Capitalism and Catholic Social Teaching in Dialogue: Exploring the Challenges and Possibilities

Date of Award

7-1-2023

Document Type

Thesis

Degree Name

Master of Arts major in Theological Studies

First Advisor

Fr. Abundio R. Babor, Jr., MSC, STD

Abstract

The economic system of capitalism has, in recent decades, spread rapidly from the West to other countries and now appears in various forms around the world. However, the current global crises such as ecological destruction, global warming, the Covid-19 pandemic, and the widening income inequality among others, have triggered a reassessment of Capitalism both in secular discourse and in the Church. The Church, from time to time, examines and illumines economic systems with the light gospel. The Church’s interest in economic affairs arises from the fact that the Church’s mission is holistic, that is, encompassing not only the spiritual welfare of its members but also the material circumstances of their daily lives. This holistic mission of the Church comes from Jesus himself, who not only preached and forgave sins, but also healed the sick and fed the hungry (Mt 10:7-8; Mt 25:35-40).

Presently, there is a lack of consensus both in the Church and secular discourse concerning the proper merits of capitalism, especially in its ability to promote or hinder the achievement of the great aims of Catholic Social Teaching, such as human dignity, the common good, participation, dignity of work, human development, and the preferential option for the poor. The Church’s nuanced position on capitalism has itself been a fertile ground for various interpretations of where the Church stands concerning the same economic system. In order to minimize the many misinterpretations, this study explores how Catholic Social Teaching (CST) has examined and evaluated the phenomenon and economic system of capitalism since the publication of the encyclical Rerum Novarum in 1891 up to the present.

In addition, this study wants to further the dialogue between CST and capitalism by examining the various challenges and exploring the various opportunities that capitalism presents to the Church’s holistic mission. This thesis aims to show the various ways in which this dialogue not only inspires a modification of the current practice of capitalism but also enriches Catholic economic thought.

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