Column
Culture
4 min read

Depreciating human life: a year-end market report

The cold currency of trading hostages repels George Pitcher, who explores the casual acceptance that some lives are biddable against lives of intrinsically higher value.

George is a visiting fellow at the London School of Economics and an Anglican priest.

Three men huddle around a laptop and talk animatedly.
Israel's Prime Minister monitors the recent hostage exhchange.
Prime Minister's Office, Israeli Government.

There is something peculiarly horrific about the barter of Israeli hostages held in Gaza by Hamas for Palestinian prisoners in Israel. And it isn’t only the unimaginable suffering these innocent civilians have to endure somewhere on an unknown scale between life and death. 

It’s also that their lives are reduced to their commodity value. Hostages are assets to be traded in the market for peace, not human beings. It’s difficult to write this, but it’s almost as if three dead hostages, including a 10-month-old baby, said to have been killed in an Israeli airstrike, have lost their asset value. These ones are no good – they don’t work anymore.  

Negotiating the release of hostages for peace terms is as old as the Hebron Hills. An Egyptian pharaoh once released his enslaved Israelites to Moses in return for the lifting of the plagues being inflicted on his people. But there is something of the neo-liberal free market in the way that post-modern conflict resolution uses human life as a currency of exchange. 

Ryan Gilfeather wrote excellently here how this material valuation offends against the human dignity in which the divine invests. The imago dei that humanity bears, if you like, is not to be reduced to a bounty, a financial liability or an asset value. 

As a consequence, human life is tradeable. Yes, it has value, but its share price can fall as well as rise.

I’d want to take that a step further, to ask how that depreciation has come about with such ready acceptance and to note a couple of instances where the mentality of the trade in human existence has become a natural process of marketing.  

The attitude, I think, has its roots in the Enlightenment of the 17th and 18th centuries. Don’t get me wrong: This is no censure of progressivism. Universal literacy, healthcare, scientific endeavour and the birth and growth of democracy are all very good ideas indeed. But the Enlightenment also brought the capitalist mindset to almost every area of human existence. Our lives, in many contexts, became actuarial.   

This is not my idea. The great, perhaps the greatest, Christian mind of the 20th century, C.S. Lewis, railed against how Fascism and genocide were the bastard offspring of our common-law marriage to progressive thinking, in that traditional values of human existence were now only there to be debunked.  

I am indebted to Lewis’s biographer, A.N. Wilson, for this. In Lewis’s book, The Abolition of Man, he writes of “The belief that we can invent ‘ideologies’ at pleasure, and the consequent treatment of mankind as mere specimens… begins to affect our very language.’ 

Lewis was no white-knuckled reactionary, but he did recognise that the values and virtues of ancient religious thought were binned at humanity’s peril. We had begun to understand the price of human life, rather the the value of it. 

This is not to suggest for a moment that the ancient world was a nirvana (or even a Narnia). The Garden of Eden was lost at the beginning of time, not at the Enlightenment. Brutality, slavery and cruelty are part of our post-lapsarian world. 

It’s just that religious virtue used to be a bulwark against such things. As a consequence, human life is tradeable. Yes, it has value, but its share price can fall as well as rise. By the 21st century, we can look behind us to see how that has played out. Allow me to elucidate a couple of examples of how casual is our acceptance that some lives are biddable against lives of intrinsically higher value.  

The first is the almost clownishly implemented government policy proposal to redeploy migrants to the UK to Rwanda. Almost clownishly, because it would be funny if it didn’t involve a trade in human misery, the idea that desperate people endangering their lives and those of their families in small boats can be made someone else’s problem to sort out, simply by looking away. These people are worthless, you see, because they are not us and only we belong here (whoever “we” may be). The idea is that we pay Rwanda per capita to take them, rather as we might send our plastic refuse to China for landfill. 

A second example of merchandising human life I would cite are the repeated attempts to have assisted suicide, or voluntary euthanasia, legalised in the UK, rather than enhancing palliative end-of-life care. These proposals depend entirely on the state legislature endorsing that some human lives aren’t worth living and are disposable.  

At base, it’s the same principle as the Rwanda policy, other than we’d be killing them, or assisting them to kill themselves, rather than disposing of them in a central African waste-bin. 

These are the “anythings” that humans believe in when they stop recognising the sanctity of human life. The value equation used for Gazan hostages is on the same continuum as the human trafficker and the politician who tries to stop him, or the calculation of the cost to the state and their family of a terminally ill patient offered an alternative way out. 

It’s just that these equations have become invisible to the naked eye. We don’t see them anymore. But, I’d suggest, for Christ’s sake we’d better start looking. 

Review
Culture
Economics
Trust
5 min read

Money’s hidden meanings in a contactless age

The Bank of England Museum reveals the symbolism, morality and power woven into the history of money

Susan is a writer specialising in visual arts and contributes to Art Quarterly, The Tablet, Church Times and Discover Britain.

Gold bars stacked in the Bank of England vault.
The Bank of England vaults.
Bank of England.

Our era of contactless payments obscures the symbolism once lavished on money. But the rich history of meaning, morality and power, layered into everyday transactions, is uncovered at an exhibition at the Bank of England Museum 

Building the Bank celebrates 100 years of the current Bank of England building, on the site of Sir John Soane’s original structure, completed in 1827. Surveying a century makes past practices seem quaint: until 1973 the institution was guarded by the Bank Piquet military guard. A 1961 photo shows 12 Guardsmen with bearskin hats and bayonets, together with a drummer or piper, a sergeant and an officer, marching into the Threadneedle Streer entrance. Even now, when the wealth of most people in developed countries is contained in data warehouses, 400,000 gold bars are held in vaults deep beneath the Bank. 

Faiths have grappled with money’s impact for millennia. Christianity’s relationship with money is tinged with unease, as St Paul’s oft misquoted letter to Timothy illustrates: “For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.” Personally, the immobilising feeling of envy, particularly if it is towards friends, does feel exactly like being pierced with blinding toxicity. 

Contrastingly, in Hinduism pursuing wealth is one of four pillars of faith, called Artha. In Hinduism attempting to attain material wealth is part of attempting to attain salvation. 

Herbert Baker, architect of the Bank of England, embodies moral ambiguity around faith and money. Buried in Westminster Abbey, and architect of Church House next door, Baker established his reputation working for Cecil Rhodes, prime minister of the Cape Colony 1890- 96. Vicar’s son Rhodes is now seen as paving the way for apartheid in southern Africa, and imposing an economically exploitive, racist, and imperialist system on the region. Baker also worked with better- known Edwin Lutyens on government buildings in New Delhi from 1912, declaring of the British Raj’s new seat of power “it must not be Indian, nor English, nor Roman, but it must be Imperial”. 

After World War One, Soane’s bank was too small to house the increased staff numbers needed to service the ballooning national debt and financial complexity of the Roaring Twenties. Bordered by major roads at the heart of the City of London, the institution’s footprint could not expand, so Herbert created a design incorporating some of Soane’s classical aspects, but with floors at a greater depth and height than its processor.  

From grand gestures to tiny details, classical mythology is a key element of the Bank’s design. Sculptor Charles Wheeler modelled doorknobs showing the face of Mercury. Mercury is the patron deity of finance and communication. Tiles for an officials’ lunchroom show a caduceus, with two bright blue snakes, tails entwined, framing Mercury’s face. Caducei are the symbol of commerce, representing reciprocity and mutually beneficial transactions.  

Forty caryatids, the classical female form used in place of a pillar in Greek architecture, were salvaged from Soane’s building and reused. Some caryatids are in the area where old banknotes can be exchanged, besides the museum, now the only part of the Bank open to the public.  

Outside, on the dome at the northwest corner of the bank, a gilt bronze statue of Ariel, named after the spirit of the air in The Tempest, represents “the dynamic spirit of the Bank which carries Credit and Trust over the wide world.” 

The image of banks as depositories of trust and positive relationships took a pasting worldwide during the 2008 Credit Crisis and lean years that followed. But in 2015 former Archbishop of Canterbury, Justin Welby, argues that banking services are a key part of functioning communities, and banks should be able to put people before profit. “At the heart of both these expectations is the value of the person as sacred, and all other things as secondary to human dignity. It is a value rooted in many faiths and especially in our Judaeo-Christian tradition. Of course profits have to be made, but they need to be measured not only in terms of their absolute return on capital employed, but also in terms of the human cost of achieving that return. 

“Large institutions with adequate balance sheets working to maximise returns from those who can most afford it do not produce a sustainable society in the long term. Such an approach is narrow-minded and short-termist, because sustainable societies are essential to the large companies within them. It is also an immoral approach.” 

Mosaics created by Boris Anrep idealise the Bank’ of England’s sunnier intentions towards the wider community. Anrep also designed mosaics for Westminster Cathedral, Tate Britain and the National Gallery. For the Bank, a tiny coin from the reign of Henry VIII known as the George Noble, the first time St George and the dragon appeared on English coinage, was magnified into a roundel showing the galloping saint, visor up, lancing the prostate dragon at the base. The George Noble was one of 50 designs, based on advances in coinage, gracing the Bank’s corridors.  

At the main entrance, a mosaic showing a pillar, representing the Bank, is guarded by two lions, referencing the sculpture from Mycenae. The Bank’s global role, and place at the centre of the then British Empire is shown by the constellations of the Plough and Southern Cross, representing the southern and northern hemispheres. 

An image of the Empire Clock Baker made for the Bank, - now disassembled - shows an ornate dial, marked in 24 sections, with the sun representing India and an anchor symbolising the port cities of Singapore and Hong Kong. 

In 1946 the Bank of England was nationalised, formalising its role as a public institution, operating in a post war decolonialising world, totally different to the one its building had been designed for just 20 years before. 

Systems and symbols around money mutate with the times. Money’s intangibility in our time of app and tap payment, makes its power less distinct than in the days of gold sovereigns. But we fool ourselves if we say money is unimportant, because all of history says otherwise. 

  

 

Building the Bank, Bank of England Museum, until 2026