Capitalism and Catholicism: Comparing Democratic Capitalism and Social Market Economy in the Light of Catholic Social Teaching
Capitalism and Catholicism: Comparing Democratic Capitalism and Social Market Economy in the Light of Catholic Social Teaching

Summary/Abstract: Michael Novak’s The Spirit of Democratic Capitalism (1982) is considered to be an irrefutable and foundational work for the ethics of economics in our time. In a unique and original approach, Novak presents the intellectual-historical genesis of capitalist systems, which he locates decisively in certain spiritual and moral principles. This hermeneutic opens up an insight into the interplay between economy, society, religion, and politics – it is in particular able to utilize Catholic Social Teaching for the development of economically just systems. By unfolding the connections between democracy and market economy, Novak is able to illuminate the individual’s responsibility for the social and economic challenges faced by society. From a German perspective, Novak’s work is especially relevant in comparison with the German Social Market Economy system. Both approaches are based heavily on Catholic Social Teaching, yet the differences in their historical and contextual origins offer the opportunity to mutually enrich each other.

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