Practice Without Doctrine: Catholic Works of Religion, 1891- 1950

Probing the contradiction between the limited attention to finance within Catholic social teaching and the widespread involvement of the Church in credit operations, this essay explores the economic role of the Catholic Church in the period 1891–1950. Exploring institutional history and unpublished archival sources, the aim is to reconstruct the role of diocesan endowments and the Vatican Administration for the Works of Religion. The study examines asset management models, investment strategies, center- periphery dynamics, and the degree of autonomy exercised by individual dioceses. Particular attention is dedicated to the cases of Milan and Bergamo, analyzed on the basis of quantitative data and evaluated in terms of innovative practices. The paper shows how the Catholic Church functioned as an institutional investor in a “charity market”, developing financial practices aligned with religious and social aims, yet lacking a coherent theoretical framework. This research opens up a new area for historiographical inquiry.