008 Money Part 2: The Morality of Money

Sunday Letters

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In our latest episode of The Sunday Letters Journal podcast, and I delved into the complex topic of the morality of money. This discussion is not just about the practicalities of economics but rather about the more profound moral questions that underpin our financial systems, our relationship with one another, and our sense of humanity and everyday existence.

The discussion begins by reflecting on the importance of money in our society. It’s impossible to talk about work without mentioning money because we’ve collectively decided that money is essential to our way of life. We dedicate a significant portion of our lives to work, often at the expense of truly living. The question arises then: why do we work? What is the purpose of work? Can we survive without effectively working as waged slaves for the best part of our lives? This leads us to the fundamental question of what it means to be moral in the context of making and spending money.

We both have been reading David Graeber’s “Debt: The First 5,000 Years”, which provides a substantial historical backdrop to our conversation. One of the core ideas we discussed is the concept of morality itself. Dmitri explained that morality involves a set of rules or principles that govern behaviour, and these principles can be understood through different philosophical lenses, such as deontology and utilitarianism. Deontology, as championed by Immanuel Kant, posits that there are universal moral laws that apply to everyone, regardless of the consequences. In contrast, utilitarianism, or consequentialism, suggests that the morality of an action is determined by its outcomes, specifically whether it maximises happiness or utility for the greatest number of people.

As we delved deeper, we touched on the historical perspectives of morality and money, drawing on the ideas of ancient philosophers like Plato and Aristotle. Plato condemned the pursuit of money, believing it corrupted the soul by allowing desires to override reason. While also critical of the excessive pursuit of wealth, Aristotle introduced the concepts of use value and exchange value. He argued that goods should be produced primarily for their use value – to meet genuine needs – rather than for exchange value – merely to generate profit. This distinction remains relevant today as we grapple with the implications of producing goods and services primarily for profit and the satisfaction of base-level desires.

Our conversation then shifted to the role of religion in shaping moral views on money. In medieval Europe, the early church maintained a stance against commerce, just as perhaps Aristotle did, viewing profit as inherently deceitful and corrupting. However, as time progressed, the church’s position softened, recognising the necessity of trade for societal functioning. This transition highlights the evolving nature of moral perspectives on money, influenced by changing economic realities. Or it was perhaps due to the church’s increasing ties to wealth and political systems.

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References

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