“Well written and an interesting perspective.” Clan Rossi --- “Your article is too good about Japanese business pushing nuclear power.” Consulting Group --- “Thank you for the article. It was quite useful for me to wrap up things quickly and effectively.” Taylor Johnson, Credit Union Lobby Management --- “Great information! I love your blog! You always post interesting things!” Jonathan N.

Thursday, June 5, 2014

Catholic Social Ethics: On the Free Market and Economic Inequality

In June of 2014, Cardinal Oscar Maradiaga, a “prince” of the Roman Catholic Church, of the free-market system as “a new idol” that increases inequalities of wealth and excludes the poor. Pope Francis had already claimed that personal charity is not sufficient as a remedy—that solidarity with the poor necessitates, in the Cardinal’s words, “dealing with the structural causes of poverty and injustice.” As theorized by Thomas Piketty, that structure includes a tendency under typical circumstances for the rate of return on capital to exceed the growth rate in incomes (and GNP). Faith in the market’s invisible hand and people’s charitable giving do not suffice to counter this tilt. Indeed, Catholic social ethics would have it that faith in perfect competition as an ideal is tantamount to idolatry that operates at the expense particularly of the down-trodden and poor.

The full essay is at "Catholic Social Ethics: The Free Market as an Idol"