Posts tagged with: Free Market Economics

The Montreal Economic Institute produces a “Free Market Series” of videos interviewing experts such as Michael Fairbanks and Steve Forbes. This video highlights the Rev. Robert Sirico discussing the role of free markets in economics, and the false sense of utopia offered by other economic systems.

“People are beginning to understand that we can’t create a utopia just by wishing it into existence, that we can’t abolish the right to private property, that if we do we create economic disaster.”

Ann Schneible, who interviewed Rev. Robert A. Sirico for Vatican Radio today (see PowerBlog post for audio) also published an interview with the Acton Institute president and co-founder on the Catholic news site, Zenit. Excerpt:

ZENIT: In response to those Christians and Catholics who are hesitant about buying into the idea of a free market economy, how can one demonstrate that there are elements to a free market – or Capitalist – economy which are compatible to Catholic social teaching?

Father Sirico: There are a number of elements that can make the connection. I keep going back to this anthropological question because that’s the beautiful way to do it. I think it was Chesterton who said that Catholicism is the religion of stuff, by which he was really addressing the Incarnational nature of the Church. We have incense, and bells, and candles, and vestments, and all these things. In other words – in a non-liturgical context – the material world is good. We see that in the book of genesis. And God places us in the material world and asks us to pursue sanctity there.

The moment he places us in the material world, he places us in the context of limitations and scarcity. This gives rise to economics – which means that we have to find a way that is in accord with our nature, that is ethical, that is appropriate, that is effective – to make use of nature for the glory of God. It is in the same way an architect who studies geometry uses that geometrical precision and technique to build the façade of a cathedral, and thereby rendering praise to God. So too in a different way, the entrepreneur, who discovers the use of something or the combination of other things and represents and organizes them and creates a network and a marketing campaign to build a business, that that architectural construct ends up sustaining many families who participate in that, and sustain many consumers in the sense that they buy a good or a service at a higher quality and for a lower price than they would have otherwise, thereby giving their family a little more money to use at their discretion; all of these things, too, can be considered rendering nature for the glory of God. And that’s enterprise; that’s business. I don’t like the word “capitalism” because I think it’s too narrow a word. I like “free economy,” or “free market.”

Read “A Moral Case for a Free Economy — Acton Institute’s Co-founder Explores Free Market Economy in New Book,” an interview by Ann Schneible on Zenit.

On Vatican Radio, Acton President and co-founder Rev. Robert A. Sirico discusses his new book Defending the Free Market: The Moral Case for the Free Market Economy with reporter Ann Schneible.

According to Vatican Radio, the broadcasting station of the Holy See:

… Fr Sirico highlighted his objectives in writing this book. Defending the Free Market, he said, was written “with the intention of making accessible economic ideas that I thought were important in general terms; but, in particular, especially for religious people, to understand there is what we call a normative or moral dimension to economic activity.”

“It’s not just, live by the Ten Commandments and open a store,” Fr Sirico explained, but he wanted to demonstrate “that there’s something more internal to the whole dynamism of a market economy that makes sense both economically and morally.”

Click on the media player below to listen to Schneible’s full interview with Rev. Sirico:

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Blog author: mvandermaas
posted by on Thursday, November 4, 2010

Hayek and Keynes are dropping beats again – this time live! If you haven’t seen the original, check it out here.