The Crisis of Global Capitalism

This collection of essays outlines a newpolitical economy. Twenty years after the demise of Soviet communism, the globalrecession into which free-market capitalism has plunged the worldeconomyprovides a unique opportunity to chart analternative path. Both the left-wing adulation of centralized statism and theright-wing fetishization of market liberalism are part of a secular logicthatis collapsing under the weight of its own inner contradictions. It issurelyno coincidence that the crisis of global capitalism occurs at the same time asthe crisis of secular modernity. Buildingon the tradition of Catholic social teaching since the groundbreakingencyclicalRerum Novarum(1891), PopeBenedict XVI'sCaritas in Veritateis the most radical intervention in contemporarydebates on the future of economics, politics, and society.Benedict outlines aCatholic ""third way"" that combines strict limits on state and market power witha civil economy centered on mutualistbusinesses, cooperatives, credit unions,and other reciprocal arrangements. Hiscall for a civil economy also representsa radical""middle"" position between an exclusively religious and a strictlysecular perspective. Thus, Benedict's vision for an alternative politicaleconomy resonates with people of all faiths and none. ""The current economic crisis is in fact a deeper crisis of cultural imagination and civilizational ethics. This collection of bold and provocative readings of Caritas in Veritate displays an intellectual verve unafraid to think beyond the fragmentations of modernity. By fully exploring the ontology of communion and gift, I believe this collection bears witness to the kind of daring discourse Pope Benedict XVI wanted to ignite. What is more, I believe the essays exemplify the kind of fruitful dialogue needed, not only for an adequate response to the crisis of Western civilization, but also to realize an economy that would facilitate the flourishing of the human heart. Adrian Pabst is to be commended for realizing this collection of excellent essays."" -Javier Martinez Fernandez Archbishop of Granada ""Anyone interested in finding a 'third way' between today's barely regulated capitalism and state socialism will find much to reward them in this collection. It goes beyond the rigid limitations of contemporary liberal thinking in order to explore some of the crucial resources, intellectual and cultural, that we need to devise a new politics of the Left."" -Charles Taylor author of A Secular Age ""Caritas in Veritate is the first papal encyclical that addresses issues immediately relevant for economic and social theory. It also embodies challenges that concern directly the academic community of economists, in particular the nature and scope of the firm, the market and profit. The reading of this important book is the best way for engaging with these themes and discovering the significance of Caritas in Veritate in the present theoretical debate."" -Luigino Bruni co-author of Civil Economy ""This collection of essays addresses a key challenge for anyone trying to think clearly about economics: how to dig out from under the intellectual rubble created by the failure of conventional economic theories. The proposed answers vary but there is a common and welcome effort to think philosophically, about both the foundations of the economic order and the detailed and failed arrangements of finance. Particularly serious attention is paid to the great challenge posed by Pope Benedict XVI-to integrate 'quotas of gratuitousness and communion' into economic activity. This book's breadth of views and the depth of analysis make it a rewarding read for anyone trying to