[PDF / Epub] ✅ The Church and the Market: A Catholic Defense of the Free Economy (Studies in Ethics and Economics) By Thomas E. Woods Jr. – Saudionline.co.uk

The Church and the Market: A Catholic Defense of the Free Economy (Studies in Ethics and Economics) quotes The Church and the Market: A Catholic Defense of the Free Economy (Studies in Ethics and Economics), litcharts The Church and the Market: A Catholic Defense of the Free Economy (Studies in Ethics and Economics), symbolism The Church and the Market: A Catholic Defense of the Free Economy (Studies in Ethics and Economics), summary shmoop The Church and the Market: A Catholic Defense of the Free Economy (Studies in Ethics and Economics), The Church and the Market: A Catholic Defense of the Free Economy (Studies in Ethics and Economics) 0a6d36bf In The Church And The Market A Catholic Defense Of The Free Economy, Thomas E Woods Jr Makes A Vigorous Argument In Favor Of The Market Economy From A Catholic Perspective Filling A Lapse In The Debate On The Role Of Religious Thought In Economic Theory, Woods S Uncompromising Position, Informed By The History Of Catholic Economic Thought, Shows That The Long Seen Contradiction Between Catholic Faith And Support For The Market Economy Does Not Exist With Attention To Detail On Almost All Aspects Of The Free Market, From The Federal Reserve System And Inflation To Antitrust Legislation And Labor Issues, This Book Provides Essential Background For Anyone Interested In Balancing Issues Of Social Conscience With Modern Economic Principles

10 thoughts on “The Church and the Market: A Catholic Defense of the Free Economy (Studies in Ethics and Economics)

  1. says:

    Really good overall from what I remember, but in the years since I read this I have come to the conclusion that Woods is in error when he holds that it isn t a binding teaching that the just wage can in principle deviate from the voluntarily agreed upon wage This book is mainly about economics rather than philosophy on a deeper level, but I would recommend reading some of Edward Feser s articles and blog posts on the incompatibility of libertarian self ownership with Catholic social teaching and the Aristotelian Thomistic natural law tradition, collected here

  2. says:

    I bought this book for a catholic school administrator I know and I decided I ought to flip through it before I give it to her to make sure it is worth reading I ended up reading the whole thing cover to cover in one night It is an amazingly concise, erudite and well written explanation of the most important features of Austrian economics which alone made the book worth reading This discussion was set on a backdrop of the moral underpinnings of Austrian economics and how they are consistent with the Church s teachings and basic principles, as laid out by Aquinas among others Woods also respectfully points out places where popes have gotten it wrong in particular Popes Paul VI and John Paul II This being said, there isn t very much religious discussion, and there seems no need for One of the best points Woods makes and I am beginning to get a fuller grasp of this over time is Austrian economics like all sound systems in the natural or social sciences are both moral and efficient not by coincidence but by the inherent and sublime organization of nature I thought this book was very, very well done.

  3. says:

    In his introduction, Thomas Woods makes the point this book is not aimed at refuting socialists, but is intended to persuade Catholics who, whilst rejecting socialism, are uncomfortable with the concept of laissez faire free markets as proposed by Austrian school economists His purpose is not only to convince Catholics that Austrian economics is fully compatible with Catholic teaching, but that it is also the most effective way to bring about the ideals of Catholic social thought as taught by a succession of Popes In all fairness to Woods, he has written a book that is readable, well presented and, like much that comes out of the Ludwig von Mises Institute, superficially plausible Consider the implications, however, and one is left with a rather horrifying vision of the society that Woods wishes to create Whilst very much being the target audience for this book, I arrived at the conclusion that not only does Woods fail to make his case of the compatibility between Austrian economics and Catholic teaching, but that the ruthlessly individualistic society he proposes has the potential to be as horrendous as any socialist dystopia.From the start Woods acknowledges that a number of Papal documents present a dim view of uncontrolled free markets, warning that such a system as leads to exploitation, insecurity and hinders the flourishing of a just society Woods response, and from which the rest of his book flows, is to claim that he agrees with the Papal ideals of Catholic social teaching but that the Popes have nevertheless misunderstood basic economics Economics, according to Woods, is a cold, hard science that is governed by unchangeable laws Only Austrian economists acknowledge this and thus only Austrian economics can work if society is to prosper and thereby bring Catholic social teaching to fruition As the Popes basic assumptions on economics have been wrong, their teaching on how best to bring about a just society is also mistaken.When you work for an institute that considers Somalia to be doing just fine, I m not convinced you ve properly understood what the Popes were aiming for.Woods is wrong to claim that economics is a value free science Even if we do consider economics to be a science, Woods adopts a tactic of blurring theory and implementation, claiming that we do not judge the validity of scientific theories based on ethics No, but the Church manifestly does judge the ethical implementation of scientific theories on a great variety of issues ranging from embryonic stem cell research to nuclear weapons, and thus Woods desire to see policies enacted is firmly within the realm of ethics Woods attempt to claim that Austrian economics, while being value free, is based on the ethical principle of liberty of the individual also falls flat That Woods uses a quote from the odious Walter Bloch, defender of every low life scum imaginable in the name of liberty , rather proves this point.Woods devotes several chapters to fleshing out basic Austrian principles Some of this, such as his lengthy criticism of fractional reserve banking and call to return to the gold standard, is not unique to Austrian thought and has little to do with Catholic teaching His robust defence of usury in which he noticeably fails to denounce the predatory practice of payday lending that has ruined so many on the breadline and his attack on the minimum wage are topics that Catholic social teaching has much to say on, and it is the precisely the exploitation that results from such practices that is condemned in a number of Papal encyclicals.Despite stressing the importance of the individual, it is ironic that Woods entire defence of the compatibility of free market economics with Catholic teaching is based on a utilitarian argument that it benefits a sizeable group of people No consideration is given to the individual poor who are left behind For example, while making some valid criticisms of the welfare state, his solution to the poor is merely that they should rely on their family to look after them Ignoring the fact that many individuals must move great distances to find work, what if their family is also poor All Woods can do is denounce them as being lazy and not especially poor His advocacy of the removal of any safety net, combined with some almost sociopathic views on child labour, is in line with the principles of Social Darwinism rather than Catholicism.Woods repeatedly claims that critics of Austrian economics misunderstand it The opposite is true they understand it very well and criticize it for the right reasons Woods, on the other hand, seems at times to deliberately misrepresent his critics He sarcastically dismisses those who want decent conditions for workers claiming that the complaints will not end who would not want five hour lunch breaks, the services of a masseuse, and an office with a view of Niagara Falls and absurdly claims that those defending workers rights want everyone to live a life of millionaire luxury He repeatedly falls into the slippery slope fallacy, arguing those who favour legislation to protect workers and the poor differ only in minor degree to socialists, and that the authoritarian State is ready to seize control if given a legislative inch.In many ways Woods encapsulates the problem of libertarianism in that, while it may find itself on the right side on some issues, the workings of society cannot fit neatly into an absolutist, one size fits all dogma The evidence, both historical and contemporary, both in the USA and abroad, firmly demonstrates that unregulated markets lead to an exploitative and detrimental environment for workers and consumers Woods cannot rebut this and instead falls into advocating utilitarianism at the expense of individuals or simply dismissing the problem Pope Leo XIII and his successors denounced the Dickensian society Woods wants to create After reading this book my sympathy and agreement remains with Rome.

  4. says:

    This book was recommended to me, and I m glad it was Thomas Woods does not disappoint, making logical and rational arguments throughout the book for the free market and Austrian Economics He then shows that not only do these viewpoints not contradict the Catholic Church s dogma, they rather agree with it Mr Woods is not afraid to evaluate statements made by previous popes on economics, where they do not have infallibility This book goes beyond merely presenting ideas and why they work, it goes over commonly held views that are often claimed to be better than the free market Mr Woods dissects the ideas, showing why they eventually fail in the long run and how the free market and Austrian Economics actually accomplish the goal they are seeking efficiently He then shows how the free market, in that circumstance, agrees with Catholic dogma Mr Woods uses reliable sources, his writing is clear and concise, and his arguments rational to the utmost The Church and the Market, all in all, is an extremely well written and worthwhile book.

  5. says:

    Tom woods writes in this good book a well made defense of Christian principles applied to solid economics austrian economics.Explains briefly what austrian school is about, reminding that eg Rothbard says that what matters is ethics, not market efficiency Also, economics has nothing to say about Catholic faith, as it doesn t concern moral decisions.On the next chapter the theme is wages and price control Reviewing scholastics economists it s possible to see that the just price could well be right away interpreted as the market driven price, with no government interference After it the Catholic Popes stance on the inviolability of the private property is shown, associating socialism with robbery, which it really is, and also how socialism shuns away the desire to do something better with his property as the incentives are missing there Unfortunately much of the Catholic social doctrine enters in contradiction, many of the supposed good actions the employer should do to in order to guarantee a good life for the employee worsens the situation for both Interesting topic on some facts about trade unions, which indicate poverty increases on areas union driven Tom Woods concludes here that the Popes professed the need for just wages and such with very good intentions, but due to lack of economic understanding the way they want things to be applied simply won t work and will bring the opposite consequences Woods gives a short and easy to understand explanation about modern banking, its nuances fractional banking, fiat money, etc and how central banking can get around the massive redemption of money people could do from banks Also, big moral problems arise from the state driven usual inflation and from the business cycle as explained by Mises and Hayek.Usury is treated here, as a thing early catholics condemned, but late scholastics sorted it out, and Austrians defined interest in a simple time preference context, meaning it would he morally injust not to pay interest, forcing the other part of transaction to treat the same good in the future as with the same value as now, a condition which is unconceivable On foreign aid, Tom Woods asserts praxeologically why it s not only moral wrong due to the coercitive nature of the taxation that origins the money for the aid, but also it s widely used to mantain increase support between chosen people for dictatorial governments It s also explained why food aid usually doesn t gets directed to those who really need it Well made critics against economic protectionism are done, as austrians know, they can only lead to poverty for the protected people.Woods points to the sick society of Sweden Afflicted by the welfare state, demographics were screwed and got to a very low level, and now with massive immigration, there is not much hope for them.On distributism and self sufficiency, Woods say that there is not only economic problems but also a moral issue when doing your own worker like a farmer for your own subsistence, as it s egoistic not having to work with and please your fellows, providing them with goods Besides that, it may be possible to starve to death with a bad harvest There is a mention to the maximum relative firm size that Mises and Rothbard talks about, that happens when a firm grows vertically precisely what would happen if socialism was possible , on higher order goods, and starts to have losses when trying to produce everything, instead of buying cheaper on market.Shows guild like restrictions like the need for a degree to perform certain jobs, which leads to higher prices and worsening of the quality of the services.Explains that being forced via taxes to support leftist agenda, can be very uncatholic, like state financed abortion Also, the state defended by catholics on the medieval era was much decentralized and less powerful than the modern state, and the laws were usually derived from the experience, not nowadays positive law.Woods remembers that profit, often touted as a bad, egoistic evil, just means that the one who seeks profit must plan his activities conforming to the society needs, not wasting scarce resources that could be used on other desired needs, which would mean a loss Catholics should support the market and profits as a way to even have minimal comfort and time to study and serve God better, instead of needing to worry about just surviving.It s a good overall basic free market economics teaching book, but I expected to be a bit focused on Catholic matters, but it points out some good things, and also we are remembered that Catholics are able to prudentially and respectfully disagree with the Pope on specific policies or scientific assertions, as the Popes aren t infallible on those topics.

  6. says:

    The work demands praise because its thesis is somewhat counter intuitive Woods is NOT calling for a middle ground between the free market and Catholic Social Teaching, which is what a lot of orthodox Catholics have taken as their stance I give four stars because he could serve to reiterate his thesis Found myself revisiting the introduction a lot.

  7. says:

    Excellent case for the free marketAs a Christian, I have struggled to find ways of explaining the glorious order God has placed in the universe in the laws of economics Tom outlines well how many so called libertarian positions are really just facts of nature, not really subject to debate Wonderful book.

  8. says:

    Not only for CatholicsI m not Catholic, but I found this book to be insightful into any egalitarian dogma It can be applied to most moral arguments for interventionism The writer has a good voice This book draws many valuable logical conclutions, without sounding dry or wordy I would recommend it.

  9. says:

    A book not just for Catholics It is a shame that the market for this book is narrowed by it s focus on Catholocism As a Baptist, I thoroughly enjoyed it It is an antidote for anyone taken in by the so called social gospel.

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