Economics is not the Church’s mission; human beings are.
As such, the Church has at least two conflicting imperatives to maintain: the right of human beings to life, which implies at least a basic wherewithal to live life; and the rights of persons to hold property and to just compensation.
The socialistic version of Euroeconomics emphasizes the first at the expense of the second; laissez-faire capitalism protects the second at the expense of the first.
Therefore, an effort to do both will not resemble either all the way, and will not satisfy an adherent to either side.
ICXC NIKA
CAT, do you think your husband would care to give us his take regarding the above question? I ask this sincerely, without any hidden agenda. How would he phrase the summary to reflect current reality of American Capitalism?
Thanks, CAT.
Cat’s husband here, since I was invited…
Mainly, I do not agree that the two imperatives are in conflict. The reason GEddie thinks there is a conflict is that he has replaced the imperative, “right to life”, with his own implication, and his idea that only the government can fulfill it. That is only one option.
Remember that the “right to hold property” includes the right to dispose of it as one sees fit, including personal involvement with helping people get the wherewithal to live. When multiple groups are involved in delivering that wherewithal, when they have to justify their work to get and retain donors, then you will see a variety of solutions, some of which may work in certain situations, and others in other situations. When a single federal government bureaucracy does it and forces you to pay for it, you get a single, one-size-fits-all solution based on the then-ruling idealogy of how the world should be. (See Obamacare for a prime example.)
On the “just compensation”, has the Church decided what is just? The current view behind the minimum wage increases say that just compensation is enough to live a lower-middle class life on just that one wage. But not every job needs to be a living wage. Some of those jobs should be able to go to a teenager living at home just getting gas, pocket money, saving up for prom or a car, and work experience.
(Actually, since I have this chance to get the idea out there for people to consider, I’d be really interested in replacing “minimum wage” with “maximum ratio” laws:
------------------------------------------ = wage ratio
lowest hourly wage * 2000
where highest salary includes all compensation such as present value of stock options, and lowest wage includes the wages of subcontractors such as the cleaning staff.
Currently I believe that can get to well over 5000. If it were capped at say, 500?, Would executives be content to work for less? Or would they give raises to the botton to keep the high executive pay? Or fire the lowest paid and force the rest to pick up their work?)
In short, I don’t believe the Church’s imperatives are in conflict, and similar free-market approaches recognizing personal freedom and responsibility can work for both. (I can accept some regulation of a free market, but give someone a little power, they’ll just want more…)
Mr. Cat