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MARKETS, MORALS, PROPERTY, AND OTHER RIGHTS: A REJOINDER TO THE PASTORAL LETTER
Author(s) -
SONTHEIMER KEVIN C.
Publication year - 1988
Publication title -
contemporary economic policy
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.454
H-Index - 49
eISSN - 1465-7287
pISSN - 1074-3529
DOI - 10.1111/j.1465-7287.1988.tb00279.x
Subject(s) - restructuring , property rights , bishops , deference , economics , property (philosophy) , law and economics , politics , economic system , political economy , market economy , political science , law , finance , microeconomics , philosophy , epistemology
The pastoral letter calls for a radical restructuring of the American economy. The restructuring is to be set on a foundation of economic rights, a social mortgage on privately held property, and a deference toward the small within the political system. The restructuring also is intended to avoid statist or totalitarian outcomes. The second half of the pastoral letter, containing the policy analysis and recommendations, is not consistent with the basic system for restructuring the economy contained in the first half. The practical visions of the second half of the pastoral letter do not provide for economic rights or a social mortgage. Analyzing the logic of the basic system for restructuring the economy shows that it is inconsistent with the bishops' intended goal of a non‐statist economy. The flawed logic of the basic system explains the inconsistency between the two major parts of the pastoral letter.