Paul and Bill spoke with Aida Ramos, Ph.D., an associate professor of economics at the University of Dallas. Prof. Ramos’ research and teaching at that private Catholic university include topics in economic development and Catholic Social Thought and their implications for public policy. She is the author of a book (Shifting Capital: Mercantilism and the Economics of the Act of Union of 1707 ) in the “Palgrave Studies in the History of Economic Thought” series.
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Paul and Bill spoke with Aida Ramos, Ph.D., an associate professor of economics at the University of Dallas. Prof. Ramos’ research and teaching at that private Catholic university include topics in economic development and Catholic Social Thought and their implications for public policy. She is the author of a book (Shifting Capital: Mercantilism and the Economics of the Act of Union of 1707 ) in the “Palgrave Studies in the History of Economic Thought” series.
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The Vatican’s first direct foray into issues of justice in economics and the relationship of capital and labor came from Pope Leo XIII in 1891 in his encyclical Rerum Novarum. Pope Pius XI added to the Church’s economic analysis 40 years later in the encyclical Quadragesima Anno; it focuses on the different systems of economic organization. The Vatican has spoken out about economic organization and justice in various additional ways over the years, including such encyclicals as Saint Pope John Paul II’s Centesimus Annus. In general, both capitalism and socialism have received mixed reviews in terms of their virtues and problems.
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At the core of economic decision-making—discernment about the systems from which we choose and how we implement them—is the balancing of rights and responsibilities. The Church strongly proclaims a variety of economic rights held by human persons. It also insists that humans and corporations go beyond a limited notion of responsibility focused only on maximization of income and wealth. The Church asks, what is the economy for? What is my duty to God and other human beings as it is to be exercised through human economic behavior?
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The universal destination of goods is a Catholic principle that the reason the economy exists is for the good of all human persons. The preferential option for the poor is a principle which states: If any action makes the poor worse off, do not pursue it. The Church also teaches that we all have a responsibility to uphold the common good. The Catechism of the Catholic Church says, the totality of social and economic conditions is intended for human beings to achieve fulfillment and authentic happiness.
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Pope Franics’ new encyclical, Fratelli Tutti, reminds the faithful to pursue fraternal relationships of compassion and love with people all over the world, which helps the human ecology to reflect and build the common good. This taps into principles of Catholic Social Teaching including solidarity and respect for the dignity of each unique individual created by God. This global consciousness coexists with a local consciousness guided by the principle of subsidiarity—which instructs that people at the level of smaller communities should have responsibility and authority to address all issues they can address, free of intervention by higher authorities unless those greater resources must be called upon.
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Catholic Social Thought, or Catholic Social Teaching, has been called the Church’s best-kept secret, partly because its principles are prospective meeting grounds for broader public consensus; they are drawn from the Gospel and Church wisdom through the ages, but they have rarely been proclaimed as a package to be consistently understood, discussed and applied in unison.
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