The Bottom Line

Understanding, or even caring about, economics has been one of my abiding weaknesses. I suppose growing up poor, excess money was a foreign concept—at least on a quotidian basis—the possibility of acquiring much of it remote. The poor know their place. Still, I was intrigued by Scott W. Gustafson’s At the Altar of Wall Street: The Rituals, Myths, Theologies, Sacraments, and Mission of the Religion Known as the Modern Global Economy. It has turned out to be one of those very important books that could be world-changing, if enough people read it. The basic idea is simple enough: Economics is a religion. Immediately many people will put the book down. Economics may be the dismal science, but at least it’s a science, right? Not so. Not completely. While economics uses scientific principles (as does theology), it is a belief system based on an underlying myth that has pushed us to the place where the rich are far too rich and we’re convinced that the plight of the poor is simply a reality with which we must live. It’s all based on a myth of barter.

There are places I quibble with Gustafson, but he makes a very compelling case that the Global Economy, through a series of historically discernible steps, has come to be money making money for money’s sake. As he clearly demonstrates, developments in stock trading have made this an enterprise where people are completely left out of the equation and understanding what has happened impossible. As long as money has been made, the Economy is happy. This way of thinking, which is de rigueur for business schools and presidential wannabes, believes with the conviction of an evangelical that as long as money circulates everything will be fine. Those who believe this walk down Fifth Avenue with blinders on.

Step by step Gustafson demonstrates that Economics has all the trappings of any religion: a priesthood, mythology, rites and rituals, and an overarching theology. And this belief structure, like that of many religions, persecutes heretics. Indeed, human sacrifice is an innate part of this religion called Economy. It has sent missionaries out to the far reaches of the world to convert other ways of living to that of the Global Economy. And in this religion, it is safe to say, those who make it to Heaven are remarkably few. This book does offer potential solutions. They are solutions the wealthy and powerful will not like, so they are probably not going to be enacted any time soon, if at all. So while the rest of us are standing in line at the soup kitchen, I would suggest some reading that will make far more sense than you think it might. At the Altar of Wall Street could change the world for the better, if the Economy allows it.