Review

Attention

Culture

Music

25 November 2024

5 min read

James MacMillan’s music of tranquility and discord

The composer’s music contends both the secular and sacred.

Jonathan Evens

Jonathan is Team Rector for Wickford and Runwell. He is co-author of The Secret Chord, and writes on the arts.

A conductor leans in toward an unseen orchestra with a raised hand.

MacMillan conducting.

Hans van der Woerd, Intermusica.

Sir James MacMillan is one of today’s most successful composers, as is evidenced by his achievements in 2024. This year alone has seen the premiere of a new work for choir ‘Ordo Virtutum’ (January), the UK premiere of his cantata ‘Fiat Lux’ (March), the premiere of his new version of Robert Burns’ song ‘Composed in August’ (March), the premiere of his ‘Concerto for Orchestra’ (September), and the premiere of his ‘Duet for Horn and Piano’ (November).

Back in March he also became the 26th Fellow of The Ivors Academy, joining a rollcall of extraordinary composers and songwriters, including John Rutter, John Adams, Sir Elton John, Sir Paul McCartney, Dame Judith Weir and Sting. While, in September, he accepted the Sky Arts Classical Music Award 2024 on behalf of The Cumnock Tryst, the annual music festival he founded in his hometown, which brings together many local community groups on stage alongside some of the world’s most acclaimed musicians.

His music, which is notable for its energy and emotion, is imbued with influences from his Scottish heritage, Catholic faith, social conscience and close connection with Celtic folk music, blended with influences from Far Eastern, Scandinavian and Eastern European music. Accordingly, Tom Gray, Chair of The Ivors Academy, describes MacMillan as “a titan of music, generous in his creativity and craft” and “a foremost proponent of the power of music to communicate and forge bonds”.

He first became internationally recognised after the extraordinary success of ‘The Confession of Isobel Gowdie’ at the BBC Proms in 1990. Since then, his prolific output has been performed and broadcast around the world with his major works including his most performed work the percussion concerto ‘Veni, Veni, Emmanuel’ (1992), a cello concerto for Mstislav Rostropovich (1996), an opera ‘The Sacrifice’ (2007), the ‘St John Passion’ (2008), and five symphonies. For his services to music, he was awarded a CBE in 2004 and a knighthood in 2015.

“In this age of unbelief, the search for the sacred in art and music hasn’t gone away”.

James MacMillan

As will be clear from the titles of works cited thus far, many of his works, such as ‘Ordo Virtutum’, a setting of a sacred music drama by Hildegard of Bingen concerned with the struggle for the human soul in a battle between good and evil, and ‘Fiat Lux’, a celebration of the divine gift of light, directly express his Catholic faith. David Clayton writes that, “Aside from being one of the greatest living composers and conductors of classical music, Sir James is a Catholic whose faith informs all his work”. Clayton also describes him as “a deep thinker who communicates clearly the nature of the creative process when one seeks to create beauty to bring Glory to God”.

MacMillan believes that “Far from being a "spent force", religion has proved to be a vibrant, animating principle in modern music and continues to promise much for the future.” When he speaks about music and the idea of the sacred, as he did most recently at The Sheldonian Theatre in Oxford in October, he emphasises that music seems to be “the most spiritual of the arts, and composers have always seemed to be on a search for the sacred in their work”. He notes that “In this age of unbelief, the search for the sacred in art and music hasn’t gone away”.

In brief, he sees himself as standing in a modernist tradition that includes: Stravinsky, who “was as conservative in his religion as he was revolutionary in his musical imagination”; Schoenberg, “a mystic who reconverted to practising Judaism after the Holocaust”; John Cage, who explored “the spiritual connections between music and silence”; Olivier Messiaen, who “was famously Catholic” with “every note of his unique contribution to music” being “shaped by a deep religious conviction”; Jonathan Harvey, “who has allowed eastern mysticism and his own Anglicanism to adorn his searchingly original scores”; John Tavener, whose conversion to Orthodoxy “had a dramatic impact on his style and aesthetic”; and the “intriguing and disturbing religious shadings of musical modernity” to be found in the post-Shostakovich generation from eastern Europe - Henryk Górecki (Poland), Arvo Pärt (Estonia) Giya Kancheli (Georgia), Galina Ustvolskaya, Alfred Schnittke and Sofia Gubaidulina (Russia).

In this 'obedience' of listening and following, we are stretched and deepened, physically challenged as performers, imaginatively as listeners.

He argues that while, for a time, a post-War reaction led many modernist composers to opt for a primarily abstract style and eschew the stirring up of emotions through music, in more recent years, composers have increasingly re-embraced emotion and, thereby, also spirituality. He also notes significant connections between the music of antiquity and that the modern world. The influence of plainsong and Gregorian chant on modern music, for example, demonstrates a continuing relationship between faith and the arts.

He has suggested that God's power “is presence as absence; absence as presence” and that this is also “precisely what music is”. So, “The umbilical cord between silence and music is the umbilical cord between heaven and earth”. As a result, “the war against silence is a war against ourselves and against our interior life”. He is in agreement with the Scottish Jesuit John McDade, who wrote that "Music may be the closest human analogue to the mystery of the direct and effective communication of grace". MacMillan suggests, therefore, “that music is a phenomenon connected to the work of God in the way it touches something deep in our souls and releases a divine force”.

In similar vein, he also quotes Rowan Williams who, in a sermon some years ago for the Three Choirs Festival, said: "To listen seriously to music and to perform it are among our most potent ways of learning what it is to live with and before God, learning a service that is a perfect freedom... In this 'obedience' of listening and following, we are stretched and deepened, physically challenged as performers, imaginatively as listeners. The time we have renounced, given up, is given back to us as a time in which we have become more human, more real, even when we can't say what we have learned, only that we have changed."

Being stretched and deepened in this way is certainly our experience as listeners of MacMillan’s works. Michael Capps suggests that MacMillan knows that “music dealing openly and honestly with the Christian tradition will not always be pleasing, safe, or tame”. His music “contends” in that it “produces arguments and embodies alternatives, not only to its many secular substitutes, but also to allegedly Christian options that lack the tang and piquancy of Christian particularity.” As a result, “MacMillan’s music also reveals: it shows us a world of both tranquility and discord that we readily recognize, and allows us to better appreciate that world’s fleeting harmonies”.

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Article

Culture

Economics

Ethics

1 May 2025

6 min read

The rights and wrongs of making money with meme coins

When does investing become speculating, or even addictive gambling?

Laurence Fletcher

Laurence Fletcher is a journalist at the Financial Times.

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.