Posts tagged with: Defending the Free Market

Brett M. Decker, editorial page editor of The Washington Times, recently interviewed Rev. Robert Sirico, president and co-founder of The Acton Institute, in response to Rev. Sirico’s latest book, Defending the Free Market: The Moral Case for a Free Economy. In his answers, Rev. Sirico addresses the market’s moral potential as well as the present state of the nation. Excerpt:

Decker: Your new book is about the moral case for a free economy. What is the morality of the marketplace and how does it work? How does the market take care of the masses better than a government safety net?

Sirico: The morality of a market is rooted in the morality of the human person who is the center of that market. In precise terms, the market itself is neither moral nor immoral, but it becomes a vehicle for the moral and economic expression of the acting human person, who has the free will to choose good or bad.

When we speak of taking care of the masses, we usually mean taking care of their material needs (though there is much, much more to people than their material needs). The material needs of people are best met in societies that are prosperous, both in terms of the abundance of economic opportunities available to them and the amount of superfluous wealth that can be used generously to support the needs of those unable to provide for themselves. The one thing we know about markets from a wide array of economic studies is that the less taxed and regulated a society is, the more prosperous it is.

Entire interview here.

Last week, CBS Radio Philadelphia host Dom Giordano took to the airwaves to address President Obama’s “You didn’t get there on your own” speech. The speech, which garnered plenty of discussion at Acton and elsewhere, drew varied responses from Giordano’s radio audience. Among those responses were several callers who recommended Rev. Sirico’s latest book, Defending the Free Market: The Moral Case for a Free Economy, as a useful corrective to the President’s speech. This prompted Giordano to read the book and invite Sirico, who was in Hong Kong at the time, on his show. What followed was a fruitful discussion on entrepreneurship, capitalism, and free enterprise. Excerpted below is the answer Sirico gave to the question “Why is the free enterprise system moral?”:

It’s moral because it reflects human nature. Human beings are several things simultaneously. Human beings are individual and yet we’re in relationship. From the first moment of our existence, we’re a unique biological entity. But we’re also in relationship with our mothers in the womb but later on with friends and neighbors. You can’t have a market economy without a society. …

But the second thing we are–and this gets to the moral dimension of it–we are physical, obviously, but we also transcend our physicality. We know innately that we’re more than the sum total of our material parts. When you blend these things together, you have a market economy that is productive, that is social, that can be moral. …

We’re never really satisfied when we’re acting beneath our capacity to be beings of destiny, beings of purpose, noble beings that can create. The very act of the creation involves working with other people as well.

Full audio here:

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Earlier this week, Dom Giordano of CBS Philadelphia’s 1210 AM radio affiliate led a discussion of President Obama’s “You didn’t get there on your own” speech to entrepreneurs and small business owners.  Multiple callers recommended Rev. Sirico’s recently published Defending the Free Market: The Moral Case for a Free Economy as a counter to the President’s comments. And this morning, Sirico is slated to appear on the Dom Giordano Program at 10:05 a.m. EST.

Tune in here to listen to Sirico and Giordana discuss the new book and its relevance today.

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: