Book Reviewed: Faith in Markets: Christian Capitalism in the Early American Republic by Joseph P. Slaughter

Private enterprise that shaped teachings of the church (Two stars) The author discusses the emerging American capitalism and the shaping American spirituality during 1800s. He highlights diverse paths Christians took amid rapid economic transformation, which focuses on three major groups that actively participated in this transformation; the Harmony Society, a socialist movement, founded by John George Rapp, a German pietist religious leader who promoted religious communal capitalism. They wanted to purify the marketplace by abolishing private property and emphasizing innovation in textile manufacturing, and in so doing articulated a brand of Christian communal capitalism. Their properties were not privately owned but held in common. The economic activity (agriculture, manufacturing, trade) was organized collectively., and the profit was reinvested for the good of the entire religious community. The second group consisted of Presbyterians who strove to reform the market, not through legislation or volunteerism, but through business enterprises. Their strain of Christian reform capitalism offered an alternative marketplace to the consumer who disavowed the seven-day workweek, the consumption of alcohol, or goods produced by enslaved population. Third, the urban Protestants who created and produced "virtuous" consumer goods. They were upwardly mobile Methodist publishers, the Harper publishers known for publishing moral and instructive works that aligned with Methodists values. They published Bibles and biblical literature at low cost so that middle class Americans could buy, read and get familiar with the Word of God, and apply its teachings in their lives. The author’s analysis has some serious shortcomings since it overlooks other groups like quakers, and the direct teachings of the New Testament about business. Quakers were among the earliest advocates for the emancipation of enslaved people. They believed in the spiritual equality of all people which led them to oppose slavery long before it became a widespread political movement. Quakers were known for honesty, fair dealing, and sobriety which helped them to find success in banking, and chocolate manufacturing in England, and Quaker Oats in the United States. They encouraged: plain living, integrity in contracts, avoidance of gambling and speculation, reinvestment of profits, and education and literacy that led to strong early capitalist economies. Jesus speaks of money, debt, wages, stewards, and merchants in the Gospels. The parable of Laborers in the Vineyard (Matthew 20:1–16), which illuminates a voluntary labor contract, allows clear consent, and the employers freedom over payment beyond the contract, and there is a moral obligation in the ownership that encourages generosity. “The love of money is the root of all evils” (1 Timothy 6:10) teaches, profit is acceptable, but greed leads to sin. This is not a light read but a serious academic monograph good for those interested in religious and economic history of America.