Father Z responds to Michael Novak

And has some quibbles with it, but here’s his conclusion.  Must say, I agree:

So, if I understand the Holy Father correctly, I entirely agree with that first part of EG 54, so long as it is properly translated.  I add that I think a free market is, in fact, the best way to help the poor rise from poverty.  Socialism, Communism… no.   And before some liberal nut suggests that I am for a free-market wholly unfettered by laws, rules, government, …. no.  That’s just stupid.  It could also be mendacious (a liberal tactic).  There must be basic rule of law and regulation so that people can work together with clarity and trust each other in transactions and have recourse when there are disputes or misunderstandings or when people with bad will don’t fulfill their part.  At the same time, no economic system, free or not, will function in an acceptable way if the people involved don’t share good values.  I think they should be religious values and virtues (let’s just say it… Catholic).

That said, even when those values are absent, a free market is probably the worst system we could adopt…. except for all the others.