I want to lift a few things that have been included in the links and draw them to your attention. Mark Meynell recently reviewed Carl Trueman’s Republocrat and this section on capitalism is worth considering, both Trueman’s quotes and Mark’s comments.

“Another key theme to the book is the danger of (especially the Christian Right) buying into the idea that Capitalism is the most theologically appropriate system. I don’t know many, if any, in the UK who have bought into this line – but it is clearly a big deal in the USA. And while he is pretty sure that there is no real viable alternative in a globalised world (some will no doubt dispute that – I’m not really in a position to argue either way), his case for a more nuanced and discerning approach is undeniably strong. Capitalism simply does not lead inevitably to the characteristics commonly identified as Christian virtue. This is because it presents many underlying challenges to virtue – here is my potted summary of his list (in pp71-77):

– Economic prosperity can never necessarily be identified with divine blessing.
– Capitalism requires a lack of contentment and degree of disaffection with the world in order to make it work. It also breeds a form of idolatry: “ascribing of divine power to things that in themselves do not possess such power, and, we might add, that can be done to systems such as capitalism just as easily as possessions such as golf clubs” (p74). Personal selfishness and acquisitiveness actually then morphs into a social virtue because you are upholding society and the system through your wallet (or credit).
– What we could call financial Pelagianism: “the problem is not simply the gospel of salvation by consumption that they preach; it is also the idea that I am in control of my own destiny, that I hold the answer to my problems, that this lies in the creaturely realm… It is a form of Pelagianism, built on the idea that I am my own god who can work the miracle of my own happiness by what I do with my cash” (p74)
– The fixation on rights of all kinds that a consumer mentality breeds (and this can be found on both Left (eg abortion rights) and Right (eg gun owners’ rights)) – and this is something that we see manifesting in church as well as society.
– The market inevitably determines values and virtues: “Where consumer is king, ultimately taste and profit margins will triumph” (p75)

In summary of this point, then, Trueman states:

Christians must realize that capitalism has brought great goods in its wake; but it is not an unmixed blessing, and some of the things about which Christians become most hot under the collar, from the reshaping of the family to the ease of access to abortion, are not unconnected to the system that they often admire with so little critical reflection. (p77)

Well said… It seems so obvious – but so rarely articulated – perhaps because we have too many vested interests…”

It’s helpful to appreciate the benefits that capitalism has brought but unlike say Wayne Grudem in this book I think it’s necessary to realise it is not all good and that we have consumerism because (at least in part) we have capitalism.