Catholic Social Thought and Post-liberal Political Economy

By Adrian Pabst, Radical Orthodoxy Annual Review, University of Kent

The crisis reveals that globalisation since the 1970s has so expanded and speeded up the processes of capitalist change as to engender something qualitatively different. More than ever before global capitalism erodes the ‘moral economy’ of mutual obligations on which economic exchange ultimately depends. By further reducing everything and everyone to a tradable commodity, capital constantly expands the reach of the market into new areas and creates more opportunities both nationally and globally. But by the same token, it undermines relationships, reciprocity and responsibility without which markets cannot generate lasting prosperity or combine private profit with social benefit.

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