I think we all know what a false god the stock market has turned out to be. Not that investments are always a bad thing, but the market should never be confused with God. “Every one of us is,” warned Calvin, “even from his mother’s womb, a master craftsman of idols.”<\/p>\n
But Calvin was not opposed to capitalism. He eliminated the medieval prohibition against interest and allowed people to earn a fair return on their investments. By calling for Christians to live frugal, disciplined and simple lives, he helped foster savings \u201d\u201d a message that is once again resonating today.<\/p>\n
In addition, he encouraged people to seek the public good in their economic lives, not just private gains. “For Calvin the greatest theft is perpetrated by legal contracts and transactions, not by explicitly criminal behavior,” says Randall Zachman, professor of Reformation Studies at the University of Notre Dame. Calvin thought that “it is the duty of every citizen to speak out when they see that unjust laws are causing their neighbors to be oppressed and robbed ‘legally.’ ”<\/p>\n
Clearly, Calvin would not have been opposed to increased regulation of the banks and brokerage firms that have caused financial ruin for so many.<\/p>\n