Market Warning

Democracy and market economies go hand in hand but are risky and can be abused if they do not sustain human dignity and support the common good, according to a Vatican economic official. Joseph F. X. Zahra, a Maltese economist who is deputy coordinator of the Vatican Council for the Economy, spoke at a U.N. side event on Feb. 8 on “Market Economies: Insights and Warnings of Catholic Social Teaching.” Zahra said, ”An economic system is a theoretical piece of work unless we put people into it.” Its results depend on people and whether they are using or abusing the system. Economic systems are operated by people and should be based on principles of freedom and dignity, he said. The people administering the systems must focus on the long-term impacts of their decisions instead of the short-term rewards. According to Zahra, contemporary financial and economic systems, challenged by globalization, inequality, social liberalism and the financial meltdown of the last decade, should be reformed to be more virtuous and reinforce human dignity and human rights in the service of freedom.

Comments are automatically closed two weeks after an article's initial publication. See our comments policy for more.
Mike Evans
1 year 9 months ago
What exactly does he mean to say? Our salvation is only found in a free market?? 200 years of the recent past demonstrate how wrong unfettered freedom is. We don't need any more monopolies, cartels, interlocking corporate agreements, stifling of unionization, allowing homeless and unemployed people starve and freeze to death. Doesn't sound like a Christian society to me...

Advertisement
Advertisement

Don't miss the best from America

Sign up for our Newsletter to get the Jesuit perspective on news, faith and culture.

The latest from america

It has more to do with prophecy than politics.
Jonathan MerrittDecember 11, 2017
iStock photo
A federal judge wrote that it is unlikely church officials would be able to prove that their constitutional rights were being violated.
Michael J. O’LoughlinDecember 11, 2017
The ‘chaos candidate’ is now our pyromaniac president.
Margot PattersonDecember 11, 2017
At first Father Flanagan rejected the idea of a film, but he signed on after he saw a script that he liked.
Kevin LawlerDecember 11, 2017