Michael Novak and the ‘crisis of capitalism’

"Jordan Ballor recently brought to my attention this remarkable passage from Michael Novak’s The Spirit of Democratic Capitalism, “Our moral and cultural traditions have not kept pace with our economic possibilities. We try to match new demands with a spiritual life not designed for them.”

What we think of as ‘democratic capitalism,’ and the economic and political theories which under-gird it, arose out of a tradition of moral and theological reflection on the institutions, ethics, and law of early modern Europe. The degree to which we are suffering a ‘crisis of capitalism’ despite increasing material prosperity is the degree to which we have become culturally estranged from the moral and theological tradition from which it was birthed."