Abstract

Market capitalism requires absolute private property, and both institutions appeared at about the same time in history. The morality of the market rests on the morality of property, which may be argued both from Scripture and secular perspectives. Both approaches yield a theory of property that supports private ownership conditional on obligations to the community. Apparent contradictions in Scripture regarding property are resolved by this approach. Property ownership confers economic power on its holder. Modernity assumes that this power must be controlled by external forces-either by the market, or the state-but both limit freedom. True moral action must be free. The moral opportunity of the market is to avoid using economic power to exploit others, especially the weak and needy. Christian thought supplies the outline principles for moral guidance for ethical market action that revolve about self-restraint.