A brief intellectual history of the lesser depression

Name: A brief intellectual history of the lesser depression
Brand: Vita e Pensiero
Price: 6.00 EUR
Availability: OnlineOnly

digital

Article

Magazine

RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI

Issue

RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI - 2012 - 3

Title

A brief intellectual history of the lesser depression

Author

Edward Hadas

Publisher

Vita e Pensiero

Format

Article |

Pdf

Pages

Online from

03-2012

Issn

0035-676X (print) | 1827-7918 (digital)

€ 6.00

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Description

Globally, the real economy of goods and services functions better than ever in human history, but the financial and monetary system remains subject to crippling crises, including a severe one in 2008. This deviation can be explained by ‘‘the power of bad ideas’’, in particular policy-makers’ narrow focus on quantitative variables and their distrust of moral arguments. The combination leaves regulators and practitioners unable to recognise the role of greed and pride in finance. A moral approach could help reduce the financial system’s vulnerability. The description of economic activity in Benedict XVI’s Caritas in Veritate provides a good starting point. He offers a fundamentally non-monetary view of three economic arrangements: giving through exchange (commerce), giving through duty (taxes), and ‘‘gratuitousness and communion’’ (economic self-giving without concern for a return). The integration of the last into economic analysis would be particularly helpful.