Catholic Social Teaching: A communitarian democratic capitalism for the new world order

Catholic Social Teaching has taken a remarkable turn with the May 1991 document on economic ethics,Centesimus Annus. During their one hundred year history, church documents were notable for their courageous championing of the rights of the least advantaged; they were much less distinguished for their understanding of how markets and incentives function in capitalism. Most business leaders admired church teaching for its compassion but had little respect for its competence. With this most recent document, however, there is a growing conviction that the church may have come of age in economic ethics. Even theWall Street Journal has celebratedCentesimus Annus. The article outlines the highlights of the document and its points of continuity with the tradition. Responses from business and the academy are also briefly considered.Oliver F. Williams is a member of the faculty and serves as Associate Provost of the University of Notre Dame. A Catholic priest, Father Williams has a doctorate and other degrees in theology and chemical engineering. He has published and lectured extensively in the field of business ethics.This article includes an updated version of some material previously published. For more elaboration on the history of Catholic social teaching, see articles by Williams, O. F. in Houck, J. W. and Williams, O. F. (eds.): 1984,Catholic Social Teaching and the U.S. Economy: Working Papers for a Bishops' Pastoral (University Press of America, Washington, DC) and in Williams, O. F. and Houck, J. (eds.): 1982,The Judeo-Christian Vision and the Modern Corporation (University of Notre Dame Press, Notre Dame, IN).