Edited by Martin Schlag & Juan Andrés Mercado
Recent economic development and the financial and economic crisis require a change in our approach to business and finance. Free Markets and the Culture of Common Good combines theology, economy and philosophy in order to examine in detail the idea that the functioning of a free market economy depends upon sound cultural and ethical foundations.
The free market is a cultural achievement, not only an economic phenomenon subject to technical rules of trade and exchange. It is an achievement which lives by and depends upon the values and virtues shared by the majority of those who engage in economic activity. It is these values and virtues that we refer to as culture. Trust, credibility, loyalty, diligence, and entrepreneurship are the values inherent in commercial rules and law. But beyond law, there is also the need for ethical convictions and for global solidarity with developing countries.
Free Markets and the Culture of Common Good offers new ideas for future sustainable development and responds to an increasing need for a new sense of responsibility for the common good in societal institutions and good leadership.
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"The volume edited by Schlag and Mercado is a welcome addition to the slowly changing views on what should constitute economic wisdom today. Not only does it contain many intelligent observations on the causes of, and the remedies to, the current crisis, including the largely neglected topic of social enterprises. It is also a rare example of multi- and interdisciplinary scholarship. Hardly any publication on the crisis has been as holistic in its approach as the present volume. Schlag' s and Mercado' s book comprises chapters penned by eminent experts not solely in diverse academic fields - ranging from economics to theology - but also in various professional areas, such as high-level policy-making, risk management and banking. [...] Mirroring this plurality of perspectives, the book is loosely organized in two parts, which are open-ended and inclusive to the point of redundancy. The former is a collection of eleven essays and is entitled "Free Markets and the Role of State Authorities." The latter comprises six essays and is entitled "Social Responsibility, Entrepreneurship and Virtues." A common theme joins mutually these two parts, namely the emphasis that all the authors place upon the cultural and especially ethical preconditions for the proper functioning of a market economy. All authors agree on the markets' incapacity to deliver genuine human well-being if the agents operating therein act in a seemingly "efficient" way that is however devoid, sometimes by definition, of adequate moral considerations."
Table of Contents
Free Market Economy and the Role of State Authorities
- Capitalism, Free Market Economy, and the Common Good: The Role of the State in the Economy (Rhonheimer, Martin)
- Divisible Goods and Common Good: Reflections on Caritas in Veritate: Response to Martin Rhonheimer (Hittinger, Francis)
- Market and Common Good (Neves, João César)
- Beyond the Market/State Binary Code: The Common Good as a Relational Good (Donati, Pierpaolo)
- Paradigm Shift in the Social Doctrine of the Church: From Rerum Novarum (1891) to Caritas in Veritate (2009) (Cordes, Paul Josef Cardinal)
- The Encyclical Caritas in Veritate, Christian Tradition and the Modern World (Schlag, Martin)
- From a “Culture of Greed” to a Culture of Common Good (Camdessus, Michel)
- Free Markets and the Common Good: A Few Methodological Remarks (Buttiglione, Rocco)
- A Multidisciplinary Model of Economics: An Essential Framework for Building a True Integral Human Development (Cañadas, Alejandro)
- Ethical Dimensions of Finance (Griffiths of Fforestfach, Lord Brian)
- Financial Markets: A Tool for Transferring and Managing Risk? (Baroni, Michel)
Social Responsibility, Entrepreneurship and Virtues
- Ministering to the Pioneers of Prosperity (Widmer, Andreas)
- Corporate Social Responsibility in the Encyclical Caritas in Veritate (Argandoña, Antonio)
- The Ethical Anchoring of Corporate Social Responsibility and the Critique of CSR (Zamagni, Stefano)
- Can CSR, Market Efficiency, and Financial Rewards Interact Positively in Periods of Crisis? (El-Khalil, Youssef et al.)
- Capitalism and Social Change: Some Thoughts on How to Change the World (Webber, Alan M.)
- The German Social Market Economy: Challenged by Caritas in Veritate (Schneider, Andrea M.)