Raymaker and Whalon have written a book that falls in with a number of other studies I have been reading of late that negatively critique free market capitalism. All of these authors in one way or another argue that capitalism as it is practiced today needs an infusion of ethics or morality because the economic free market, which often includes the metaphor of the invisible hand or trickledown economics, does not work. Raymaker and Whalon go on to argue that an economics that posits the lone individual and his or her rational choice as the foundation to its approach is a myth because market capitalism with this kind of imagined foundation does not work and never did. As the authors argue repeatedly throughout their book, “we stress the need for a socio-ethical guidance to today’s economics” (p. 110).

Interestingly, they rely on the professional theologian Bernard Lonergan to support their arguments (I admit I was unaware Lonergan wrote systematically about the economy). Regardless, I found this book remarkable yet complicated. I have been reading several books of late on the economy and in reviewing each index and bibliography of these authors none mention Lonergan except Christine Firer Hinze (Radical Sufficiency, 2021) and minimally at that. Anthony Annett’s Cathonomics, an excellent book, does not mention him at all. Yet I believe Lonergan’s work and Raymaker and Whalon’s work would benefit other writers who focus on the link between religion and economics immensely, especially those reflecting on Catholic Social Teaching.

As for the contents of the book, there are four main parts: 1) Universal Values and Lonergan’s Transformation Horizon at the Heart of his Economics; 2) A Brief Annotated History of Economics; 3) Towards Correcting Inadequate Approaches to Economics: The Mediating-Creative Phase of Lonergan’s Method—The First Four Functional Specialties; 4) The Second Mediated-Healing Phase of Lonergqan’s Process Method. The Relevance of the Last Four Functional Specialties to Economics: Addressing the Harm Done to the Planet. Also, 11 appendices are included as well as a bibliography, and selected index.

A feature of this book I found most fascinating were the many summaries of other major works. These almost “literature reviews,” summarized not only theologians but philosophers, sociologists, anthropologists, economists, etc. If one needs a refresher on Adam Smith or Thomas Aquinas or Milton Friedman it is here in this book. If nothing else, then, this book is a wonderful resource in that it summarizes any number of arguments on the economy, morality, theology etc. For example, I have been reading the anthropologist David Graeber over the last several years and sure enough I came across a summary of his work (although his latest book with David Wengrow, The Dawn of Everything: A New History of Humanity , 2021, was not included). And then there are the footnotes that are a must read because they often explain more than the text itself. Given their importance, I was happy to find the footnotes located at the bottom of each page.

The text and footnotes expound on the historical and present day socio-economic conditions including pre- and post-pandemic conditions as well as the economic views of Trump and Biden. Most importantly, many footnotes expound on how our supposedly free market capitalism is negatively affecting our planet, our common home. Often, in discussing or common home (planet earth), the authors rely on Pope Francis and his writings that deal with the issue of global warming and our calling and duty to respond to save the planet. Of course, much of this negative impact has to do with economic inequality. As they write on page xx: “Today, fewer and fewer people control the world’s wealth. Oxfam International reported that in 2020, 153 billionaires in the world had more wealth than the 4.6 billion people making up 60 percent of the planet’s population. The 22 richest people in the world now have more wealth than all the women in Africa. Industrialists brag about how ‘capitalism’ has brought millions out of extreme poverty, which is true as far as it goes, but to go from surviving on $1.00 a day to $2.00 is not real progress. A majority of ‘boats’ has risen a little, but no boats have risen in proportion to the huge rising tide of wealth limited to the very rich. The present world situation is undoing even those modest gains of the very poor. There is also a large and growing class of people plagued with ‘negative wealth,’ more debt than assets—their assets being in illiquid real estate. They have to work harder to stay ahead of the debt collectors: they have poorer health and are more likely to suffer mental illnesses or addictions to drugs, alcohol and gambling. The rise of the new populist leaders promising quick fixes is directly connected to such misery” (pp. xx – xxi).

As a sociologist, I appreciated how the authors repeatedly debunk an individualistic view of economics in favor of a socio-cultural view as Lonergan himself did. For example, Lonergan advocates wisdom over rational choice means of assessing alternatives, for wisdom induces the value of what is best for the common good. The concept and reality of the common good was mentioned throughout this book and in the many other books I have been reading on this topic – all undermining the naïve perspective of the individual making her/his rational choices in a market economy.

Finally, I should mention that in order for their approach to work, various forms of conversion are necessary. Each type of conversion is explained. Particularly important is that the converted see and understand the importance of the common good or the economy will crumble.