Defining Values and Rules for the Economic World

Article excerpt

The Holy Father has commended the efforts of the Centesimus Annus Pro Pontifice Foundation to examine” the interdependence between institutions, society, and the market on the basis of the idea (in keeping with John Paul II’s Encyclical ‘Centesimus Annus’) that the market economy… “may be recognized as a means to achieve social and economic progress only if oriented towards the common good.’’The Foundation endeavors to define the values and rules which modern economy should adhere to in order to come up with a new development model that would focus on the needs of solidarity and manifest greater respect for human dignity. Due to the global financial meltdown that has affected countries regardless of level of development, it has become imperative to retrace steps and reconsider certain economic-financial paradigms that the world had come to accept over the last decades.The market economy refers to “an economic system which recognizes the fundamental and positive role of business, the market, private property, and the resulting responsibility for the means of production, as well as free human creativity in the economic sector. …