The functioning of a Free Market Economy depends on sound cultural and ethical foundations.
Recent economic development and the unprecedented financial and economic crisis we have witnessed require reflection. States have reacted with massive public spending. Whether we are already out of the crisis is highly speculative. In any case, many problems remain and the question of future sustainable development is open. We need new ideas.
The Pontifical University of the Holy Cross in Rome is trying to centre attention and interdisciplinary study on an in-depth view of economy and ethics. Through an educational and cultural programme involving the world of business and finance we hope to contribute to changing the way global economy works and to further developing the Catholic Church’s teaching on social and economic questions with moral implications. All major religions have made important contributions to social ethics. We can only solve the problems together. Therefore due attention shall also be paid to Jewish, Muslim, Hindu and Buddhist traditions of economic ethics.
Recent economic development and the unprecedented financial and economic crisis we have witnessed require reflection. States have reacted with massive public spending. Whether we are already out of the crisis is highly speculative. In any case, many problems remain and the question of future sustainable development is open. We need new ideas.
The Pontifical University of the Holy Cross in Rome is trying to centre attention and interdisciplinary study on an in-depth view of economy and ethics. Through an educational and cultural programme involving the world of business and finance we hope to contribute to changing the way global economy works and to further developing the Catholic Church’s teaching on social and economic questions with moral implications. All major religions have made important contributions to social ethics. We can only solve the problems together. Therefore due attention shall also be paid to Jewish, Muslim, Hindu and Buddhist traditions of economic ethics.
The recent crisis is a chance for change. It is a chance to spread the idea that free markets and social responsibility go together. 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 of and depends on the values and virtues shared by the majority of those who engage in economic activity. In corrupt societies, for example, the free market cannot fulfil its functions. It is these values and virtues we refer to as culture. Trust, credibility, loyalty, diligence, entrepreneurship, etc., are values inherent in commercial rules and law. But beyond law, there is also need of ethical convictions and of global solidarity with developing countries.
When culture is lost or weakened, so is the free market. We are witnessing a cultural crisis which becomes apparent, among other things, in the weakening of institutions of society: States, families, political parties, universities, economic firms, market itself, etc. There seems to be an increasing need of a sense for common good in societal institutions and good leadership which cannot be sufficiently satisfied.
For this sake an interdisciplinary study project has been established, which at the moment has following objectives which are already under way:
- a permanent observatory on business ethics: an interdisciplinary forum for theologians, philosophers, economists, political scientists, etc. who meet on a two-monthly basis,
- the organization of an international congress on Free Markets and the Culture of Common Good on October 15th and 16th, 2010 in Rome,
- periodic series of interdisciplinary lectures, doctoral theses, publications, etc. at the Pontifical University of the Holy Cross.
Planned members of the research and steering committee:
- Nobel Price Winners on Economy,
- Chief Editors of relevant international media,
- Entrepreneurs,
- Members of the scientific community of the Pontifical University of the Holy Cross and of other universities.
Further information:
Prof. Mons. Martin Schlag, This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Prof. Juan Andrés Mercado, This e-mail address is being protected from spambots. You need JavaScript enabled to view it
