While they have much to recommend them, the free market and the global banking system aren’t without their shortcomings. The Orthodox Church in Russia has proposed a banking model that corrects what it sees as the most serious of that industry’s moral failings. However the system the Church purposes is unlikely to foster economic growth. It also overlooks the convergence of the free market with key elements of the Orthodox moral tradition.
As explained in a recent article, the proposed Orthodox Financial System (OFS) is more interested in economic safety than in fostering the kind of innovation required for a growing economy. For this reason it will be “made up of a low-risk credit organization that controls all transactions, and investment funds or companies that source investors and mediate project financing.”
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