This piece is paired with another view of usury from an Austrian economics perspective, also running today. The Catholic Church is always condemned for condemning sins. Since we are all sinners, sin is the last thing we want to hear about. But of course, if we don’t confess our sins and flee from our … Read more
The recent note from the Vatican on financial markets, along with the outbreak of protests in many cities against what is seen as the failures of capitalism, has once more brought up the question of what it is exactly that the Catholic Church teaches about economic issues. A recent contribution to this subject came with … Read more
For many years now, Catholics across America have been asked by their local parishes to contribute to a variety of causes, mostly to help the less fortunate. As Catholics we are called to live the gospel and to practice the corporal works of mercy. This includes aiding those who are in need of basic necessities: … Read more
The recent Note issued by the Pontifical Council for Justice and Peace, “Toward Reforming the International Financial and Monetary Systems in the Context of Global Public Authority,” has liberals jubilant and conservatives apoplectic with its call “to create some form of global monetary management” (Sec. 4). This Note is a compilation of papal Social Teaching … Read more
Do we need a supranational authority to enforce social justice? The Vatican’s Pontifical Council for Justice and Peace (PJCP) seems to think so. Its new document, “Towards Reforming the International Financial and Monetary Systems in the Context of a Global Public Authority,” calls for global economic regulation by a supranational body and a central world … Read more
With many intricate illustrations, John Henry Newman argued that the highest teaching office of the Church, cathedrated in Rome, is by paradox negative in the most positive sense. The Pope does not invent truths: he defines them against challenges. This is the essence of conservatism, not in a political sense, but in a pastoral ecology. … Read more
Distributists and followers of the “Austrian school” of free market economics are notoriously at odds with each other over what constitutes a just economic order. We disagree, at times vigorously, on how to structure an economy that best guarantees the rights of the family and that offers the best opportunities for prosperity and liberty. We … Read more
“Nowhere is the need for ongoing development more acutely felt,” writes Father Thomas D. Williams, L.C., “than in the area of the Church’s social teaching” — which makes Catholic social thought “one of the most exciting areas of theology in which to be engaged.” In his new book The World As It Could Be: Catholic … Read more
Economics is not a business science, although it has applications to business. Rather, it is part of the liberal arts and is a science of human action. Economics studies the actions that most people take in response to circumstances in their lives, but especially those actions that are visible to us. This is why economists … Read more
Among the consequences of the recent and ongoing financial crisis and economic downturn is a rekindling of interest in the moral dimension of economic life. In a recent two-part article at Catholic Exchange, Rev. Seamus Finn, OMI, identifies one particular area of renewed attention: moral investing. Ethical investing — usually called socially responsible investing (SRI) … Read more
What is the magisterial authority of Catholic Social Teaching (CST), and how is it applied to real world situations? Catholic Social Doctrine is simply the voice of the Church, starting with the Sacred Scripture and the Church Fathers, that lays out the principles of how justice and charity are to be lived out in the … Read more
When it comes to economics, there is a serious comprehension deficit among Catholics. In order to understand this subject, we must first distinguish between the actions of human beings and the way those actions are perceived by those who study them. The value of any economic theory lies in how well it captures actual human … Read more
The debate over Catholic social doctrine and U.S. social welfare policy took an unhelpful turn in May when a gaggle of academics fired a shot across the bow of House Speaker John Boehner, prior to his commencement address at the Catholic University of America. Their charge? That Boehner’s House voting record showed him to be … Read more
The debate over the application of the core teachings of the Christian faith began when Jesus was presented with a Roman coin containing Caesar’s image. In that moment, the Lord drew both a limitation to the legitimate power of the state and a distinction between it and the supreme authority of Almighty God. What would … Read more
Earlier this month, over 80 Catholic scholars — mostly professors — sent an open letter to Rep. John Boehner, Speaker of the U.S. House of Representatives, on the occasion of his presenting the commencement address at The Catholic University of America in Washington, D.C. They accused him of being out of line with the … Read more
Catholic discussion of economic policy usually takes place on a ridiculous level of abstraction. What is fairness, and can the market accomplish that? Shouldn’t the civic order bear responsibility for the health and well-being of its members? How can we balance the demands of social equality and individual ownership? These are all very high-minded questions, … Read more
One of the classic texts written in defense of political and economic freedom is Frederic Bastiat’s The Law. I remember having the book pressed on me as a high school senior by a smart, nerdy-looking libertarian who worked at the Laissez-Faire Bookstore in New York, and I wish that I’d read it then. It would … Read more
Debt and deficits seem to be on everyone’s minds these days. Whether it be worries about the American government’s fiscal woes, Europe’s fragile banking system, or the debt-as-a-way-of-life culture that disfigures so many lives, many people are seeking guidance about how to extradite ourselves from this mess with our souls intact. In this regard, Catholics … Read more
Less than three years has passed since the publication of Pope Benedict XVI’s third encyclical, Charity in Truth. As some readers may remember, the encyclical caused quite a stir both in secular and religious circles — as have many of the past papal encyclicals dealing with economic questions, going back to Pope Leo XIII’s groundbreaking … Read more
The headline of a report on a recent survey summed up its findings: “Capitalism Against Christianity, Americans Believe.” Is that good news or bad news? What should Catholics think? Does Catholic social teaching imply opposition to capitalism? The answers you get to those questions would no doubt differ dramatically depending on whom you ask. Although … Read more
