Journal of Markets & Morality

Journal of Markets & Morality

Volume 11, Number 2 • Fall 2008

This issue features the timely and challenging article, "Subprime Lending and Social Justice: A Biblical Perspective," by William C. Wood, professor of economics at James Madison University and director of JMU's Center for Economic Education. Prof. Wood notes that within the context of Christ's call to love our enemies as well as our neighbors, "Christians cannot be complacent about credit markets even if they appear to be economically efficient as voluntary transactions."

The concern for the poor and love of others that Wood observes particularly in the New Testament is also a major theme of the new Scholia translation. Wolfgang Musculus, a second-generation reformer and major biblical commentator of the early modern era, penned his commentary on the book of Psalms in 1551. Here for the first time is Musculus' full commentary on Psalm 15 translated into English in conjunction with the exegetically-related appendices on oaths and usury. With regard to the question of usury, in his introduction to the Scholia Jordan J. Ballor writes, "Musculus' reflections on usury in Psalm 15 are significant because they represent a stream of Protestant thought that largely has been ignored by economic historians." Musculus himself contends that lending at profit to the least among us "is not only condemned as inhuman by the laws of Christ but also by the laws of nature. For it is plainly inhuman to pursue a profit from the sweat and calamities of the poor."

Also in this issue:

• Robert F. Garnett Jr. on "Philanthropy, Markets, and Commercial Society: Beyond the Hayekian Impasse."
• Martin Calkins and Jonathan B. Wight consider "The Ethical Lacunae in Friedman's Concept of the Manager."
• Julio H. Cole also explores "Milton Friedman on Income Inequality."
• John Lunn and Vicki TenHaken pursue "Human Finitude and Specialized Production: A Christian-Realist Rationale for Business Enterprises."
• Guido Hülsmann investigates "The Production of Business Ethics."

The editorial by executive editor Stephen Grabill, "Hope Amid Financial Calamity," and article abstracts of current issues are freely available to nonsubscribers (you can sign up for a subscription here, including the very affordable electronic-only access option). And as per our "moving wall" policy of two issues, the most recent publicly-available archived issue is volume 10, number 2 (Fall 2007).

Note from the Editor:

After careful evaluation of the journal's past policy of unlimited access to both current and archived issues in light of a move to market the journal as an e-journal (as well as a print journal), it was determined that a sliding wall of restricted access to the two most current issues would be instituted. Effective immediately, nonsubscribers will continue to enjoy full access to all files in the archives but will have limited access to current issues of the journal. The exception to this rule is that all Scholia content requires a current subscription to the Journal. Subscribers, however, will continue to be able to access electronically the full content of current issues by typing a username and password at the login prompt. If you have any questions or would like futher information, please email webmaster@acton.org.

For more information about the electronic edition of the Journal of Markets & Morality, see Jordan J. Ballor, “Scholarship at the Crossroads: The Journal of Markets & Morality Case Study,” Journal of Scholarly Publishing 36, no. 3 (April 2005).

Journal of Markets & Morality is a peer-reviewed academic journal published twice a year–in the Spring and Fall. The journal promotes intellectual exploration of the relationship between economics and morality from both social science and theological perspectives. It seeks to bring together theologians, philosophers, economists, and other scholars for dialogue concerning the morality of the marketplace.