The Market as God

Over 50 years ago, Cox anticipated the cultural turn away from religion and toward secularism in his classic work, The Secular City (1965). In this exceptional book, he now turns his attention to economics and theology. In 2013, Pope Francis remarked in Evangelii Gaudium that the environment stands defenseless against a "deified market." With typical brilliance, Cox takes up the pope's words and examines in sparkling detail the features of the market as a religion. "The diviners and seers of The Market's methods are the financial consultants and CEOs of major investment houses," he writes. Like God, the market is seen as omniscient; through its diverse set of marketing tools, it searches our every desire and develops products to satisfy them. God's purpose (according to Cox) in knowing the desires of our hearts is to make us capable of love of God and others; the market's "purpose is to multiply sales." The market also operates according to a liturgical year: Black Friday, Christmas, Mother's Day. Cox is also quick to point out that banks mimic some contemporary megachurches: "The Market's edifices can also reflect those of religious culture." The church can be restored, he argues, through a process of democratization and dismantling the temples of the market. Cox's book is both timely and provocative. (Sept.)