Posts tagged with: Defending the Free Market: The Moral Case for a Free Economy

American Enterprise Institute president and 2012 Acton University plenary speaker Arthur Brooks has a recent column in The Washington Post that lists five myths about free enterprise. Brooks’ five myths address some of free enterprise’s most common critiques and do so by giving free enterprise a moral aspect. The five points are especially relevant this election season, he says, because the two candidates represent such different fiscal perspectives.  Here’s a look a myth #2:

2. Free markets are driven by greed.

I once asked Charles Schwab how he built the $16 billion investment company bearing his name. He never said a word about money. He spoke instead about accomplishing personal goals, creating good jobs for employees and the sacrifices along the way — including when he took a second mortgage on his home so he could make payroll.

Entrepreneurs are rarely driven by greed. According to, in 2011, small-business owners made 19 percent less money per year than government managers. And as Northwestern University business professor Steven Rogers has shown, the average entrepreneur fails about four times before succeeding.

Free markets and entrepreneurship are driven not by greed but by earned success. For some people, earned success means business success, while for others, it means helping the poor, raising good kids, building a nonprofit, or making beautiful art — whatever allows people to create value in their lives and in the lives of others.

Earned success gets at the heart of “the pursuit of happiness.” The General Social Survey from the University of Chicago reveals that people who say they feel “very successful” or “completely successful” in their work lives are twice as likely to say they are very happy about their overall lives than people who feel “somewhat successful.” And it doesn’t matter if they earn more or less; the differences persist.

Those acquainted of Acton Institute president and co-founder Rev. Robert Sirico will recognize arguments such as these from Sirico’s recent title, Defending the Free Market: The Moral Case for a Free Economy. Sirico, like Brooks, argues that free enterprise is the economic system that best complements morality.

To listen to Brooks’ 2012 Acton University Lecture, click here.

Kevin DeYoung, senior pastor at University Reformed Church in East Lansing, Michigan and regular blogger at The Gospel Coalition, featured Rev. Robert Sirico’s latest book, Defending the Free Market: The Moral Case for a Free Economy, on his blog. DeYoung praises Defending the Free Market for making a serious moral case for a free market system:

Robert Sirico, Defending the Free Market: The Moral Case for a Free Economy (Regnery 2012). Rev. Sirico is a Catholic priest, the president of the Grand Rapids based Acton Institute, and a former radical leftist. As you can guess by the title, he’s since said goodbye to his socialist and Marxist leanings. It’s a shame than in our hyper-partisan climate many people will automatically dismiss the book as Republican propaganda. But it really isn’t. Sirico is picking up where Michael Novak left off in making a strong moral case for capitalism, free markets, and the calling of the entrepreneur. It’s a case that Christians need to consider more carefully, even if you end up disagreeing with some of Sirico’s points, especially the many pastors who bring a superficial understanding of business and economics with them into the pulpit. This would be a great book to read and discuss in a small group, a book club, or a senior seminar.

For a free chapter of Sirico’s book, check out the official book site here.

Rev. Robert Sirico, Acton Institute president and co-founder, released Defending the Free Market: The Moral Case for a Free Economy, in late May and the book has been no stranger to critical acclaim ever since. The latest? Defending the Free Market cracks WORLD Magazine’s top five business books of the past year. Sirico’s book is critically necessary for 2012 says David Bahnsen, senior vice president at a leading financial firm:

Attacks on Mitt Romney’s time at private equity firm Bain Capital are political, of course, but they also illuminate a key debate: wealth creation vs. job creation. Some theorize that the pursuit of wealth by a few does not create jobs—but in practice, as Robert Sirico shows in Defending the Free Market: The Moral Case for a Free Economy, job creation is a byproduct of the profit motive. Although Sirico did not set out in this book to spotlight 2012 politics or Bain Capital, he has produced a much-needed 200-page apologetic for free market morality.

Click here to visit the book’s official site to download a free chapter and here to go straight to Amazon.

Father Peter Preble, pastor of St. Michael Orthodox Church, and Stephen Kokx, adjunct professor of political science and columnist, both recently reviewed Rev. Robert Sirico’s new book Defending the Free Market: The Moral Case for a Free Economy.

Fr. Preble says the book changed his outlook on how to treat the poor. He refers to the third chapter and highlights the book’s emphasis on asking new questions:

In the final installment of a three-part interview with Patheos, Joseph E. Gorra interviews Acton Institute president and co-founder Rev. Robert Sirico about social justice and his interpretation of its right societal implementation. In the interview, Sirico outlines some of the principles highlighted in his new book, Defending the Free Market: The Moral Case for a Free Economy. To begin, Gorra asks Sirico about the proper interaction between politics, specifically economics, and religion. What follows is an intriguing discussion on faith-based activism and the origins of the term “social justice”:

Gorra:  You are making some important distinctions here, which perhaps also have some cash-value when discussing ‘social justice.’ For it is often conceptualized with wealth distributionist and equalitarian notions. Why is that a mistake, and is there an older (pre-Rawlsian), more robust concept of social justice that can be recovered?

Sirico:  The term “social justice” originates with 19th-century Italian Catholic thinkers who were trying to apply the Church’s teaching on the nature of justice and the common good to the post-Enlightenment, post-mercantilist world. In many ways, it is a synonym for “the common good,” which are the conditions that must exist in a given society if people are to be able to freely pursue human flourishing. In that sense, it is not value-neutral—as Rawls more-or-less tries to be—nor can it be reduced to efforts to equalize everything by eliminating differences or vast exercises in wealth-redistribution. Indeed, if you read some of the Italian writers on this subject—Blessed Antonio Rosmini being a good example—you discover that one of the things which they were trying to do was to remind individuals and communities that they also have responsibilities to their neighbor, and that they cannot and should not expect the state to do everything in this regard.

The “social” of social justice did not translate for them into a vast impersonal welfare state; rather, it was primarily about people fulfilling their responsibilities in justice to their neighbor in the circumstances they found themselves, with the state playing a subsidiary role.

Read “What if ‘Social Justice’ Demands Small Government?: Interview with Robert Sirico, Part 3” on the Patheos Evangelical Channel. Part one:  “Is Capitalism Immoral” and part two: “Does Capitalism Promote Greed” are also available online.

David Harsanyi of Human Events has shared a couple of videos of Rev. Robert Sirico discussing “Paul Ryan, Ayn Rand, Jane Fonda, Obamacare and the — sometimes unseen — morality of free markets.” He also touches on the core principles of his new book, Defending the Free Market: The Moral Case for a Free Economy.

Part 1


Acton Institute president and co-founder Rev. Robert Sirico’s Research on Religion podcast went live today. In it, Rev. Sirico sits down with host Tony Gill to discuss his new book, Defending the Free Market: The Moral Case for Capitalism, and a range of other topics, including the morality of capitalism, faith-based initiatives, and Austrian economics. The podcast is available to listen to or download online and regularly offers fresh perspective on relevant topics. Today’s is no exception. Check it out.