2005•Economic AffairsOpen access

MORALITY, ECONOMICS AND THE MARKET IN THE THOUGHT OF BENEDICT XVI

Samuel Gregg

Abstract

While not uncritical of aspects of modern capitalism, John Paul II's 1991 social encyclical, Centesimus Annus, directed official Catholic teaching towards more explicit affirmation of the moral potential of free markets, exchange and enterprise. Analysis of the pre-pontifical writings of Pope John Paul's successor, Benedict XVI, suggests that an equally nuanced approach to economics and the market from the most authoritative Catholic teaching authority is likely to continue.

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Key concepts: Encyclical, Catholic social teaching, Successor cardinal, Capitalism, Morality, Positive economics, Adam smith, Philosophy