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The demise in the USSR was due also to the failed Communist economic system. Of the Communist Bloc, Russia, who moved least to free markets, and whose economy continued to be based on payoffs, bribes and tribute, has been among the worst economically and culturally. ("Soviet Union,” 99 World Book Encyclopedia)portarica
And the demise of the USSR was because they were spending too much on defense and not investing in their future, and now that is coming to pass here as well.
The Federal finagling and interventionist policies have caused the U.S. meltdown (Posts #37, 51).
Like so much teaching, Catholic social teaching has developed and the recognition of the worth of the free economy is confirmed by Pope John Paul II in Centesimus Annus, built on the fundamental human right to economic initiative in Sollicitudo Rei Socialis.
What is missed here is that the free enterprise system was painstakingly developed by the Catholic Late Scholastics – it is absolutely fundamental to human nature, as is the right to economic initiative that enabled the escape from dire poverty of untold millions. The light of truth cannot be hidden under a bushel. They employed logic and reasoning for the development of mankind. Chafuen incisively points out: “The Doctors offered utilitarian arguments to show that goods that are privately owned are better used than commonly owned goods. This explanation offers a budding theory of economic development: the division of goods and their ultimate possession by private individuals facilitates increased production.”
Free enterprise is not “greed driven” it is common good driven for the welfare of the greatest number and dependant on consumer satisfaction and competition, dependant on the laws of cause and effect involving God-given reason, and based on a standard social principle of Christ’s Church – subsidiarity.
There is nothing that can compare with its economic laws – it is the economic approach that has revolutionised the standard of living of millions. Individual morality determines how owners or managers or employees treat each other and the customers, which ethic may derive from a policy set by the business, and requires the morality taught by Christ’s Church.
Free enterprise doesn’t emphasise greed and self over the common good – do you know of any legitimate business that can survive without giving its customers value for money, with other similar businesses competing for the customers’’ patronage? Is the State going to do a better job of allocation of scarce resources?
Apart from some who know nothing about economics, there are those who also know nothing about those many countries steeped in graft and corruption, and often warring tribes and revolution, and which have profited little from the massive aid provided, and the great advances of great men like American Norman Borlaug who actually lived among them and showed them how to benefit from his genetically modified green revolution. Dr. Borlaug, who died September, 2009, is scarcely known in his own country. Borlaug was one of only six people to have won the Nobel Peace Prize, the Presidential Medal of Freedom and the Congressional Gold Medal.[3] He was also a recipient of the Padma Vibhushan, India’s second highest civilian honor.