In the journal Foreign Affairs, Acton Research Director Samuel Gregg offers an analysis of the Vatican’s recent pronouncements on economic policy, most notably the document issued in October titled “Towards Reforming the International Financial and Monetary Systems in the Context of Global Public Authority” (also called “The Note”). The Church, Gregg said, “wanted to attract the attention of world leaders as they assembled to discuss ongoing turmoil in financial markets at the G-20 Summit in Cannes and to add its voice to those arguing for capital controls (such as the “Tobin tax”) to discourage international financial speculation.” But, he argues, advocating a world economic authority could work against the interests of developing nations, including those heavily Catholic:

Read more on Samuel Gregg: The Vatican’s Calls for Global Financial Reform…

My recent piece in The American Spectator took the left to task for its misuse of the terms justice and social justice. The piece was more than a debate over semantics. In it I noted that Sojourners and its CEO, Jim Wallis, continue to promote well-intended but failed strategies that actually hurt the social and economic well-being of poor communities. I also called on everyone with a heart for the poor to set aside a top-down model of charity that “has trapped so many humans in a vicious cycle of paternalism and dependency” and instead to focus “on cultivating political and economic freedom for the world’s poor.” Sojourners’ Tim King responded here and then emailed me to ask for my thoughts on his response. I’ll start by emphasizing a few areas of agreement, adding a caveat here and there so as not to overstate the areas of overlap, and then I’ll move on to some areas of difference.

Read more on The Social Muddle at Sojourners…

Friedrich Hayek called it a weasel word. The American Spectator has my new essay on it here.

More on social justice as it appears in Catholic social teaching here. And more on social business here.

Read more on Social Business, Social Gospel, Social Justice…

The Center for American Progress (CAP) has boldly rebutted the arguments of our own Kishore Jayabalan, director of Istituto Acton, concerning the Vatican’s note on a “central world bank.” It has done so by showing him to be lacking in “respect for the inherent dignity of human life.” … Yes, we are talking about that Center for American Progress.

Read more on BREAKING: Center for American Progress Takes Moral High Ground…

In the National Catholic Register, Kathryn Jean Lopez looks at the current debate on Social Security and asks: “So, is it a Ponzi scheme? Is it time to blow it up? Are these questions freaking people out — and missing the point?” Acton Research Director Samuel Gregg is extensively quoted in the article. Here he is explaining how the principle of subsidiarity plays into the debate.

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Noted NYU law professor and free-market advocate Richard Epstein has written a provocative piece titled “How is Warren Buffett like the Pope? They are both dead wrong on economics.” Here’s the money quote:

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It looks like Congress will vote later today or this evening to raise the debt ceiling and avert a possible default by the United States Treasury. How the debt ceiling compromise will fair when measured against Acton’s Principles for Budget Reform it is too early to know, but one thing is certain: if the deal contains a single budget cut for even the most ineffective of social programs, we’ll hear screams of protest from Jim Wallis and his Circle of Protection.

Read more on What the Common Good Isn’t…

Both the religious right and left have weighed in during the heated federal budget battle as Congressman Paul Ryan’s proposed budget has seen its fair share of support and criticism from many religious leaders.

Read more on Catholic Social Teaching and the Federal Budget…

The budget proposed by House Republicans has lead to a heated debate; one key facet being whether funding should be cut for programs that benefit the poor and vulnerable. Critics claim the House Republicans’ proposed budget violates Catholic social teaching (click here to read the critics’ open letter to Speaker Boehner). Rev. Robert A. Sirico’s first response to Boehner’s critics appeared in NRO. In this week’s commentary Rev. Sirico expands upon his first response and articulates how Catholics can disagree on how to assist the poor and vulnerable. The article originally appeared in Crisis Magazine.

Read more on Rev. Sirico: Not Whether to Help the Poor, But How…

In Crisis Magazine, Acton Research Director Samuel Gregg has a new article that looks at how Catholics reflect on a wide range of financial questions ranging from the federal government’s fiscal woes to consumer debt to a fragile banking system.

Read more on Samuel Gregg: Debt, Finance, and Catholics…