The economic turmoil continues. The nationalisation of Bradford & Bingley will, no doubt, be only the latest act in the ongoing drama.

Onto the stage last week entered the archbishops of York and Canterbury. Unsurprisingly, their comments sparked controversy. Dr John Sentamu condemned the financial traders who have made millions by driving down the share price of leading banks as "bank robbers and asset strippers".

The contribution of Dr Rowan Williams was more subtle. In the Spectator, he warned that a devotion to the free market was a form of idolatry and that Karl Marx was right in his analysis of the power of "unbridled capitalism".

The archbishops have both a democratic right and a theological duty to speak out. Love of God and neighbour demands theological reflection on issues of public concern.

In criticising some of the practices which have helped bring about the current crisis, they are following in the tradition of the Old Testament prophets who condemned the Israelites for their exploitation of the poor in order to maximise profit.

The archbishops are not alone in expressing concern. Stephen Green, Group Chairman of HSBC, has also been critical, arguing that pay in the financial industry is a factor in the current down-turn and that bankers should no longer be rewarded for deals that turn bad.

What are we to make of it all? The free-market, like democracy, is perhaps the least-worst system. Markets are embedded in cultures and they reflect our values, our notions of what is good. The free-market can be used for both good and ill.

The current crisis has clearly exposed the inadequacies of the moral and legislative culture in which the market exists.

Undoubtedly there has been greed on the part of some individuals and institutions, and it is important to consider what changes in the current regulatory framework might be required. We should also explore other ways of organising some of our economic activity, such as the promotion of co-operatives and friendly societies.

Crucially, however, the current situation should also cause us all to examine our own motives and actions.

The fact that the Church of England has used some of the practices the archbishops have criticised (short selling and debt trading) when investing its assets only underlines how difficult it can be to act independently of the economic systems of which we are a part.

It is easy to scapegoat bankers and institutions, but individuals need to look more closely at their own pension funds and ensure they are investing ethically. In our financial dealings, maximising profit should never be an end in itself.

Instead, we should aim to contribute to the wellbeing of all. We should not be content simply to produce goods and services, but, rather, produce those things which really are good and of service, which takes us back to the moral framework.

The intervention by the archbishops should encourage us to re-evaluate the relative value of money. Ultimately, despite what our culture claims, money cannot give fundamental security. It cannot give life.

This article first appeared in the Ways and Means blog of the Daily Telegraph.