The Moral Measure of the Economy

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1. Binh says

   December 11, 2009 at 2:27 pm

   Institute for Policy Studies senior scholar Chuck Collins and JustFaith Ministries staff member Mary Wright combine their wisdom in The Moral Measure of the Economy, a guide written especially for Catholics in answer to the growing need for economic justice and a strong moral foundation in today’s society. Chapters address “Catholic Teachings on Economic Life”, “Global Trade and the Power of Corporations”, “Solidarity in Action: Alternatives for a Just Economy”, and much more. “As a society, we should not permit private actors, such as corporations, to shift their ‘costs’ onto the commons… A company, for example, has the choice of either illegally dumping polluted water into the stream (where we all pay the ‘costs’), or cleaning the water, returning it to the stream, and building the extra cost into its product or service. Economists make the distinction here between ‘externalizing’ the cost – i.e., getting everyone else to pay – and ‘internalizing the cost, by incorporating it into the cost of doing business… Wal-Mart externalizes the costs of its 1.3 million employees by paying them less than a living wage and providing fewer than half of them with health insurance – while encouraging them to enroll in taxpayer-funded health programs.” Though The Moral Measure of the Economy is written especially to Catholics, its powerful message about the need for morality and social accountability to provide guidance to economic systems deserves to be heard by readers of all religious backgrounds. A can-do guide to incorporating fundamental human values into one’s economic beliefs and actions.