The Power of Monetary and Fiscal Policies in a Neoliberal Age: A Christian Ethical Engagement with the Cases of Sweden and the United States

ABSTRACT The purpose of this coauthored research is to develop a Christian ethical argument that better addresses the various social ills of financial neoliberalism, especially the growing wealth gap between the haves—the top 1%—and the have‐nots—the bottom 50%. We find that a more progressive and integrative approach to monetary and fiscal policy is necessary. First, we critically review the histories of United States and Swedish monetary policies. We then provide a theological perspective regarding how Christian ethicists should engage with neoliberal structural injustice. Finally, we propose an ethical principle of justice for use in the state's macroeconomic management of money: the accumulation of financial capital should also promote the increase of social capital. Put negatively, the accumulation of financial capital should not be achieved at the expense of depleting social capital.