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Creed
Economics
Seven Deadly Sins
Sin
6 min read

Greed: “No, I’ll never have enough”

In the third of a series on the Seven Deadly Sins, Jane Williams highlights how Greed destroys both individuals and societies.

Jane Williams is the McDonald Professor in Christian Theology at St Mellitus College.

Piles of money

In the old Humphrey Bogart film, Key Largo, the villain, played with a vicious childishness by Edward G. Robinson, is asked by Bogie what he wants. Rocco, Robinson’s character, thinks for a bit and then says that what Rocco wants is MORE!  ‘Will you ever have enough?’, Bogie asks, and Robinson thinks about it for a moment before replying, ‘I never have so far. No, I’ll never have enough’. 

That is Greed, in a vivid nutshell. Rocco doesn’t want anything particular, and he doesn’t value anything in itself; he just has a vast, unspecific, insatiable desire for anything and everything, particularly if it belongs to someone else. 

Rapacious greed does not love what it desires; it is driven to possess; it does not value what it has. 

Greed, like all the Seven Deadly Sins, is a ‘capital’ or ‘cardinal’ sin, meaning it is a disposition from which destructive, abusive actions flow. Having this over-mastering tendency to Greed makes us act in a whole variety of ways that are damaging and abusive to others and to ourselves. Greed leads to a variety of ‘sins’. Rapacious greed does not love what it desires; it is driven to possess; it does not value what it has, because while there is ‘more’ out there somewhere, greed must have it. It does not care what or whom it attacks or destroys: anything that stands in its way must be obliterated. It does not want to admire or use what it seeks, it merely needs to possess it, and the moment the sought after thing is achieved, all-consuming greed moves onto the next thing, always seeking ‘more’, always despising what it has, as not enough. 

Greed is destructive both on the personal front and also as it shapes societies. Individuals ruled by greed cannot maintain love or friendship or loyalty: their eyes are always on the next thing, always hungry for what they have not got. They leave behind them, without a backward glance, hurt and broken friends, family, colleagues, jobs. And if the fallout is clear for all the people around someone driven by greed, it is also obvious that it destroys the greedy, too.  

Overpowering greed empties even the greedy of worth; they can never be successful, because they do not have what they want – everything. 

Nothing can ever satisfy someone consumed by greed; there is no rest, no peace, no pleasure, because the world is full of things still to be grabbed at.  Jesus is quoted as having said, ‘Where your treasure is, that’s where your heart will be’. It’s a warning to beware of what you long for, because we are so powerfully shaped by our desires. But if all Greed longs for is ‘more’, then, in the end, the greedy person or society has no heart at all. It is shaped only by a drive for possession, opening up a vast and echoing emptiness where an actual longed-for being or thing should live. Overpowering greed empties even the greedy of worth; they can never be successful, because they do not have what they want – everything.  

It is obvious how Greed is deadly for individuals, but it is also deadly when it becomes a motivating force for society at large. The media have recently been talking again about ‘greedflation’. The theory behind the term is much debated, but the word itself is instantly memorable. Institutions that are governed primarily by the need for ‘more’ drive an insatiable economy, always needing more consumers, more profit, more rewards. Dissatisfaction and envy are the necessary tools of a society, an economy, of Greed. Individuals and groups that try to opt out of this out-of-control consumerism are viewed as a threat, and must be diminished, dismissed, cast out. It is dangerous in such a society ever to ask, ‘Do we really need more?’ That is the Emperor’s New Clothes question, which must be avoided at all costs. Surveys that ask people at different income levels whether they feel that they have enough nearly always find that everyone would like just a little bit more. Everyone would like to be at the next level up of income and possessions; but if they achieve that next level, then, strangely, they find that it is actually the level above that that really want.  

Contentment lays an axe to the roots of Greed. It allows us to see what we have and value it.

The World Happiness Report, which has been regularly updated for the last 10 years, works with a complex set of definitions of what makes for happiness, for individuals and for societies. Finland regularly tops the chart of Happiest Countries in the world, which Finns find a bit puzzling, apparently. They don’t see themselves as cheerful, jolly people, but they do speak of a national characteristic that might be described as contentment. Contentment lays an axe to the roots of Greed. It allows us to see what we have and value it, rather than despising it because there are things we do not have. 

One of the values that The World Happiness Report notes as making for greater happiness is altruism – doing good and receiving goodness from others makes both parties happier. The Christian tradition has known this for a long time. Cardinal Sins have their opposing Cardinal Virtues, dispositions that we can cultivate to help us to free ourselves from enslaving habits, like Greed. ‘Charity’ is the Cardinal Virtue that undermines the sin of Greed. When we give to others from our own resources, of time, money, attention, care, prayer, help of any kind, we begin to loosen the deadly grip of insatiable Greed upon ourselves and our world. Greed can’t live alongside Charity, or altruism; charity sees real people and situations in need, and supplies what it can from its own resources; Greed sees only more and more objects to be acquired, never able to see what it already has, never able to share or be content. 

Deadly Sins lead to behaviour that makes for misery, both for those driven by them, and for those on the receiving end of them. That is why they are called ‘deadly’. They are not just a bit naughty; they are actively destructive of human flourishing, both personal and communal. There is so much in our society that positively encourages Greed, the reckless desire for More, which can never be satisfied. But there are ways of combatting this most pernicious of habits.  

One is the practice of gratitude: instead of thinking about what we haven’t got, or would like to have, or what someone else has, we can think of what we have got, and think of it as gift, something to say thank you for. It’s a good habit to build into every day, perhaps as we go to bed, taking just a few minutes to think about the good things that have come to us that day: a child’s smile, a gleam of sunshine, a hug from a friend or partner, a delicious piece of bread; everyday things that we can take for granted, in which case they go unnoticed; or we can see that they are  gifts to be grateful for, which enlarge our spirit and our wellbeing. Gratitude is a virtuous circle: it is lovely to be on the receiving end of gratitude, as well as to practice being grateful. And gratitude often leads to another excellent practice for undermining Greed, which is charity, or altruism. If we are learning how to say thank you for what we have, we may also want to share what we now notice that we have. If we’ve given the gift of gratitude, and seen how it makes us and the receiver feel, we may want to extend that further and further. Worth a try? 

Interview
Culture
Economics
S&U interviews
5 min read

Can the economy work for the common good?

Adrian Pabst on the economic framework that is universal yet particular about people.
A man talks animatedly looking at the camera while sitting against a wood panelled wall.
Fondazione Centesimus Annus Pro Pontefice.

Adrian Pabst is Professor of Politics at the University of Kent, and deputy director at The National Institute of Economic and Social Research. His lecture on Just Economy? Catholic Social Thought, Mutualism and Roads Not Yet Taken, was a highlight of the Lincoln Lectures series, organised by Together for the Common Good. Financial markets journalist Laurence Fletcher talks with him to discover more about his thinking.

 

There is no shortage of commentators ready to point out the apparent deficiencies in the UK’s economy. Widespread in-work poverty, poor productivity growth, regional inequality and a perceived reluctance among employers to train up British workers are just some of the accusations that can be levelled. 

But finding realistic, workable solutions is more difficult, as successive governments have found. Is the answer to be found in having higher levels of tax and government spending, or lower? Should governments be intervening more, or give more room for free markets to work? With a general election on the horizon, and with issues of economic growth, government spending and taxation likely to feature prominently, such questions are particularly pertinent. 

Offering one alternative way of tackling the problem is Professor Adrian Pabst, a political scientist at the University of Kent, who is an expert on so-called Catholic Social Thought. This approach, which was developed in the 19th century and draws from the Bible, focuses on the dignity of the individual, care for others and the common good, with the aims of social renewal. It provides a framework for thinking about big topics such as international relations, the economy and the environment, and Pabst believes it has much to say about our economy today. 

Catholic Social Thought “is very particular. It always speaks to the moment. And it’s highly universal because of it,” he said in a recent interview. “This is what the world is like and this is how we must act.” 

Pabst rejects both the idea that everything is fine with our economy (“mythical stories about things working”) and the belief that “everything going to hell in a handcart”. 

Instead, his approach is to look at some of the apparent contradictions in our economy - strengths alongside related weaknesses. For instance, how can a country be rich but have poor citizens, or have a very high output of goods and services while many people do not partake in them? Or how can many people have become worse off in recent years, even though wages are growing? Or how can the UK boast an “incredible” City of London that is one of the world’s top financial centres, yet have people without access to capital? 

“We have to be realistic about where we are - a low wage, low growth, low productivity economy. We can pay people higher wages over time if we increase productivity. That comes from investment,” he said. 

Free markets have at times been heralded as either the answer to all our problems by some on the political right, or the cause of so much misery by some on the left. But Pabst’s approach is more nuanced. Markets should not simply be “the engine for ever-greater inequality”. But, crucially, they are not inherently bad in and of themselves, and often the problem is instead down to a market being stacked in one side’s favour.  

“Markets are not one thing,” he said. “They are an outcome of ownership, regulation… There is not a problem with markets per se, but it’s the wrong regulation, ownership concentrated in a very few people. 

“There are lots of things we can do much better. But if we replace the market with the state, we’d just be doing [communism] and ultimately we’d be poorer,” he added. “The question is, are we putting society first?”  

(As an aside, he also takes a more nuanced view on former Prime Minister Margaret Thatcher, who he believes brought both positives and negatives). 

Big tech firms are “oligarchies accountable to no-one. It’s simply not a tenable position. They’re like media companies yet they’re not subject to media laws… We’ve allowed them to build private infrastructures. It needs to be tackled.”

So what would Pabst actually change? 

For starters, he believes that too much capital is directed towards the wrong purpose, namely financial speculation. While some would argue that speculation plays an important role in the economy, for instance in price discovery in markets or in taking the other side of the trade, say for farmers who want to hedge crop prices, Pabst is keen to see the economy produce “goods and services that have real worth”. Significantly for how society is structured today, he argues that we do not need “a class that lives off assets at the expense of everyone else”. 

Other areas also need to change, he believes. Loopholes should be closed to make it harder for companies to use agency workers rather than employing people. Trade unions need to be encouraged and improved. A national investment bank, grouping together the existing, disparate pots of money, could direct capital to sectors and regions where it is needed. As is already the case in Germany, companies and society would both benefit from having employees on their boards. 

More economic decisions can be devolved from national government to a local level, but challenges such as climate change or regulating the big, powerful technology companies - which he describes as “modern day plutocracies” - should be tackled at a higher level. 

Big tech firms are “oligarchies accountable to no-one”, he said. “It’s simply not a tenable position. They’re like media companies yet they’re not subject to media laws… We’ve allowed them to build private infrastructures. It needs to be tackled.” 

And (more of a comment on the US than the UK) he sees little value in companies reporting earnings quarterly, which he said is driven by “short-term profit maximisation”. 

Intriguingly, Pabst does not shy away from taking a stance on one of the most divisive issues of our times: immigration. 

Catholic Social Thought, he explains, is humane and pro-immigrant. But, to break with what he calls “a low wage, low skill model”, mass economic migration is to be discouraged, because it is detrimental to both the sending and receiving countries. 

“[We say] yes to refugees, to asylum. But no to mass economic migration,” he said. 

So, going into an election, how likely are we to see things change for the better? 

Rather than being optimistic - the belief that eventually things will get better - Pabst is hopeful, because he believes that things could be different, but he is not necessarily expecting it. 

“I remain hopeful,” he said. “I just don’t quite see who’s going to do it.”