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Any community of any size and complexity will develop a system of exchange of goods and services. A basic form of this is barter – direct exchange – but in a complex community with a broad range of skills and products, and increasingly as it trades with other communities, there will develop a medium of exchange that is not itself a good or a service but a token redeemable in the purchase of these. The most familiar and widespread form of this is money. The value of this is its purchasing power which provides motivation for its acquisition for investment in resources and for the acquisition of these. Additionally, there developed the practices of buying and selling money (currency exchange) and hiring it at interest (lending and borrowing). While money is the primary form of capital, other capital assets include various material and tradeable resources such as land, investments, manpower and skills. Business and the modern system of economics derives from these basic facts. The terms ‘Capitalism’ and ‘Free Market Capitalism’ are generally used to refer to an economic system in which assets, manufacturing, services, and trade are owned and controlled privately and utilised for profit. This is in contrast to a system in which economic resources are privately held but in which their use is controlled by the state as part of a planned economy, also using credit and fiscal measures as part of a planned economy. Critics of capitalism and free markets argue that they exploit the disadvantaged, create and intensify inequalities, are indifferent to moral and social considerations, encourage greed, etc. Defenders argue that property is important for the development of responsibility, that markets efficiently distribute resources according to demand, and that private ownership and free markets are important bulwarks of liberty.
— For friends of capitalism, the last two years have not been pleasant. First came a cascade of market calamities that seemed almost designed to confirm the most clichéd and hackneyed criticisms of free enterprise–complete with reckless investors, careless lending, irresponsible borrowing, wild speculation, an assortment of charlatans, a financial collapse, signs of under-regulation, retirees losing […]
— In 1978, Friedrich Hayek proposed a great debate. He was by then almost eighty years old, but the . . . .
— The second edition of Catholic Social Teaching and the Market Economy is a much expanded and updated version of a previous book, published in 2007, which critic
— Timeless and moral economic wisdom for life's choices and changes derived from the parables of the New Testament by famed free market advocate and Catholic priest Robert Sirico.Libraries are filled with books on the parables of Christ, and rightly so. In the words of Pope Emeritus Benedict XVI, “While civilizations have come and gone, these stories continue to teach us anew with their freshness and their humanity.” Two millennia later, the New Testament parables remain ubiquitous, and yet, few have stopped to glean from one of Christ’s most prevalent analogies: money. In The Economics of the Parables, Rev. Robert Sirico pulls back the veil of modernity to reveal the timeless economic wisdom of the parables. Thirteen central stories—including “The Laborers in the Vineyard,” “The Rich Fool,” “The Five Talents,” and “The Faithful Steward”—serve as his guide, revealing practical lessons in caring for the poor, stewarding wealth, distributing inheritances, navigating income disparities, and resolving family tensions. As contemporary as any business manual and sure to outlast them, The Economics of the Parables equips any economically informed reader to uncover the enduring financial truths of the parables in a reasonable, sensible, and life-empowering manner.
— On September 23, 2021, the James Madison Program and the Ethics and Public Policy Center hosted "The Baby and the Bathwater: Toward a Recovery of the American Idea" at The Mayflower Hotel in Washington, D.C. The event featured Robert P. George (Director of the James Madison Program) and Ryan T. Anderson (President of the Ethics and Public Policy Center) in conversation with EPPC Visiting Fellow Alexandra DeSanctis and Antonin Scalia of the James Madison Program. The James Madison Program: jmp.princeton.edu
— Hold These Truths | Episode 155 Conservatives are losing the debate over capitalism and free markets, and not just among young college students - a growing number of Americans on the right want more government intervention and stimulus checks. How can we change their minds? Dr. Samuel Gregg thinks it would help if conservatives reframe the economic argument for capitalism as a moral argument - and he joins us to show just how we can do that. Dr. Samuel Gregg is a Visiting Scholar at The Heritage Foundation's Center for American Studies and the Research Director at the Acton Institute. Follow him on Twitter at @DrSamuelGregg. Listen to Hold These Truths on Apple Podcasts: https://podcasts.apple.com/us/podcast/hold-these-truths-with-dan-crenshaw/id1498149200 Listen on Spotify: https://open.spotify.com/show/2BbbFyOBNTLpYDzUai6ta2?si=f8iPozsGQ5CjAAammAs29g
— "The regulation of economic life, whether through law or politics, has been a fixture of daily life from time immemorial. Formal regulation occurs through a variety of formal devices, the efficacy of which is argued about by legal scholars, economists, policymakers, legislators and governments. Even expressions like "to regulate" or "to deregulate" carry a range of political and even moral connotations, depending on who is using the phrase and how they are deploying it. Different historical periods are marked by greater and lesser degrees of regulation. Much of Adam Smith's Wealth of Nations amounts to a critique of the extensive regulation of trade and commerce that was part and parcel of the mercantile system. The nineteenth century witnessed efforts to diminish regulations and broader laws in many Western countries that had allowed the hundreds, if not thousands of guilds to control the entry of individuals into various professions, the prices charged to customers by those in different occupations etc., for several hundred years. Re-regulation of considerable portions of economic life had, however, began by the beginning of the twentieth century and accelerated after World War I and the Great Depression. From the mid-1970s, a significant amount of deregulation occurred in many Western economies. Following the Great Recession of 2008, there was a swing back towards regulation, especially with regard to the financial sector"--
— The final lecture in The D'Arcy Lectures 2021 series, delivered by Revd Dr Patrick Riordan, Senior Fellow in Political Philosophy and Catholic Social Thought. Moderator: Revd Dr Nick Austin SJ, Master of Campion Hall.
— Join Dr. Tim Gray and his guest Dr. Andrew Abela to discuss Capitalism and Catholicism. Dr. Andrew Abela is the founding dean of the Busch School of Business and associate professor of Marketing at the Catholic University of America, in Washington, D.C. He provides insight into living out the Catholic Faith in a secular work environment. ► Learn more about the Mission Circle: https://bit.ly/3wPrfRO The Augustine Institute Show with Dr. Tim Gray is an exciting new, weekly Catholic talk show that brings the truth and beauty of the Gospel to Catholics all over the world. Premiering live every Tuesday at 7 p.m. EST, this exciting initiative is the most recent addition to the Augustine Institute’s robust and innovative programming, which aims to help Catholics understand, live, and share their faith. Each show will feature our host, Dr. Tim Gray, and a special guest who will discuss topics relating to a Catholic lifestyle. You’ll be invited to submit questions and comments in real time, while you learn about everything from mental health to fasting, from a Catholic perspective. About the Guest: Andrew Abela is the founding dean of the Busch School of Business and associate professor of Marketing at the Catholic University of America, in Washington, D.C. His research on the integrity of the marketing process, including marketing ethics, Catholic Social Doctrine, and internal communication, has been published in several academic journals, including the Journal of Marketing, the Journal of the Academy of Marketing Science, the Journal of Business Ethics, and the Journal of Markets & Morality, and in two books. He is the co-editor of A Catechism for Business, from Catholic University Press, and winner of the 2009 Novak Award, a $10,000 prize given by the Acton Institute for “significant contributions to the study of the relationship between religion and economic liberty.” Dr. Abela also provides consulting and training in internal communications; recent clients of his include Microsoft Corporation, JPMorgan Chase, and the Corporate Executive Board. Prior to his academic career, he spent several years in industry as brand manager at Procter & Gamble, management consultant with McKinsey & Company, and managing director of the Marketing Leadership Council of the Corporate Executive Board. He holds a B.Sc. from the University of Toronto, an MBA from the Institute for Management Development (IMD) in Switzerland, and a Ph.D. in Marketing and Ethics from the Darden Business School at the University of Virginia. He and his wife, Kathleen, live in Great Falls, Virginia, with their six children. ►This new show is available to watch live on FORMED at https://bit.ly/3c9p8QO. ►If you are new to FORMED, sign up for a free 7-day trial at https://bit.ly/3fFESx7. ►To find out if your parish already has a subscription to FORMED, visit https://formed.org/signup. For more information about The Augustine Institute Show with Dr. Tim Gray, including a schedule of upcoming guests, please visit show.augustineinstitute.org.
