The Crisis of Global Capitalism

This collection of essays outlines a newÊpolitical economy. Twenty years after the demise of Soviet communism, the globalÊrecession into which free-market capitalism has plunged the worldÊeconomyÊprovides a unique opportunity to chart anÊalternative path. Both the left-wing adulation of centralized statism and theÊright-wing fetishization of market liberalism are part of a secular logicÊthatÊis collapsing under the weight of its own inner contradictions. It isÊsurelyÊno coincidence that the crisis of global capitalism occurs at the same time asÊthe crisis of secular modernity. Ê BuildingÊon the tradition of Catholic social teaching since the groundbreakingÊencyclicalÊRerum NovarumÊ(1891), PopeÊBenedict XVI'sÊCaritas in VeritateÊis the most radical intervention in contemporaryÊdebates on the future of economics, politics, and society.ÊBenedict outlines aÊCatholic third way that combines strict limits on state and market power withÊa civil economy centered on mutualistÊbusinesses, cooperatives, credit unions,Êand other reciprocal arrangements. HisÊcall for a civil economy also representsÊa radicalÊmiddle position between an exclusively religious and a strictlyÊsecular perspective. Thus, Benedict's vision for an alternative politicalÊeconomy resonates with people of all faiths and none.Read less