his early days studying to be a
catholic priest to the development over time of
his thoughts on political economy.
I had the opportunity to meet Novak when he spoke
at Seattle Pacific University in 1984.
He died last week at age 83.
……………..
–Douglas Downing
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