In April, the McDonald Centre gathered a limited group of investing and finance practitioners and theologians to consider the nature and purpose of investing from a Christian perspective.
Grounding this conversation was a shared conviction that investment is a matter of profound moral significance. Those gathered understood that the allocation of capital shapes not only economic and technological development, but also environmental futures, patterns of opportunity, forms of common life, and the hearts and minds of investors.
Diagnosing the present, the group discussed the present priorities of financial capital and practices of investment. Participants noted selected areas of growing moral sophistication and commitment amidst a predominantly demoralized investing industry, one predominantly ordered to the systematic pursuit of maximized returns. We noted the excitement over ESG (environmental, social, and environmental) investing in the late 2010s, an ultimately short-lived moment, that gave hope for an investing industry reoriented to common goods. However, in retrospect, and with a nod to Jesus’ teaching in Matthew on the wise and foolish builders, this challenge to the status quo was built on sand and so was easily swept away by countervailing movements.
Mapping the Christian landscape, those gathered noted pockets of development in the theology and practices of investing. Appreciation was registered for the thoughtful articulations and work reflected in Mensuram Bonam by the Pontifical Academy of Science and taking place in the Church of England’s Ethical Investment Advisory Group, the U.S. group Praxis, Church Investor’s Group, and FaithInvest, among others. Yet overall, a lament emerged on the lack of critical and consolidating dialogues – either in church, academic theological, or practitioner circles - effecting churches and Christians in the financial markets. That the bulk of Christian capital, worldwide, is allocated in accord with the techniques and priorities of contemporary finance was taken as an indication significant work remains.
The meeting closed by asking, ‘What is to be done?’ At this juncture, an opportunity emerged: the Christian church could lead the ethical investing movement by articulating a holistic and moral vision for investing and courageously exemplifying it, providing that firm foundation in Christ that is able to weather challenges. Noting the general acquiescence of the church to demoralized modes of investing, this opportunity took the form of a calling for decisive action.
In response to this call, the McDonald Centre is planning a new project, to be announced officially in the coming months.
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