Catholic Social Thought (CST) and Global Financial Systems

By Fr. Fred Kammer, SJ
    
In October 2011, the Pontifical Council on Justice and Peace applied Catholic social teaching [CST] to global financial systems. [1] The “Note” reiterates four strong CST themes:

• First, there must be a strong ethical and legal framework to regulate “an economic liberalism that spurns rules and controls.” An unfettered economic market poses grave dangers to human dignity, community, world equilibrium, and peace. Pope Benedict has warned of “the pitfalls which exist on the African continent and elsewhere, such as unconditional surrender to the law of the market or that of finance.” [2]

• Second, the growing economic inequalities between and among individuals and nations threaten solidarity. Between 1900 and 2000, while world population increased almost fourfold, globalization produced worldwide wealth much more rapidly, “resulting in a significant rise of average per capita income.” But the Note immediately adds, “At the same time, however, the distribution of wealth did not become fairer but in many cases worsened.”
• Third, individualism and utilitarianism produce dangers that undermine the common good. It is erroneous to think that “what is useful for the individual leads to the good of the community.” While containing some truth, “individual utility—even where it is legitimate—does not always favor the common good.”
• Fourth, we need a strong ethic of solidarity embracing the logic of the common good and the common dignity of all peoples. This ethic of solidarity means abandoning all forms of petty selfishness, embracing the logic of the global common good, and a “keen sense of belonging to the human family, which means sharing the common dignity of all human beings.”

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