Ethics and the Market Economy: Insights From Catholic Moral Theology

Abstract

The ethical dimension of market solutions to problems is often neglected by their proponents. This article examines the market from the standpoint of orthodox Roman Catholic moral theology. It illustrates how Catholic theologians have contributed to thinking about the market, draws attention to Catholicism's positive assessment of entrepreneurship, and outlines paths for future Catholic reflection on the market.

A Influência da Filosofia Escolástica na Formação do Pensamento Econômico

“…Além disso, para eles, a simples especulação financeira também era justificável e benéfica pois criava condições necessárias para a expansão do comércio ao permitir a transferência de fundos para empreendedores. Domingo de Soto, outro professor salamanticiense, coloca a atividade comercial como requisito para o desenvolvimento civilizacional, uma vez que permitia trocas pacíficas e livres entre duas partes igualmente interessadas (GREGG, 2004).…”

Patent rights or patent wrongs? The case of patent rights on AIDS drugs

“…We will now provide a critique of utilitarianism with respect to this issue. Gregg (2004), who writes from the perspective of Catholic moral theology, argues that 'utilitarians presume that people can actually know all the possible effects of their actions'. However, in reality, it is often impossible to predict the consequences of all sets of actions.…”

“…In addition, Gregg (2004) also highlights the problem of incommensurability, which he defines as 'the inability to reduce all experiences and actions to one common measure in a way that meets the demands of reason'. For instance, is it ethically right to compare the life and death of AIDS victims in developing countries with the interests of multinational pharmaceutical companies using a common denominator?…”

“…For instance, is it ethically right to compare the life and death of AIDS victims in developing countries with the interests of multinational pharmaceutical companies using a common denominator? Indeed, Gregg (2004) argues that 'we cannot objectively weigh pleasures and pains [because] they have no common denominator'. Furthermore, Hausman & McPherson (1996) state that 'the most powerful objection to utilitarianism is that in some cases it clashes sharply with our intuitions'.…”

Religion, the Scottish Work Ethic and the Spirit of Enterprise

“…Of particular concern was the assertion that Catholicism was anti-entrepreneurial. According to Gregg (2004), Catholic theology espouses a positive attitude towards entrepreneurship. Another criticism of Weber's thesis is that it does not take account of marginality and ethnicity.…”