Donald Keith Gates

Historical origins and development of economic rationalism

Purpose – The purpose of this paper is to trace the development of economic theory to the point where “economic rationalism” is a commonly used term.Design/methodology/approach – The paper draws on earlier research and published works examining: the history of economics; economic rationalism; and the different influences in comprising basic economic concepts.Findings – The analysis of writing indicates that rationalism has been a focus of discussion in economic writing since Classical times, through to the “rational” influence in economic policy making from neoclassical economic writing. But, the specific term “economic rationalism” gained wider usage after Puseys book. From that time, the term was used outside academia as a disparaging means to criticise economic theorists and policy makers.Research limitations/implications – The research is limited by the ability to examine all the literature in the field in greater depth. However, this has been ameliorated by examining a sufficient sample of literatur...

Altruism – an alternative value in policy formation and decision making

Purpose - The purpose of this paper is to propose an alternative approach to the decision- and policymaking that has been practiced in most developed countries for more than a quarter of a century. Such policies followed, to a greater or lesser degree, the policies adopted in the UK and the USA since the period of the Thatcher and Reagan administrations, respectively. These policies proclaimed the supremacy of the market and downplayed government intervention in the marketplace. Design/methodology/approach - This paper draws upon earlier research by the authors as well as upon published works of other researchers. Findings - Self-interest governed the way policies are formed and through a process of extreme capitalism financial leaders took ever-increasing risks for which executives received lucrative incentive salaries. The recent crash suggests a failure in such policies and this paper proposes an alternative way of operating – the way of altruism. Selfishness and egoism are argued as endemic in economic rationalism and extreme capitalism, replacing selflessness that engenders policies more aligned to altruism. Research limitations/implications - The research is limited by the ability to examine all the research literature in the field at greater depth. However, the examination that has been possibly indicated that self-interest and greed, endemic in extreme capitalism and economic rationalism, have made significant contributions to the recent subprime and global financial crises. Practical implications - This paper provides government and corporate policymakers with an understanding of an alternative value – selflessness as aligned to altruism – than the values of selfishness and greed that are endemic in economic rationalism and extreme capitalism guiding policies that led to the global financial crisis. Originality/value - The paper fulfils an identified need and supports policymakers seeking to achieve just outcomes for all stakeholders across the globe.

Ambiguities of justice in a global marketplace : how are ethical and theological considerations relevant to policymakers?

Purpose – The purpose of this paper is to address questions policymakers, working in a global marketplace, might ask about ethical and theological considerations of ambiguities or uncertainties of justice issues in the global markets in which they operate.Design/methodology/approach – The paper draws on earlier research and published works in examining four specific questions about ambiguities of justice, from ethical and theological perspectives, and their relevance for policymakers in the global marketplace.Findings – Justice, including social justice, is a significant value impacting on decision and policymakers in government and other types of organizations in a global marketplace. However, the value “justice” exhibits ambiguity or uncertainty. Even if a claim that economic policies developed through prudential judgement are not subject to the moral or ethical code is accepted, it does not absolve individual participants in the policymaking and administrative processes from ethical and moral responsib...

Political Religion – the Influence of Ideological and Identity Orientation

Abstract The diversity of identities in the many social groups in modern multi‐cultural communities challenges decision and policymakers endeavouring to reconcile their own values and ideologies with those of the people their decisions and policies affect. This paper defines political religion and places its theoretical base amongst general theories of religion, especially the Durkheimian concept of religion as ‘belonging’ and Weber’s idea that religion has meaning. Spirituality is identity‐forming and may be linked to religion as meaning and, as such, is distinct from identity as more traditionally linked with religion as belonging. Even though spirituality’s links with religion, in general, can be rather tenuous, spirituality has special meaning in traditional, or church, religions as well as in non‐church or civil religions. Political religion, a non‐church religion, has a spirituality aligned to combat and struggle. Its adherents frequently resort to violence to achieve their goals. This generates fear in the communities they target. Throughout history individual cases of political religions have interested researchers because of their uniqueness or the theoretical base they engender. In this paper, cases of political religion are examined, including National Socialism, from early history to the modern era. An aftermath of the terrorist attacks of 9 September 2001 has seen the re‐emergence of political religion with random terrorist attacks generating fear, loss of life and mass destruction.

The influence of economic rationalism upon policy development: Historical, income and social cohesion perspectives

Purpose – The purpose of this paper is to examine how economic rationalism in policy development affects incomes and social cohesion within the communities in which businesses operate. Inequality of income occurs in most, if not all, countries. Historically, economic statisticians established various means of measuring levels of inequality within a country. Measuring inequality between countries, however, is a complex procedure because of differences in money exchange rates and standards of living. Poverty exists in most countries but it is particularly extreme in the Asia‐Pacific Region and in Africa. Economic rationalistic policies that depend on the supremacy of the market are developed mostly without regard for their impact upon income share, fairness and social justice concerns. Some other economic rationalistic policy outcomes are detrimental to social cohesion within communities.Design/methodology/approach – This paper draws upon earlier research undertaken by the author as well as upon published w...

A Theological response to a conflict of values involving poverty, dominance and inequalities

This paper analyzes conflicting aspects of individualism, egalitarianism and complex equality. In the course of our analysis, matters dealing with capitalism and neoclassical economics or economic rationalism are examined, as well as the related rise of individualism and policies emanating from proposals of Friedrich Hayek. Then a theological response to poverty, dominance and inequalities is outlined. Adherence to altruistic Christian teachings will help resolve the values’ tensions faced by policymakers.