1. Human Values and the Market The Case of Life Insurance and Death in Nineteenth-Century America

2010 ◽  
pp. 19-39 ◽  
1950 ◽  
Vol 19 (1) ◽  
pp. 34-47 ◽  
Author(s):  
Ralph H. Gabriel

Arnold Toynbee has described our western civilization in the twentieth century as a rationalistic and secular culture. In the sense that an awareness of the importance of science is the starting point of the thinking of our day the generalization seems true. We prize the realism of the objective, analytical approach of science. In a turbulent and swiftly moving age we have substituted relativism for older values once confidently assumed to have universal validity. We have seen scepticism, born of twentieth-century events, erode an old and dynamic belief in progress. We observe Protestantism, its old orthodoxy shaken, striving to make the Christian tradition meaningful and significant for a materialistic generation. We watch the protagonists of democracy striving to hold fast to essential human values and to protect basic freedoms in an age of fear and power.


Author(s):  
Viviana A. Zelizer

This chapter uses data on the diffusion of life insurance in nineteenth-century America as a testing ground to explore the larger theoretical problem of establishing monetary equivalences for sacred things. It hypothesizes that cultural resistance to including certain items in the social order—namely, those related to human life, death, and emotions—into a market-type of exchange introduces structural sources of strain and ambivalence into their marketing. Life insurance raises the issue in its sharpest terms by posing the question of how one establishes a fixed-dollar amount for any individual death. The chapter argues that resistance to life insurance during the earlier part of the nineteenth century was largely the result of a value system that condemned the materialistic assessment of death, and of the power of magical beliefs and superstitions that viewed with apprehension any commercial pacts dependent on death for their fulfillment.


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