I’ll post the following excerpt from an article by Thomas Woods. Then readers can decide whether or not Mr Woods accepts Catholic social teaching…
*By any definition, it lay well beyond the competence of the Magisterium to presume to describe the workings of economic relationships. Catholics who make this point are routinely accused of denying the Church’s right to make moral statements pertaining to economic activity. This criticism is completely baseless, and only serves to distract attention from the substantive issues at stake. … To maintain that private property is just, or that people ought to be upright and honest in their economic activities, requires nothing more than simple reflection on the teaching of Christ, the Fathers, and natural law itself. The same cannot be said for exhortations to employers that they pay a ‘just wage,’ for embedded within such counsel is a set of unproven assumptions about how economic relationships work, and the belief that all that stands between the world today and the great society of tomorrow is wise legislation, rather than the capital investment which is alone capable of increasing the overall stock of wealth. **One hesitates to describe Catholic social teaching as an abuse of papal and ecclesiastical power, but surely the attempt to impose, as moral doctrine binding the entire Catholic world, principles that derive from the popes’ intrinsically fallible reasoning within a secular discipline like economics, seems dubious. ***At the very least, it appears to constitute an indefensible extension of the prerogatives of the Church’s legitimate teaching office into areas in which it possesses no inherent competence or divine protection from error.
lewrockwell.com/woods/woods8.html
From that same article you linked, also citing
Rerum Novarum:
This defense of the fundamental justice of the free market, although not altogether abandoned (the popes certainly do not advocate socialism), was nevertheless eclipsed to a significant degree in modern papal pronouncements, beginning most obviously with
Rerum Novarum (1891), clearly the seminal Church document on the question of capital and labor. In the face of labor agitation and unrest throughout the West, Pope Leo XIII decided to issue a pronouncement on what was then referred to as the social question. The encyclical discusses at some length the justice and necessity of private property, and for that reason utterly rejects socialism as a legitimate economic system.
The Pope was not especially sympathetic to the use of the strike, and advocated that government intervene in order to settle such disputes between employer and employed in order that the “grave inconvenience” of such work stoppages be vitiated.
Also from Rerum Novarum:
Leo XIII himself cautioned that
Rerum Novarum not be considered an endorsement of this or that particular program; he thought Catholics ought to be free, taking Catholic principles for granted, to discuss the best way to bring Church teaching to bear on current problems. “
If I were to pronounce on any single matter of a prevailing economic problem,” the Pope later wrote, “
I should be interfering with the freedom of men to work out their own affairs. Certain cases must be solved in the domain of facts, case by case as they occur…. [M]en must realize in deeds those things, the principles of which have been placed beyond dispute…. [T]hese things one must leave to the solution of time and experience.”
Furthermore:
“In determining the amount of the wage,” the Pope goes on, “the condition of a business and of the one carrying it on must also be taken into account; for
it would be unjust to demand excessive wages which a business cannot stand without its ruin and consequent calamity to the workers.” Pius XI does recognize, then, that wage rates are obviously subject to some upper bound beyond which they cannot go. He concludes: “Hence it is contrary to social justice when, for the sake of personal gain and without regard for the common good, wages and salaries are excessively lowered or raised; and this same social justice demands that wages and salaries be so managed, through agreement of plans and wills, in so far as can be done, as to offer to the greatest possible number the opportunity of getting work and obtaining suitable means of livelihood.” Such statements help to underscore why the late Scholastics favored leaving wage determination to the “common estimation” of the market, since any other method is inherently arbitrary and leads to hopeless complications. Thus Pius realizes that there is a limit to the wage level the market can bear, but he is able to offer nothing better than a vague appeal to “agreement of plans and wills” in order to determine what that limit was. He rejects out of hand the fundamental posture of liberal economics according to which the market left to itself “would have a principle of self direction which governs it much more perfectly than would the intervention of any created intellect.”