However I'm finding it hard to justify the practice of capitalism because at its very core is the idea that greed is good, not to mention its effects on our culture from the idolization of the wealthy to the normalization of gluttonous lifestyles
so I guess my question is as a Christian how does one live their life according to the Bible while also while participating in a system that is inherently sinful?
Before I dissect this here, let me tell you a bit about my grandfather. He is the best model for the Christian faith I have ever seen. He ticked all the boxes so to speak in Galatians 5:22-23. He could have said "Follow my example, as I follow the example of Christ" as Paul did in 1 Corinthians 11:1, but he didn't. I suspect it was because he was too humble. Over the years, he gave a lot of blood, he raised a lot of money for medical research, despite not being wealthy he funded a new wing on his city's hospital (there's a plaque there with his name on it). And he would go to the jail every week to share the good news. This man exemplified what it is to be a faithful volunteer in his community.
Eventually, he ran out of steam. He's in Heaven now. We had to go through his library among other things, and among one of the many books he had was "Free to Choose" by Milton & Rose Friedman. Milton Friedman, if you didn't know, was a Nobel Prize winning economist. Until I read this book, I hadn't heard very much about what is good about Capitalism. So I decided to read it to find the good in Capitalism.
I was not disappointed. As Friedman explained the concept of voluntary cooperation - two unforced people will not agree to something unless they both believe they will benefit - I was reminded of my grandfather, and how he would have appreciated it. People choosing to work together to bring about something good. It's a moral concept that transcends Capitalism to be sure, but this is the foundational principle upon which pure Capitalism operates. Friedman extolled this over the use of force, which is the alternative. If one or both of those parties does not believe that they will benefit, there have been systems which force them at the threat of fines, imprisonment, or in some countries, even maiming or death. And Government is usually the agent of force. Friedman's position was that the less you have to rely on that force, the better. He believed in using Government for some core essentials, but in keeping the markets as free as possible so as many people could make free choices as possible.
I as a Christian have no problem with this. And having learned about the invisible hand and the price system and how efficient they are, no problem with them either. Now, there is the issue of greed, but greed is a temptation that anyone can have under any system. Capitalism does not require it. And because I have a job in this Capitalist economy, I can make money, and I can give a portion to the church or a person I see as needy, or buy gifts for my family.
Furthermore, Capitalism is able to leverage the inevitable vices of people and turn them into benefits, many of them unintended. I see it sort of like a Judo throw - using the momentum of your opponent to throw him to the ground. If we as faithful Christians make good use of our opportunities in this Capitalist system, that is exactly what we will do. Someone wants to make money making soap? Great, we'll buy some and donate it to shelters. Someone wants to make money selling paint? Great, we'll buy some and freshen up a community center. Someone wants to make money selling their crops? Great, that has resulted in cheap, abundant food that is traded at a surplus (bananas don't
have to be as low as $0.39/lb, but market forces made their price that low).
Oh, and Capitalism also allowed my grandfather to sell honey from his beehives in his own back yard for a profit. I don't know if he made a profit, but he wouldn't have turned one down. If he made one, I'm sure some patients in that hospital wing are benefiting from it right now.
So if you have not read "Free to Choose," I highly recommend it. I'll also say as a disclaimer that Ayn Rand's work is also usually mentioned on this subject - I strongly disagree with her on many points. She was an extremist who knew nothing of balance. Friedman on the other hand, was nuanced. Embracing Capitalism does not mean accepting her anti-Christian ideas at all.