Financial capitalism

Financial capitalism

Peter D. Howard

The reference to "the excesses of financial capitalism, which triggered the global financial crisis" ( AD2000, September, p.2, "Fighting Fund") seems strange, as surely it is individuals and groups of individuals who engage in excesses.

The Holy Father has emphasised that "Society does not have to protect itself from the market, as if the development of the latter were ipso facto to entail the death of authentically human relations ... Therefore it is not the instrument that must be called to account, but individuals, their moral conscience and their personal and social responsibility" ( Caritas et Veritate, Benedict XVI, 2009, #36).

Further, Blessed John Paul II described the word "capitalism" as inappropriate, pointing out in Centesimus Annus, 42 (1991): "If by 'capitalism' is meant an economic system which recognises the fundamental and positive role of business, the market, private property and the resulting responsibility for the means of production, as well as free human creativity in the economic sector, then the answer is certainly in the affirmative, even though it would perhaps be more appropriate to speak of a 'business economy', 'market economy' or simply 'free economy'."

Springwood, Qld

Be the first to comment

Please check your e-mail for a link to activate your account.