Tag: The Victory of Reason
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Four Keys to Modern Prosperity: Technology & Infrastructure (Part 2)
Practical Impact To illustrate the impact of technological and infrastructure changes on daily life, imagine that the year is 1789, and you are living in Philadelphia. George Washington had just been elected president of the United States. You have always been one of George's biggest fans. He just dropped by your house and appointed you…
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Four Keys to Modern Prosperity: Technology & Infrastructure (Part 1)
Western Advances We have briefly reviewed three of William J. Bernstein's four factors that led to today's unprecedented prosperity: property rights, scientific rationalism, and capital markets. Bernstein refers to the fourth factor as "power, transportation, and light." I'm simply referring to this as "technology and infrastructure." (1) Not every technological innovation that contributed to Europe's…
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Four Keys to Modern Prosperity: Capital Markets (Part 2)
Renaissance to Enlightenment Most of Europe was a collection of feudal agrarian societies before the Renaissance. Serfs paid rent to a lord for the use of land. That lord paid rent to a higher lord, who paid rent to a King. Lack of clear title for land ownership made exchanges in real estate very difficult.…
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Four Keys to Modern Prosperity: Capital Markets (Part 1)
CAPITAL MARKETS Throughout most of human history, there have been two major factors in economic survival: Land and labor. These are referred to in economics as means of production. The overwhelming majority of people throughout history have spent their lives growing crops and raising livestock to provide for their own needs. As recently as 1885,…
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Four Keys to Modern Prosperity: Scientific Rationalism
Scientific Rationalism “Thou has ordered all things in measure and number and weight.” (Wisdom of Solomon 11:20) The second factor that led to unprecedented prosperity, according to William J. Bernstein, is reason, specifically science. (1) While I agree with Bernstein about the centrality of reason to the expansion of prosperity, I differ with him on…
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Prosperity: “Your Kingdom Come…”
"Your Kingdom come, your will be done, on earth as it is in heaven." Christians across the continents and the ages have continually prayed these words Jesus taught his disciples. They are central to the life and mission of the Church. But there are two important implications of this prayer. First, these words are an…
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“The Victory of Reason” Book Review
We all know how capitalism came to be. Thrifty Reformed Protestants planted seeds in the Sixteenth Century. The much-touted "Protestant Work Ethic" sanctioned hard work, frugality, and wise investment. As these thrifty Protestants became successful and the secularizing effects of the Enlightenment took place, capitalism began to enter full bloom. This thesis has been taught…