D
DENNYINMI
Guest
Oh What the heck:
Of the social encyclicals, probably Blessed Pope Paul VI’s Populorum Progressio addressed it the most. He emphasized that the rule of free trade cannot govern international relations. To be sure, he could see its advantages. If economic power were equal, it would be “an incentive to progress and a reward for effort” (#58). It’s the same as competition and the market domestically: while competition is valuable it must “be kept within limits which make it just and moral, and therefore human” (#61). Prices supposedly set freely by the market—and he puts “freely” in quotes to underscore that market forces frequently don’t work in practice the way economic theory says—“can produce unfair results” (#58). These unfair results can have sad human consequences. As with the domestic economy, just because the parties have agreed to something, it doesn’t mean that it will be just. Pope Paul here was thinking of such things as unequal bargaining power and general conditions of sharp economic or wealth disparity among nations.
Excuse me for paraphrasing this quote from Crisis Magazine, but it points you in the direction for reading and learning…
Of the social encyclicals, probably Blessed Pope Paul VI’s Populorum Progressio addressed it the most. He emphasized that the rule of free trade cannot govern international relations. To be sure, he could see its advantages. If economic power were equal, it would be “an incentive to progress and a reward for effort” (#58). It’s the same as competition and the market domestically: while competition is valuable it must “be kept within limits which make it just and moral, and therefore human” (#61). Prices supposedly set freely by the market—and he puts “freely” in quotes to underscore that market forces frequently don’t work in practice the way economic theory says—“can produce unfair results” (#58). These unfair results can have sad human consequences. As with the domestic economy, just because the parties have agreed to something, it doesn’t mean that it will be just. Pope Paul here was thinking of such things as unequal bargaining power and general conditions of sharp economic or wealth disparity among nations.
Excuse me for paraphrasing this quote from Crisis Magazine, but it points you in the direction for reading and learning…