Beyond the Financial Crisis. Towards a Christian Perspective for Action

What are the lessons that a ‘Catholic perspective’ should or could help to draw from the ongoing economic and financial crisis? We are convinced that no meaningful lessons can be drawn from the crisis unless the analysis extends beyond the received wis¬dom offered by social and economic science, to encompass the values and assumptions on which every diagnosis or remedy should stand. The unfolding financial and economic crisis keeps unveiling aspects of the working of the global economy that went unad¬dressed and suggests that our understand¬ing of the world economy and finance is still inadequate, with critical elements either false or missing. Part I shows how the mutual relationship between States and Markets has progressively changed since the end of WWII to the advantage of Markets. Part II examines some dominant features of the world economy in light of these systemic changes and identifies a number of deepening asymmetries which may be attributed to these changes. ‘Asymmetry’ means a lack of balance, or pro¬portion; even possibly a lack of justice. The Christian perspective considers the di¬mension of justice and the actions that may be needed for the common good. Part III discuss¬es the anthropological, social, and economic content of the notion of the Common Good and identifies directions for action inspired by Catholic Social Teaching which would help to mitigate or even correct some of the most flagrant asymmetries and denials of justice in finance .