Free Markets and the Culture of Common Good

Recent economic development and the financial and economic crisis require a change in our approach to business and finance. This book 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. This book 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.

Part 1: Free Market Economy and the Role of State Authorities.- Capitalism, Free Market Economy, and the Common Good: the Role of State Authorities in the Economic Sector. Martin Rhonheimer.- Indivisible Goods and Common Good. A Response to Martin Rhonheimer. Russell Hittinger.- Market and Common Good. João César das Neves.- Beyond the Market/State Binary Code: The Common Good as Relational Good. Pierpaolo Donati.- The encyclical Caritas in veritate between Christian tradition and modern economy. Martin Schlag.- From a "Culture of Greed" to a Culture of Common Good. Michel Camdessus.- Free Markets and the Common Good. A Few Methodological Remarks. Rocco Buttiglione.- A Multidisciplinary Model of Economics. Alejandro Cañadas.- A Paradigm Shift in the Social Teaching of the Church. From "Rerum Novarum" (1891) to "Caritas in veritate" (2009). Paul Josef Cardinal Cordes.- Financial Markets: A Tool for Transferring and managing risk? Michel Baroni.- Part 2: Social Responsibility, Entrepreneurship and virtues.- Catholic Small and Medium Enterprise Ministry: Resurrected Capital. Andreas Widmer.- Corporate Social Responsibility in the Encyclical Caritas in veritate. Antonio Argandoña.- The Ethical Anchoring of Corporate Social Responsibility and the Critique of CSR. Stefano Zamagni.- Can CSR, Market Efficiency and Financial Rewards Interact Positivels in Periods of Crisis? Youssef El-Khalil.- Ethical Dimensions of Finance. Lord Brian Griffiths of Fforestfach.- Capitalism and Social Change: Some Thoughts on How to Change the World. Alan M. Webber.- The German Social Market Economy - theory, practice, and impulses of Caritas in Veritate for enhancements. Andrea Schneider.- Is Business Compatible with the Culture of Common Good? Joan Fontrodona, Alexis Bañon and Alejo J. Sison.- Entrepreneurship and virtues. Rafael Alvira.