The roots of modern economics lie in Adam Smith, who argued that self-interest, the division of labor, and market competition would - through an invisible hand - lead to wealth creation. There’s no doubt that the market can create wealth, but it’s not so good at distributing it - or at recognizing any rights other than property rights. This is why the alternative perspective of Catholic social teaching is so important. Catholic social teaching argues that a market economy is legitimate, but it must be encased within a firm moral boundary. With that in mind, here are ten key implications of Catholic social teaching for how we govern and structure the economy:
As a retired high school teacher of Christian Ethics and Social Justice, this is brilliantly clear. I wish it were around when I was teaching.