When making a profit was immoral
By John Paul Rollert – Take the system of beliefs we commonly associate with capitalism. However familiar they might seem to us, if we date capitalism’s founding moment to the publication of Adam Smith’s The Wealth of Nations in 1776, the free-market nostrums that shape our views of business today are not even 250 years old.
In Religion and the Rise of Capitalism, a magnificent book that deserves to be better remembered, the English social critic and economic historian R. H. Tawney describes how the work of Catholic theologians in the late Middle Ages provided the “fundamental assumptions” that shaped Robert Keayne’s world and that capitalism’s proponents would later have to reinterpret, if not displace outright. Tawney said there were two central precepts that guided commercial activity: “that economic interests are subordinate to the real business of life, which is salvation, and that economic conduct is one aspect of personal conduct upon which, as on other parts of it, the rules of morality are binding.”
Taken together, these precepts are directly at odds with the central organizational assumption of capitalism, namely, that we should be guided by self-interest in commercial pursuits. more> https://goo.gl/72gRfL