Article
Books
Culture
Paganism
6 min read

Mr. Darcy: pagan hero?

Just over 200 years ago, Jane Austen died, now there's a struggle on how to interpret the most beloved of her male protagonists.

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

A man dressed in Georgian clothes walks out of the mist.
Mr Darcy, portrayed by Matthew Macfadyen, in the 2005 TV adaptation of Pride & Prejudice.

For as long as I can remember, I’ve been interested in how Jane Austen thinks about morality, and how she uses the characters in her novels to explore ideas about what it means to be ethical or virtuous.  

‘Virtue’, a word not particularly popular in our contemporary society, is what all her characters must attain if they are to be happy; but which virtues exactly take priority, is a matter that remains up for debate.  

When I first read British philosopher Gilbert Ryle’s piece on Austen, ‘Jane Austen and the Moralists’, I began to seriously question whether her heroes and heroines exhibit virtues which are more distinctly secular or Christian. Ryle argues that Austen’s virtue ethics follows the Aristotelian tradition. For Aristotle, virtue consists in finding the golden mean between a lack of a quality, and an excess of it. For example, courage is the virtue in-between cowardice, which is a lack of courage, and rashness, an excess of courage.  

Similarly, Austen’s characters must find a balance, for instance between Elinor’s excessive reserve and Marianne’s excessive feeling in Sense & Sensibility. So far, so good. But Ryle’s take is that, while Austen was most likely ‘genuinely pious’ in her own life – especially as the ‘dutiful daughter of a clergyman’ – her ethics remain essentially ‘secular’, rather than presenting an evolved, Christianised version of Aristotle’s virtue ethics. Ryle notes that Austen’s heroines and heroes are rarely seen discussing religion or praying, and thus leaves the question at that. 

The more I thought of Ryle’s explanation, the less convinced I was by it. So, I started wondering, can we really think of Mr. Darcy, the most beloved of Austen’s male protagonists, as an essentially pagan hero? Or, in contrast to that, can his narrative arch better be compared to Dante’s spiritual pilgrimage in the Divine Comedy?  

He is magnanimous, – that is, neither too vain nor too timid – generous without being excessively so, and careful in all his actions.

Let’s test these two possibilities by looking at which virtues Mr. Darcy practises and learns in Pride & Prejudice. From the very beginning of the novel, Mr. Darcy acts the part of the ideal Aristotelian hero. He is magnanimous, – that is, neither too vain nor too timid – generous without being excessively so, and careful in all his actions. Rash characters such as Lydia, and occasionally even his own sister Georgiana, are described as acting with ‘imprudence’. On the other hand, Elizabeth Bennet confesses to her sister Jane that she believes Charlotte Lucas, in accepting Mr. Collins’ marriage proposal, has acted with excessive ‘prudence’, which becomes tantamount to ‘selfishness’. Not so for Mr. Darcy, who is prudent in the right way, and to the right extent.  

The entire proposal scene is one of the most elegantly crafted clashes of values in fiction.

And then we come to the crux of the problem, that is, pride. While all the qualities I listed above are pagan virtues which Christians have historically had no trouble accepting, pride stands apart as a distinctly pagan virtue. For Aristotle, pride was entirely acceptable. While the excess of pride, hubris, is undesirable, pride is positively laudable when it consists in the acknowledgement of one’s accomplishments. Aristotle believed humility, on the other hand – a key virtue to Christians – to be symptomatic of a deficiency of truthfulness. For the first half of Pride & Prejudice at least, Mr. Darcy is in perfect agreement with Aristotle on these points. While Elizabeth is staying at Netherfield, he remarks that, while vanity is indeed a vice, ‘pride—where there is a real superiority of mind—pride will be always under good regulation’. 

Elizabeth’s reaction is telling. Not only does she disagree with Mr. Darcy, in that she lists pride as a weakness of mind, but she responds to his confident assertion by turning away ‘to hide a smile’. Her sarcastic smile is a hint of the reproach that will find its full expression following Mr. Darcy’s first marriage proposal. After insulting her family and reminding her of his superiority of character and station in life, Mr. Darcy is firmly chastised by Elizabeth, who freely admits that his manner has impressed her ‘with the fullest belief of your arrogance, your conceit, and your selfish disdain of the feelings of others’. The entire proposal scene is one of the most elegantly crafted clashes of values in fiction. Here is the hero of the story, perfect in every pagan virtue of character, being confronted by the heroine with the truth that he substantially lacks in the one virtue that would distinguish him as Christian, humility. 

I am struck by how much this proposal scene mirrors Dante’s meeting with Beatrice at the very end of Purgatory in the Divine Comedy. Up until this point, Dante has been led through hell and purgatory by Virgil but, lacking the Christian faith, Virgil cannot enter heaven. Although Virgil has been both ‘father’ and ‘mother’ to Dante, who has relied on him unconditionally, by the end of purgatory he must leave Dante’s side and be surpassed by Beatrice. Virgil’s guidance as an impeccable paragon of pagan virtue is simply not sufficient in the final stage of Dante’s spiritual growth. Virgil having silently departed, Dante finally sets eyes on Beatrice, expecting a happy reunion after not seeing her for years following her death. Instead, she is peremptory and unsentimental in her greeting: ‘Look here! For I am Beatrice, I am!’. She is reproaching him for not remaining constant to her memory after her death. Instead of letting his love for her lead him to a greater love of God, she says, Dante allowed himself to become distracted by worthless intellectual pursuits. Dante feels the ‘bitter savor’ of her sternness, but he knows that she is right in chiding his intellectual pride. He confesses his past sins, and only then is he truly prepared to enter heaven.

By the time Darcy proposes a second time, his attitude has changed entirely. He no longer values pride as the chief indicator of virtue. 

Now, if Pride & Prejudice ended with the proposal scene I described, Gilbert Ryle would be correct in suggesting that Austen’s characters, or at least her male protagonist, are virtuous in an essentially secular and pagan way. But this is not the case. Instead, exactly what happens to Dante happens to Mr. Darcy. Like Beatrice’s chiding, Beatrice’s refusal and scolding lead Darcy to repent and learn humility. By the time Darcy proposes a second time, his attitude has changed entirely. He no longer values pride as the chief indicator of virtue, and thus he has become much more explicitly Christian in his way of exercising virtue. After Elizabeth has accepted his marriage proposal, he confesses to her:  

I have been a selfish being all my life, in practice, though not in principle. As a child I was taught what was right, but I was not taught to correct my temper. I was given good principles, but left to follow them in pride and conceit… I was spoiled by my parents, who, though good themselves…allowed, encouraged, almost taught me to be selfish and overbearing… to think meanly of their sense and worth compared with my own. Such I was… and such I might still have been but for you, dearest, loveliest Elizabeth! What do I not owe you! You taught me a lesson, hard indeed at first, but most advantageous. By you, I was properly humbled.  

Just as Dante was reminded that he must confess and repent of past pride by Beatrice, so Mr. Darcy is ‘properly humbled’ by Elizabeth. Humility thus becomes central to the resolution of Pride & Prejudice, for without it there could have been no reconciliation between hero and heroine, no marriage at the end. Although Mr. Darcy may not be seen kneeling to pray, or declaring his love of God, the deepening of his virtues as a Christian is what ensures the forgiveness of the woman he loves. He may be the perfect pagan hero when the novel begins, but by the end he becomes the Christian hero we all know and love. 

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.