The author offers a commentary on Marion Maddox’s and Nicolas de Bremond d’Ars’s articles in this journal. He suggests that taking into account macro-level changes in political economy is the key to understanding many current debates in the sociology of religion. He situates the Maddox and de Bremond d’Ars texts in the context of contemporary scholarship on religion and economy and discusses whether a new political economy of religions is emerging with reference to a growing economic reasoning among religions, new forms of religion and Church–State relations. The author raises many questions on the nature of contemporary religious change and the specific role of global capitalism and neoliberalism. He also suggests that religions will both adapt to and take advantage of the new state of affairs.