“Big title, big topic!” Those are the words of Bishop O’Connell as he explains and reflects on ethical discernment when it comes to economics, finance based on a document released May 17 by the Holy See:
Big title, big topic! Before analysts and pundits of every stripe put their spin on the document, permit me, as Bishop, to offer a few comments of my own. It is a very strong statement.
CED attempts to address a complex subject — our global economic system — from the perspective of Catholic Social Teaching, a major and difficult undertaking to be sure. The resulting document is not for the “economic” faint of heart!
The two primary pillars or themes of its analysis are (1) human dignity and (2) the common good. Critics will immediately object that its authors are not experts in financial or economic systems — true enough — but they must admit at the same time that their expertise in matters of human morality/ethics merits some thoughtful consideration. The economy is, after all, a moral reality warranting moral reflection/evaluation since economic choices affecting human society always have a moral dimension. “The current state of our world economic systems has focused only on the need to create wealth and have ignored the worldwide crisis of inequality so pronounced in the world today (CED, no. 6).” Reasonable, honest economists would be hard pressed to deny that assertion although they might debate specific details.