Summary
In chapter 9, “Faith, Hope and Love,” the author suggests
that readers think about the economy not only outwardly but inwardly to
themselves. How does each individual participate in the economy and what does
it mean to them? The economy is formed by financial transactions; the parties
involved in each transaction have different motivations. The author suggests
that society will be in greater harmony if the economy is treated with
appreciation rather than greed.
Faith represents the past; it takes faith between parties to
allow transactions to go through. The article describes faith in loans; while
the lender performs due diligence on a borrower’s credit history and ability to
pay, the borrower reviews details in the arrangement, including loan provisions
and details. However, it takes time to build faith; that’s how brand loyalty
and partnerships are created.
Hope represents the present. An individual’s hope addresses
what he or she would like to obtain through the transaction. Hope also has a
philanthropic aspect, as it can be created through gift giving. Giving
symbolizes a certain degree of freedom. An individual does something for the
public good without asking for anything in return. The author also points out
that gift transactions are based on hope, regardless of the methods for
securing the gift.
Love represents the future. The act of self-love is how and
what one can do to benefit from the financial transactions. Love is creation;
it is love that motivates manufactures to produce goods, retailers to sell
goods and consumers to purchase products. It is love that makes dreams a
reality and brings people together. However, the author also suggests that it
can be hard to distinguish between needs and wants and what is sacred or
abundant. Love brings healing through the consummation of purchases.
Once again, the author reiterates the passage from Four Quartets by T.S. Eliot to urge the
readers to set aside all assumptions, cultural conditioning and expectations.
He urges everyone to find peace in their souls through the practice of faith,
hope and love in the economy and transactions of daily life.
Analysis
The “Faith” section was interesting in that is brought up
two different kids of faith but that in the end these two different
connotations would intertwine in decision making on transactions. The “Hope”
section was pretty straightforward but we weren’t really sure what else the
author wanted us to take away from it other than that gifts shouldn’t have any
requirements or restrictions attached. The “Love” section of this chapter
really did not make much sense to us. The author states that “Hope” is based on
the future, “Faith” is based on the past, and “Love” is based on the present.
We weren’t sure what the author’s statement on the past, present, and future,
mean or what implications they have for our monetary transactions but we do
agree with the author’s notion to slow down our thinking in how we process
transactions. The author’s thoughts on how our infancy is related to our
purchasing habits we found to be farfetched with very loose relevant
connections. Overall we agreed that the author’s idea for a more appreciative
economy was a little out there and was presented a way more complicated way
than necessary.
I really like the idea that love is present, faith is past, and hope is future.
ReplyDeleteI really like the "love" section. Love can bring people together, love can make this world warm and sweet.
ReplyDeleteGreat job of summarizing and analyzing the chapter! It seems like the author likes to overcomplicate things. He has a very creative mind. Faith, hope, and love are important traits. I like how the author gives the economy human like emotions. I do agree with the author as well that society is in greater harmony if the economy is treated with appreciation.
ReplyDeleteThe faith part was really interesting to me. I never thought of a loan to simply be faith based.
ReplyDeleteI think the author is picturing an ideal world in Part II of the book. His analogy is beautiful though.
ReplyDeleteHow does every individual partecipate in economy and what does it mean? It is a crucial question. People think it is up to them to decide wheter working hard or being lazy. I don't think so, every body has a uniqueness, and if you do not work hard to express it you provide damage to everyone
ReplyDeleteIt's quite an interesting argument. I never thought transactions are as complicated as the authors thinks which involves the practice of faith, hope and love in people's daily life. However, I don't agree with the author's tenses for these key words. I think they are intertwined and co-exist in every time dimension. The appropriate amount of every single one element creates the ideal world the author describes.
ReplyDeleteloll the author must have a really creative and imaginable mind in order to explain money in such different ways, include the analogy of transaction in this chapter. Your summary is really organized and easy to read. I like how you put your analysis and thought and the end to sum up this chapter.
ReplyDeleteI really dig the love part. The analogy in this chapter is quite interesting to me. I really like the way how you summarized this chapter because you also put your own analysis based on what you have read.
ReplyDeleteI wonder why Faith represents the past because I figured that it would represent the future. Since you usually need to have faith if you want something to happen? I don't know if this makes sense but this is what I was thinking
ReplyDeleteAgree with Holly, it makes more sense if faith means future instead of past.
ReplyDeletethe hope for gift is pretty interesting to me. from my point of the view, gift bring friendship, thanks from others, which is hope for people future.
ReplyDelete