Faith and economy
Article Type: Editorial From: Competitiveness Review: An International Business Journal, Volume 19, Issue 2
Since Max Weber’s treaties on the Protestant ethic, the issues of faith and economic growth, and the role of religion in economic development have attained ever-increasing popularity. In the last three decades, there has been an increasing interest in the subject of faith in the workplace and society in general. In fact, researchers have underscored the importance of spirituality as a core component of faith in organizational life and enthusiastically pursued the possibility of a close link between spirituality and the existence of a disciplined and productive workforce.
These developments, however, are integral part of researchers’ endless attempts to find thoughtful insights into the nature of organizational work and new avenues to improve productivity and quality. The recent economic meltdown and increasing financial turmoil have induced people across economic fields and professions to look for an answer to their calamity in their respective faiths. Whether this trend represents a profound change in people’s outlook or just a mere mechanism to cope with and reduce pressing uncertainty is a matter for debate. Fortune Magazine (2008) reported that St Bartholomew’s Episcopal Church in New York City, within a few blocks from Bank of America,UBS, and former Bear Stearns, started an ongoing eight-week refresher course on faith, using images from the destruction and loss on Wall Street as a draw. The magazine indicated that attendance at Churches on Wall Street has dramatically increased; stating that at the Trinity Church attendance at its lunchtime services has “tripled since the summer, with more people in suits showing up”.
Similarly, the Jewish Forward reported (Weiss, 2008) that attendance at synagogues has experienced a sudden jump with many people worrying about their jobs and their wellbeing. It states:
For Temple Israel and several other synagogues in the New York metropolitan area, the latest crises on Wall Street have infiltrated their halls. These synagogues draw significant numbers of members from the financial sector,including the very financial companies that have made headlines in recent weeks[…]. In response, many rabbis and synagogue directors are scrambling for ways to speak directly to their members.
The most interesting stories, however, were reported on the front page of the Wall Street Journal (WSJ). On November 21, 2008, the journal showed a picture of retired United Auto Workers’ members offering a prayer for the economy. On December 8, 2008, the journal printed a picture of a Bishop holding a special service Sunday calling for people to pray for US auto makers. While the Fortune and Forward focused on attendance and individuals who were seeking comfort in the face of financial hardship, the WSJpresented a case where communities, including retired union members, were collectively praying for the health of the economy or the three major auto makers. Despite the similarities in these stories, the WSJ’s reports are unique in their emphasis on the collective concerns that the depth of the economic problem cannot be addressed by relying solely on economic calculations and on market-based judgments. Rather, there is a need to draw on spiritual reservoirs for judgment, wisdom, and far reaching comprehensive solutions in a time where the unfolding disaster is engulfing the poor and rich,young and old, individuals and firms, and small and big countries.
There are those who might claim that the cling to faith is a manifestation of fatalism and the rise of anxiety, fear, and gloominess. But, this may not be an accurate conclusion. Faith, irrespective of its content or nature, is an important component of life. Mankind’s experience across centuries demonstrates that when individuals, groups, or communities internalize faith,they have a better chance to overcome calamity, be in charge of their destiny,and leap forward. Indeed, the economic progress and achievements that particular groups and societies have accomplished throughout history are linked in various ways to their dedication and commitment to faith. For example, there are many scholars, who attributed early economic progress in the USA to the traditions and sentiments of the Puritans. In fact, Hall (1998, p. 101) argues that “the rationales and methods of bureaucratic and corporate organization actually emerged from the domain of religion and spread from there to economic,political, and social institutions.” Similarly, Huntington (2004) asserts that the first Christians shaped American national culture, including its economic and political system.
While the proceeding discussion highlighted the positive aspects, in terms of economic development and achievement, misinterpretation of faith and using it to serve political aims could lead to disasters and catastrophes. Nevertheless, one should not discount the power of the intrinsic aspects of faith and its role in ensuring cohesiveness, commitment, vision, and direction. In fact, in terms of economic affairs, faith plays a pivotal role in enhancing commitment, avoidance of corruption and fraudulent activities, and complement market mechanism with the needed sensitivity and concerns for the disadvantages members in the marketplace.
Whether in a state of economic crisis, normalcy, or growth, faith is a factor which has a far reaching impact. This is because faith strengthens work discipline, revitalizes hope and confidence, and sets the stage for guarding society’s broader interests through inclusiveness, transparency, and responsible dealing in the marketplace. Industrial psychologists and organizational behavior experts have underscored the necessity of discipline in meeting deadlines, exerting efforts, and improving quality and productivity. But, it is during economic crisis that discipline is needed more than ever. Faith offers inner security and confidence which more likely to enable people to act responsibly and prudently.
Like discipline, hope enables people to work intelligently and set challenging goals. Most importantly, hope combined with confidence produces a rare organizational or workplace quality-content. People who are content display selflessness and seek orderly achievement. They know their capabilities and potential and they act accordingly. Since they are driven by organizational goals which are anchored on perceived societal interests, they tend to critically think things out and develop workable and satisfactory solutions to what otherwise appear to be complex problems. Hope, in this case, not only ensures realism but also reinforces responsible and courageous economic involvement.
At the workplace, faith provides intrinsic mechanisms that guard against any disregard for societal welfare, organizational survival and growth, and unbridled pursuit of material gains and profits. People with faith understand market shortcomings and that blind faith in the market mechanism and unrestrained CEOs’ reigns can lead to fraudulent practices and disastrous outcomes.
Faith, therefore, enables people to map possibilities and realistically deal with unfolding difficulties. That is, faith makes it possible for those at work and at the helm of authority to be in tune with societal trends and needs and not seek narrow goals at the expense of the well-being of the world community and existing circumstances. Whether or not there is an economic crisis, faith is a potent factor in facilitating navigating untested terrains and strengthening economic judgment.
Abbas J. Ali
