The Economist
Dec 19, 2002
Marx’s intellectual legacy
Marx after communism
“As a system of government, communism is dead or dying.”
economist.com/node/1489165
Of course the Catholic Church did not promote mercantilism.
“The Late Scholastics derived their ethical approach from the Thomist concept of the interrelatedness of natural law, ethics and economics.” (
Christians For Freedom, Dr Alejandro Chafuen, Ignatius, 1986, p 36-37).
Free enterprise economic development started in the great Catholic monastic estates of the ninth century, and a solid basis of economic Catholic thought developed from the fourteenth century. In the fifteenth century the Late Scholastics who were Thomists (followers of St Thomas) “writing and teaching at the University of Salamanca in Spain, sought to explain the full range of human action and social; organization.” They “observed the existence of economic law, inexorable forces of cause and effect that operate very much as other natural laws. Over the course of several generations, they discovered and explained the laws of supply and demand, the cause of inflation, the operation of foreign exchange rates, and the subjective nature of economic value…” For these reasons Joseph Schumpeter applauded them as the first real economists. (Thomas E Woods Jr,
The Church And The Market, Lexington Books, 2005, p 8).