Hi there ,i wish to obtain the previous essays
regards
----- Original Message -----
From: mckeever <[log in to unmask]>
To: <[log in to unmask]>
Sent: Friday, September 08, 2000 11:44 PM
Subject: Moral Economics - 9
> NINTH MESSAGE 9-8-00
>
> Moral Economics - Essays On The Relation of Economic Theory to the Moral
> Perspective in POVERTY AND DEVELOPMENT: AN INTER-FAITH PERSPECTIVE.
> [www.wfdd.org.uk/]
>
> This is the ninth of an occasional series of short essays about how
economic
> theory interacts with a moral perspective. Readers are invited to discuss
> and to re-post widely, but please quote the source.
>
> [Note: This message adds several people to the distribution list. If you
> wish your name removed from the list, contact me privately and I will
remove
> you. Alternatively, if you wish to obtain the previous essays I will send
> you a file.]
>
> THREE APPROACHES TO POVERTY:
>
> The previous, seventh and eighth essays discussed two approaches to
poverty,
> namely immediate alleviation and self-reliance and "empowerment. This
essay
> discusses a third approach to poverty.
>
> THIRD APPROACH: LINKS BETWEEN WEALTH AND POVERTY
>
> "All religions would see the extreme material poverty in the world today
as
> a moral indictment to contemporary humanity and a breach of trust within
the
> human family...There is no religion in the world which does not condemn
the
> hoarding of riches by some, while others live in misery, particularly
> because of the causal relationship between the two conditions." [POVERTY
AND
> DEVELOPMENT: AN INTER-FAITH PERSPECTIVE, para 3.3.1]
>
> ECONOMIC THEORY SUPPORTS INEQUALITY
>
> Modern economic theory counterpoises to this clear statement a theory that
> accumulating wealth is not sinful because wealth accumulation creates
> capital, which is then used to create jobs. Since jobs and wealth can be
> created and are therefore expandable, it is not the case necessarily that
> one person's riches come at the expense of another person.
>
> Further, economic theory teaches that a society's material well-being will
> be maximized when the marginal monetary value of all goods and services is
> equalized. This construction ignores personal or societal values with no
> monetary component and it places undue influence in the hands of people
with
> disposable income.
>
> VALIDITY OF ECONOMIC THEORY VS. FAITH BELIEFS
>
> This conflict is at the heart of the difficulty in reconciling economic
> theory with a moral perspective.
>
> History argues in favor of the faith position - religious beliefs have
been
> in existence far longer than economic theory.
>
> Also, economists recognize market failures as a part of economic practice;
> the biggest market failure today is the market's predilection to create or
> exacerbate income and wealth inequalities. This can be seen in the results
> of globalization wherein many of the world's poor live in material misery
> while a relatively few amass vast wealth.
>
> Further, the moral perspective states that amassing riches "while others
> live in misery' is immoral. If it were possible to amass wealth while
others
> lived in relative ease, perhaps it would be moral to do so; however,
history
> to date does not encourage this position.
>
> INCOME REDISTRIBUTION REQUIRED - STATUS QUO MUST CHANGE
>
> "The faith communities are convinced that a more equitable distribution of
> the world's wealth is needed for an effective reduction of poverty."
> [POVERTY AND DEVELOPMENT: AN INTER-FAITH PERSPECTIVE, para 3.3.1]
>
> "Much poverty exists because current development processes often bypass
the
> poorest people...The Roman Catholic Church, for example, teaches that
> private ownership of property is subject to social responsibility. This
> means there must be a change of lifestyle among the rich, and changes in
the
> models of production and consumption, as well as in the established power
> structures that govern society today." [POVERTY AND DEVELOPMENT: AN
> INTER-FAITH PERSPECTIVE, para 3.3.3]
>
> ECONOMIC THEORY SUPPORTS STATUS QUO
>
> Much of current economic theory supports the established institutions in
> today's world. In order for an alleviation of poverty, alternative
economic
> theories must be examined and taught. Economic teaching today is in
turmoil
> as proponents of the established power structure seek to eliminate
> alternative viewpoints; in some cases, going so far as to purge history of
> economic thought from universities lest students learn of alternatives.
>
> A moral economist will search for viable alternative theories, which can
> include a moral component.
>
> INTERNATIONAL AID
>
> "Only when those with most power are able to view the whole of humankind
as
> a family will the full horror of allowing so many to perish while others
are
> overwhelmed by a surfeit become clear. However, it is not only a question
of
> morality, but of practical interdependence. Globalization is surely
teaching
> us that none will survive unless peace, based on international, as well as
> national, social justice becomes the aim of development" [POVERTY AND
> DEVELOPMENT: AN INTER-FAITH PERSPECTIVE, par 3.3.3]
>
> Morally effective international aid will address the issues of top-down
> structures, invalid priorities and corruption. At the very least, complete
> debt relief will enable governments to spend hard earned foreign
currencies
> on medicines and education instead of repaying old debts to international
> bankers.
>
>
>
> Michael Pierce McKeever, Sr.
>
> Economics Instructor, Vista Community College, Berkeley, CA
> MIEPA URL: http://www.mkeever.com/
> Corp Ethics List: http://www.egroups.com/group/corp-ethics/
>
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