Catholic Social Teaching: A communitarian democratic capitalism for the new world order
Journal of Business Ethics · 1993 · Volume 12 · Issue 12
Abstract
Catholic Social Teaching has taken a remarkable turn with the May 1991 document on economic ethics,Centesimus Annus. During their one hundred year history, church documents were notable for their courageous championing of the rights of the least advantaged; they were much less distinguished for their understanding of how markets and incentives function in capitalism. Most business leaders admired church teaching for its compassion but had little respect for its competence. With this most recent document, however, there is a growing conviction that the church may have come of age in economic ethics. Even theWall Street Journalhas celebratedCentesimus Annus. The article outlines the highlights of the document and its points of continuity with the tradition. Responses from business and the academy are also briefly considered.
Keywords
Economic Growth, Business Leader, World Order, Social Teaching, Catholic Social Teaching
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