Economy of Grace, Kathryn Tanner Term Paper

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In addition, many assume that a capitalist free-market economy requires competition. However, Tanner posits that competition is not a necessary part of capitalism. She believes that the capitalist ideal is that of a "mutually beneficial competitive equilibrium." (Tanner, p. 106). At the very least, she posits that capitalism requires some level of non-competition, because the players in an economy have an incentive to avoid mutually destructive downward spirals. (Tanner, p. 106). A practical example cited by Tanner is that of paying workers more than a minimum or subsistence wage. She points out that while, theoretically, paying such a wage would maximize profits, it would ultimately damage the economy by making it impossible for the workforce to do two things that are essential to a sustainable economy: reproduce more workers and consume goods.

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(Tanner, p.106).

Although it seems unlikely that the world will ever wholly embrace a theological economy, there are some promising signs that indicate that capitalism has been influenced by the principals of a theological economy. In fact, in wealthy countries, like the United States, there appears to a correlation between affluence and social conscience, where the more affluent people are, the more likely that they are to demand that their goods are produced in a conscientious and ethical manner. As a result, while it is unlikely that capitalism will ever be replaced by a theological economy, the global economy may become more compassionate, and those changes may be institutionalized to ensure that it remains that way.

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