Review
Books
Culture
6 min read

The beliefs that made Jane Austen and her world

A ‘fashionable goodness’ lay at the heart of the author and her writing.

Beatrice writes on literature, religion, the arts, and the family. Her published work can be found here

A woman in 18th century clothes sits within a windowsill reading a book
Anne Hathaway as Jane Austen in Becoming Jane.

‘There just wasn’t a comprehensive book on Jane Austen’s faith’, Brenda Cox told me when I chatted to her recently, ‘That’s why I decided to write one’. She’s right. There are a handful of books that treat Austen’s Anglican faith seriously, even extensively. Irene Collins’ two books on Austen, Jane Austen and the Clergy (1994) and Jane Austen: The Parson’s Daughter (1998), as well as Laura Mooneyham White’s Jane Austen’s Anglicanism (2011) are excellent examples. But they’re also very academic. On the other hand, Cox’s new book Fashionable Goodness: Christianity in Jane Austen’s England (2022) achieves something truly remarkable: it’s both highly accessible – assuming no prior knowledge of Austen’s life, of theology, or of Regency history – and highly insightful. It’s a true labour of love (Cox told me she spent years on reading and research), and it shows. Before I say anything else about Fashionable Goodness, let me urge you to read it. If you want to understand the way Austen and her characters saw the world around them, this is the book to pick up.   

I’ve spent the last ten odd years reading, thinking, and writing about Austen, and yet Cox has made me see her novels in a new light. What she does best is to help us immerse ourselves into the daily life of Regency people, detailing in the first part of her book how the Church of England functioned in Austen’s times. She explains the difference between a vicar, a rector, and a curate; what tithes were; what exams a young man had to pass to become an ordained priest. As I was reading Cox’s book, Austen’s characters gradually came alive in my imagination like never before. Learning more about how they lived their faith day to day helped me to better grasp their motivations and their behaviour. For example, how many readers (myself included!) have been left confused by the passage in Persuasion where Anne judges her cousin Mr. Elliot for his habits of ‘Sunday traveling’? It only starts to make sense once we know that traveling on a Sunday would have likely meant missing church attendance, of which Austen disapproved. Similarly, in Mansfield Park Mary Crawford’s scoffing remark that Edmund Bertram will become ‘a celebrated preacher in some great society of Methodists’ will mean little to us unless we know that in the early 19th century Methodists were often treated suspiciously and looked down upon as overly emotional and ‘enthusiastic’. To my surprise, even my opinion of Austen’s most notoriously silly clergyman, Pride and Prejudice’s Mr. Collins, improved. Cox points out that Mr. Collins writes at least some of his own sermons, at a time when many clergymen would simply pick ready-written sermons out of a sermon book; he is also resident in his own parish of Hunsford after marrying Charlotte Lucas, when non-residence – the practice of a priest delegating all duties to a curate and living away from the parish – was common. Mr. Collins may be irritating and obsequious to a fault, but if we judge him by the standards of his own time, not of ours, he emerges as quite a respectable man after all.  

Far from being in ignorance of these changes in religious sensibility, Austen observed them, and they gave her hope. 

And that is something else that Cox does brilliantly: she shows us that the past is indeed a foreign country, with different moral standards. Instead of trying to find ways in which we’re similar to the people of Austen’s England, Cox helps us to realise that the values and assumptions of Austen’s England are radically different from ours. Even our language is different. Focusing on what she identifies as key ‘faith words’, Cox shows us that we cannot understand just how deeply English society was steeped in the Christian faith, unless we recognise the religious significance that many words had in Austen’s times. For example, when Elinor Dashwood cries to her sister Marianne, ‘Exert yourself’ in Sense and Sensibility, she doesn’t simply mean that Marianne should be less emotionally affected by Willoughby’s betrayal. Rather, she’s reminding Marianne of her religious duty of ‘exertion’, meaning not giving in to despair. Or, when Anne Elliot engages in ‘An interval of meditation, serious and grateful’ after her engagement to Captain Wentworth in Persuasion, we should not understand Anne’s ‘serious meditation’ as mere reflection; Austen would have expected her readers to know that, in this passage, Anne is examining her conscience and specifically praying. Even the word ‘manners’, often mentioned in Mansfield Park, had a deeper meaning than simply social graces, pointing to a person’s religious principles. Cox encourages us to notice these differences, and to let the past change our way of seeing the world through its alienness. 

Lastly, Cox also presents an England whose religious sensibilities were changing fast. The Church of England faced pressure to address its problems. Pluralism, the practice of one clergyman serving several parishes, meant that some members of the clergy were very well off, while others struggled to make a living. In turn, this encouraged non-residence – especially if the parishes were far from each other – and led to the non-resident parishes to be neglected. But at the same time, the Church of England was also being infused with newly found religious fervour. The Evangelical and Methodist movements, still officially part of the Anglican Church at this point, were spreading at a rapid pace thanks to figures like George Whitfield and the Wesley brothers, championing many worthy causes in the name of the Christian faith. The abolitionist movement heralded by Wilberforce, Clarkson, and Hannah More was gaining momentum just as Austen was beginning to write novels. By the time Sense and Sensibility, her first, was published, the slave trade had been abolished in England. Sunday schools were opening up which would educate thousands and thousands of children in the 19th century; the prison reform movement was gaining popularity, as were efforts to combat animal cruelty and ensure better conditions for factory workers. Goodness, as Cox puts it, was becoming fashionable in England.  

What about Austen herself? Cox tells us that she mentions reading the works of abolitionists with pleasure in her letters, as well as remarking on the newly emerging Evangelical movement with somewhat like cautious admiration. Far from being in ignorance of these changes in religious sensibility, Austen observed them, and they gave her hope. As Cox quotes in the final chapter of Fashionable Goodness, in an 1814 letter to her friend Martha Lloyd, Austen describes England as ‘a Nation in spite of much Evil improving in Religion’. Austen was confident that faithful Christians could rise to the challenges placed before them, and this confidence is reflected in her heroines and heroes, whose storylines trace their growth in virtue. It’s perhaps not a coincidence that 1814 is also the year Austen started working on Mansfield Park, a novel whose heroine, Fanny Price, is famously the most ardent in her moral principles. Fanny’s ‘goodness’, however – which the narrator often explicitly mentions – is no longer fashionable. Contemporary readers of Austen tend to dislike her seriousness and her outspoken religiosity. But perhaps, if we join Brenda Cox in immersing ourselves in the alien country that is Regency England, we can learn to judge the ‘goodness’ of Austen’s characters by different standards from our own. Perhaps we can free ourselves of our prejudices, and appreciate earnest characters like Fanny, as well as witty ones, like Emma Woodhouse or Elizabeth Bennet. Perhaps we too, like Austen herself, will gain hope that ‘goodness’ can be made fashionable once more in our time. 

Article
Culture
Economics
Ethics
1 min read

The rights and wrongs of making money with meme coins

When does investing become speculating, or even addictive gambling?
A montage shows Trump with a raised fist against other images of him and the phrase 'fight fight fight'.
$Trump coin marketing image.
gettrumpmemes.com,

Donald Trump’s “liberation day” tariffs may have driven sharp swings in global financial markets, but his actions in markets a few months earlier were in some ways even more peculiar.

On the Friday before his inauguration as the 47th US President in January, the Republican surprised many with the launch of the $TRUMP memecoin, described by its website as “the only official Trump meme”. The cryptocurrency token, in which Trump’s family business owned a stake, initially soared in value to more than $14bn over that following weekend. 

Then, on the Sunday, Trump’s wife Melania launched her own memecoin, $MELANIA, which reached a value of $8.5bn. Even the pastor who spoke at the president’s inauguration subsequently launched his own memecoin. 

For those wondering what exactly a memecoin is, you are not alone. In short, they are a form of cryptocurrency - an asset class that itself has attracted plenty of questions about its substance and purpose - representing online viral moments. They have no fundamental value or business model and, according to the US securities regulator, “typically have limited or no use or functionality”. 

Donald and Melania Trump’s coins subsequently plunged in price, but still have a value of around $2.5bn and $214mn respectively, according to website CoinMarketCap. 

There are plenty of others in existence. PEPE, based on a comic frog, has a value of around $3.6bn; BONK, a cartoon dog, has a market cap of $1.5bn; and PNUT, a reference to a squirrel euthanised by authorities in New York and about which Trump was allegedly “fired up” (although doubt has since been cast on the president’s involvement in the matter), is still valued at around $174mn, despite having fallen sharply in price.  

Dogecoin, seen as the world’s first memecoin and originally created as a joke, boasts a market value of around $25bn. (There are other memecoins which may not be suitable for these pages). 

Some people’s willingness to buy an “asset” with no use or fundamental value may seem strange to more traditional investors. But it can be viewed as just one manifestation of the speculative investor behaviour evident since the onset of the coronavirus pandemic and, indeed, at times throughout history. 

The price of Bitcoin recently rose above $100,000, despite many investors still viewing it as having little or no value (in 2023 the UK’s Treasury select committee described cryptocurrencies as having “no intrinsic value, huge price volatility and no discernible social good”). In early 2021, shares in GameStop - a loss-making US video games retailer that some hedge funds were betting against - rocketed as much as 2,400 per cent, as retail investors piled in, many with the aim of inflicting pain on the hedge fund short sellers (in that respect at least, a highly successful strategy that became the subject of the film Dumb Money). The huge rise in AI and other tech stocks in recent years - until the recent tariff-driven volatility - has also been described as a bubble by some commentators. 

Whether or not such episodes can be compared to infamous bouts of speculative mania in history depends on your point of view (and often can only be judged with the benefit of hindsight) - be it the 17th century Dutch tulip bulb mania, shares in the South Sea Company in the 18th century or the dotcom boom and bust of the late 1990s and early 2000s. 

But it does give rise to the question of when investment should start to be described as speculation or even as gambling? And what are the rights and wrongs of any of those activities? 

There can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources... 

Gambling can be thought of as risking a stake on, for instance, the result of a game of chance or sport in the hope of a bigger payout. While often the result is purely down to chance, in some cases a strategy or an element of research (for instance of a horse or football team’s form) can be used. Investment, in contrast, tends to involve purported economic utility and assets believed to have some sort of underlying value, and holds the hope of future profit (although there are also plenty of bad investments or those that have gone to zero). While an investor must be prepared to lose their entire stake, in some cases such an event is relatively unlikely (for instance, if they buy a fund tracking the performance of a major stock exchange). Speculation is harder to define, but is generally seen as shorter term than investment, with more chance of a bigger gain or loss, and dependent on price fluctuations. Rightly or wrongly, the term has a more negative connotation than investment. 

One writer who explored the ethics of these activities was Oswald von Nell-Breuning, a Jesuit theologian and economist who served as an adviser to the Pope and who was banned from publishing under the Nazis. 

While he found that “one general definition cannot capture all the nuances” of speculation, he identified two different types of speculative activity - one that was purely trying to make a profit from financial market trading, and one based on trying to create a viable business. (See this article in the Catholic Social Science Review for a fuller explanation of Nell-Breuning’s views on speculation). 

As the CSSR article shows, Nell-Breuning found that there can be positive effects from speculation - one might think of better liquidity and price discovery in a market, while, in commodity futures markets, speculators allow producers to hedge risk

But he also argued that there can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources away from production. 

And whereas gambling typically takes place within a circle of players who have chosen to take part, speculation, he wrote, can affect a greater portion of society - for instance, if it affects the price of shares or bonds they hold. 

The Bible - on which Nell-Breuning’s faith and analysis was based - does not take a prescriptive approach to such activities. But it does provide some interesting guidance.  

An entrepreneurial approach to business and investment is applauded, for instance when the writer of the book of Proverbs (traditionally believed to be King Solomon) praises the virtues of “an excellent wife”. These include investing in a field and using her earnings from business to plant a vineyard, and feeding her family from her gains. 

Jesus tells a story of a master who, before going on a journey, gives his property to his servants, each according to their ability. To one he gives five “talents” (a large unit of money), to a second two and to a third servant he gives one. 

The first servant trades with his talents and makes five more talents - a 100 per cent profit - and is applauded by the master on his return. The second servant also trades and similarly makes two more talents and is again applauded. 

But the third servant, being afraid and believing the master to be “a hard man”, hides the money in a hole in the ground. He is condemned as “wicked and slothful”, and told that he should at least have put the money in the bank. 

While Jesus’s story may primarily be about how we view God’s nature, how we use our God-given abilities and whether or not we can take risks in faith for Him, it is also hard not to see investment and indeed wise speculation as being virtuous activities here. Putting the money into a bank account is, in this story anyway, more of a fallback option. 

But the Bible also warns us against putting money above all else in our lives. The love of money is, famously, a root of all sorts of evil, while we are also told to be content with what we have, and that “wealth gained hastily will dwindle”. 

Nell-Breuning similarly warns that a “get-rich-quick” mindset, when this is placed above all else, can be harmful, and advises caution in situations where the lure of big profits can lead the speculator into market manipulation or fraud. 

After all, both gambling and crypto trading have the potential to become dangerous and damaging addictions needing treatment

Ultimately, Nell-Breuning struggled to come to a simple conclusion on the question of whether speculation, in and of itself, is morally wrong. It is, he wrote, a judgment call for those involved. 

When making such decisions ourselves, his - and the Bible’s - warnings may be worth bearing in mind.