Considering the Argument that ‘Greed is Good’

Abstract

Opponents of Capitalism argue that it is an immoral system fueled by greed. Greed is, after all, a biblical sin. In this vision, Greed then becomes Capitalism's Original Sin. Many Catholic thinkers have butted heads with Capitalism by contrasting it with their understanding of Catholic social teachings. This paper will argue that both Capitalism and Catholicism put man’s free will and his God given role as co-creators at the center. Catholic social teaching abundantly defends private property. The defense of markets, profits, and entrepreneurship has become part of Catholic social teaching since Pope John Paul II.

Keywords: Capitalism, Catholic social teaching, free will, self-interest, subsidiarity, solidarity, greed, entrepreneurship, profit, statism, encyclicals, sin

JEL Classification: B53, H11, L26, P14, Z12