Chapter 2 Summary and Analysis

In Praise of Poverty

William James (1842-1910) asserts that "the praises of poverty need once more be boldly sung" (7). Society looks down on someone who is poor, or chooses to be poor, concluding that he lacks ambition and drive. We have forgotten about the virtue of poverty that allows for the unbridled soul and liberation from materialism. Few find satisfaction in wealth; rather, the desire to gain it and fear of losing it spawns cowardice and corruption. True strength lies in the personal indifference and independence found in untethered poverty. We can speak our mind without fear of losing our affluence. James concludes that fear of poverty is the "worst moral disease" from which civilization has suffered.

Getting the Word

In 1973, E. F. Schumacher, weighs in on the debate and provides insight into the philosophy of materialism. He asserts that modern...