The Church and the Market: A
Catholic Defense of the Free
Economy (Studies in Ethics and
Economics) by Thomas E. Woods Jr.
Wonderful, Concise...A Godsend.
Filling a lapse in the debate on the role of religious thought in economic
theory, The Church and the Market: A Catholic Defense of the Free
Economy, 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.
Personal Review: The Church and the Market: A Catholic
Defense of the Free Economy (Studies in Ethics and Economics)
by Thomas E. Woods Jr.
Paragraph 347 of the Catholic Church's "Compendium of the Social
Doctrine of the Church" says: "The free market is an institution of social

importance because of its capacity to guarantee effective results in the
production of goods and services. Historically, it has shown itself able to
initiate and sustain economic development over long periods." It goes on to
say: ""the free market is the most efficient instrument for utilizing resources
and effectively responding to needs".[726] The Church's social doctrine
appreciates the secure advantages that the mechanisms of the free market
offer, making it possible as they do to utilize resources better and
facilitating the exchange of products. These mechanisms "above all ... give
central place to the person's desires and preferences, which, in a contract,
meet the desires and preferences of another person".[727]
A truly competitive market is an effective instrument for attaining important
objectives of justice." (footnotes reference Pope John Paul II, Encyclical
Letter "Centesimus Annus".)
If I stopped here, I would have effectively summarized what Dr. Woods has
acheived in this book, taking what the Catholic Church actually teaches &
putting it out there.
As I have studied what the Catholic Church actually teaches about the free
market & capitalism, I have seen a great disconnect between what the
Catholic Church actually teaches & what the "Social Justice" crowd claims
it teaches. Unfortunately, the "Social Justice" gang are the ones who get
most of the attention. & the media has a tendency to cherry pick &
misrepresent what the Church teaches to uphold it's attack on capitalism.
That is why this book is such an eye opener. & why it is so important to be
read. Tom Woods takes what the Church actually teaches & shows how to
apply it in an authentically Catholic way. He has actually read what the
Church teaches, I doubt that most of the "social justice" gang have. In
fact, I am fairly sure that they would deny that the quotes I started this out
with were authentically Catholic. I've seen it before. That is why I can be
so sure.
Woods is not afraid to look at what some of the great minds of Catholic
thought (Aquinas, Belloc, Chesterton)have said & debate their views on
the economy. He definitely holds his own against them.
I have to admit that I found out about this book from Tom Woods himself
after reviewing another1 of his books on my blog. & I am thankful that he
did tell me about it.
I heartily recommend this book. It shoots down the socialist & mercantilist
views that are often passed off as Catholic teaching. This book, & the
Austrian School of Economics are the best means, in my opinion, of rightly
applying the Catholic Church's social teachings in the area of the
economy.
Thank you Dr. Woods.

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