Article
Belief
Books
Culture
Morality
5 min read

Jane Austen’s satire helped her survive a dark culture

Amid folly and frailty, she allowed her characters the possibility of forgiveness

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

A regency woman writes with a quill
Juliet Stevenson stars in Jane Austen: Rise of a Genius.
BBC.

Do Jane Austen’s heroes and heroines really get the happy endings they deserve? Not exactly, argues writer and journalist Julia Yost in her recent essay, Jane Austen’s Darkness (Wiseblood Books, 2024).  

Far from an escapist Regency fantasy, Yost paints Austen’s world as one ruled by mediocrity and hatred. While believing that ‘Marriage is the heroine’s only defense against darkness’, an institution where goodness can put up a fight against moral bankruptcy, Yost also ultimately argues that none of Austen’s heroines, with the exception of Elizabeth Bennet’s in Pride and Prejudice, manage to triumph over society’s corruption.  

Most Austen readers will be able to recite a list of her villains: Mr. Wickham, Mr. Willoughby, Henry Crawford… but Yost goes beyond this, pointing out that certain universal social malaises – greed, unregulated anger, lack of charity – infect even the supposedly nobler characters in Austen’s novels. For example, Yost interprets Emma Woodhouse’s mocking of Miss Bates, Highbury’s verbally incontinent spinster, not as a sign of immaturity, but as an expression of ‘contempt’ for a social inferior. Another character in Emma, Frank Churchill, is not simply a foolish young man trying to hide an engagement to one woman by flirting with another; he actively ‘enjoys toying with Emma’, and even ‘enjoys torturing Jane [Fairfax]’, his secret fiancée, by spending time with Emma in public. Eleanor Dashwood, Sense and Sensibility’s calm and collected heroine, is guilty of moral compromise by marrying the undeserving Edward Ferrars. Mr. Bennet, Elizabeth’s father in Pride and Prejudice, is an unreformed misanthrope. Vice runs rampant in Yost’s reading of Austen’s novels. 

Not even the truly admirable men and women of Austen’s stories are spared from suffering entirely. In Persuasion, Anne Elliot and Captain Wentworth marry under the threat of the soon-to-be-resumed Napoleonic Wars. In Pride and Prejudice, the Darcys’ marital happiness, we are told in the final chapter, is not quite enough to spread moral betterment among their family and friends: Elizabeth’s sister Kitty improves greatly, but Lady Catherine de Bourgh remains arrogant, Mr. Wickham retains his rakishness, and Lydia stays just as thoughtless.  

For Yost, showing this universal moral malady does not weaken but rather strengthens the novels’ moral gravity. ‘Austen’s satire is salubrious’, she writes, and agreeing with the Austen scholar D.W. Harding, who, in his 1940 essay ‘Regulated Hatred’, argued that laughing at vice is a ‘means for unobtrusive spiritual survival’ amidst social and natural evils. Austen’s biting condemnation, in other words, is the only way to dispel the power of human vices.  

As I was reading Jane Austen’s Darkness, I found myself agreeing with many of Yost’s observations. I’ve spent the better part of the last decade writing about why Jane Austen’s satirical tone serves to make us, the readers, more aware of our failings, so Yost finds a natural ally in me.  

Despite this, I was left feeling that something was missing. There’s a dimension of forgiveness to Austen’s narrative pattern that remains largely unspoken. To be fair to Yost, that’s not the focus of the essay. And yet, I’d be remiss not to mention that, in Austen’s novels, we can’t speak of condemnation without also speaking of repentance.  

Austen’s characters are undeniably fallible. But human frailty also allows for the possibility for repentance and, ultimately, forgiveness. 

For every example of moral failure in an Austen novel, a corresponding example of true remorse can be found. Austen tells us that, after the incident where Emma mocks Miss Bates publicly, she experiences a mixture of ‘anger against herself, mortification, and deep concern’. ‘Never had she felt so agitated, mortified, grieved, at any circumstance in her life’, we’re further told, ‘She was most forcibly struck. The truth of this representation there was no denying’. Emma’s shame pushes her to admit her mistakes to herself. Something similar happens to Elizabeth in Pride and Prejudice, when she realises how blind she has been to Mr. Darcy’s goodness and Mr. Wickham’s deception. Similarly, Yost is right that Mr. Bennet’s misanthropy ‘disables him as a moral actor’, but after his daughter Lydia’s elopement with Mr. Wickham, he begins to feel the force of guilt, knowing that this might have been prevented, had he been more involved in his own children’s upbringing. And if Fanny Price, in Mansfield Park, is passive at the risk of ceasing to be a moral agent altogether, she more than makes up for it when she sternly refuses to marry the rakish Henry Crawford, a man she neither respects nor loves.  

Austen’s characters are undeniably fallible. But human frailty also allows for the possibility for repentance and, ultimately, forgiveness. As the late philosopher and Austen devotee Alasdair Macintyre argued in After Virtue (1981), all of Austen’s heroines experience a moment when they recognise their own failings, and this newly acquired virtue of ‘self-knowledge’ allows them to repent and more consciously act as moral agents in the world. 

In turn, these true acts of repentance open up the way to mutual forgiveness. After marrying Elizabeth, Mr. Darcy, who’d claimed that he couldn’t easily ‘forget the follies and vices of others’ agrees to reconcile with his aunt Lady Catherine, welcomes Lydia into his house, and even continues to financially support Mr. Wickham for Lydia’s sake. In Persuasion, Captain Wentworth eventually forgives Lady Russell for the role she played in ending his first engagement to Anne Elliot. In Sense and Sensibility, Elinor Dashwood forgives Mr. Willoughby for abandoning her sister Marianne after he confesses how much he regrets his actions.  

Even when granted to someone we may consider undeserving, this central act of forgiveness heals broken social bonds. Perhaps, it’s even more healing than the ‘salubrious’ effect of Austen’s biting satire. There is darkness in Austen, but there is also much light. And if her novels prove that moral corruption is ubiquitous, they also make the case that, despite our corrupted nature, we’re not unsalvageable: forgiveness and redemption are always within reach of humankind.  

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Article
Culture
Economics
Ethics
6 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.