The Promise of Absolute Wealth: Capitalism as a Religion?

Abstract

In his fragment on `capitalism as a religion', Walter Benjamin characterizes capitalism not only as a phenomenon that is `influenced' by religion, as conventional sociological interpretations assume, but as one of `essentially religious' character. This article takes up and elaborates Benjamin's idea, drawing mainly on Simmel, Marx and the constructivist concept of economic `myths'. Referring to Simmel's idea of money as `absolute means' and Marx's concept of capital, it is argued that money is a non-observable and basically paradox phenomenon, comparable to religion. But capitalism differs from traditional religion in that it is no longer based on a fixed distinction between the mundane and the transcendent world. Rather, the promises of capital have to be redeemed in a continuous process of constructing and deconstructing economic `myths'. The article argues that such an interpretation of capitalism `as' a religion could be capable of synthesizing the results of contemporary research on innovation, entrepreneurship and economic growth.