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The Church and the Market: A Catholic Defense of the Free Economy
In The Church and the Market: A Catholic Defense of the Free Economy, Thomas E. Woods Jr. makes a vigorous argument in favor of the market economy from a Catholic perspective. Filling a lapse in the debate on the role of religious thought in economic theory, Woods's uncompromising position, informed by the history of Catholic economic thought, shows that the long-seen contradiction between Catholic faith and support for the market economy does not exist. With attention to detail on almost all aspects of the free market, from the Federal Reserve System and inflation to antitrust legislation and labor issues, this book provides essential background for anyone interested in balancing issues of social conscience with modern economic principles.
280 pages, Paperback
First published December 1, 2004
23 people are currently reading
537 people want to read
About the author
Thomas E. Woods Jr.
48 books473 followersThomas Ernest Woods Jr. is an American author, podcast host, and libertarian commentator who is currently a senior fellow at the Mises Institute. A proponent of the Austrian School of economics, Woods hosts a daily podcast, The Tom Woods Show, and formerly co-hosted the weekly podcast Contra Krugman.
Woods' The Politically Incorrect Guide to American History in 2004 interpreted U.S. history through a paleoconservative and, as described by some writers, pro-Confederate lens. This, and his 2009 book Meltdown on the financial crisis of 2007–2008, became New York Times bestsellers. His subsequent writing has focused on promoting libertarianism and libertarian leaning political figures such as former Congressman and presidential candidate Ron Paul. Woods also teaches homeschooling courses on Western civilization and government called The Liberty Homeschooler as part of the Ron Paul Curriculum.
In 1994, Woods was a founding member of the League of the South, but he no longer associates with it.
Woods' The Politically Incorrect Guide to American History in 2004 interpreted U.S. history through a paleoconservative and, as described by some writers, pro-Confederate lens. This, and his 2009 book Meltdown on the financial crisis of 2007–2008, became New York Times bestsellers. His subsequent writing has focused on promoting libertarianism and libertarian leaning political figures such as former Congressman and presidential candidate Ron Paul. Woods also teaches homeschooling courses on Western civilization and government called The Liberty Homeschooler as part of the Ron Paul Curriculum.
In 1994, Woods was a founding member of the League of the South, but he no longer associates with it.
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Displaying 1 - 15 of 15 reviews
August 24, 2020
Distributists who attack Tom as a "dissenter" or a "liberal heretic" either have not read this book, or do not wish to give his case a fair trial. Not only does Tom display an incredible amount of economic knowledge that far surpasses his critics, but he is also able to defend his position on philosophical, moral, and theological grounds. I don't agree with everything he has written here, but nearly so. There are certainly short-run circumstances that allow for the exploitation that is warned about in the social encyclicals, and I would have liked Tom to acknowledge those cases. His treatment on usury was a little weak as well in that he spent most of his time parrying alternative views on usury instead of proposing his own interpretation of it; his very short treatment of Vix Pervenit was a bit disappointing in this regard. My main criticism is that he relies too much on mutual consent as a sufficient condition for a just contract, instead of taking into consideration duress, fraud, and other factors that significantly reduce the voluntariness of an agreement. On the whole Tom shows that the critics of the free market do not properly understand the logic of the market that cannot be superseded by fiat, but must be taken into account when formulating policy.
December 7, 2010
I bought this book for a catholic school administrator I know and I decided I ought to flip through it before I give it to her to make sure it is worth reading. I ended up reading the whole thing cover to cover in one night! It is an amazingly concise, erudite and well-written explanation of the most important features of Austrian economics which alone made the book worth reading. This discussion was set on a backdrop of the moral underpinnings of Austrian economics and how they are consistent with the Church's teachings and basic principles, as laid out by Aquinas among others. Woods also respectfully points out places where popes have gotten it wrong (in particular Popes Paul VI and John Paul II.) This being said, there isn't very much religious discussion, and there seems no need for more. One of the best points Woods makes (and I am beginning to get a fuller grasp of this over time) is: Austrian economics like all sound systems in the natural or social sciences are both moral and efficient not by coincidence but by the inherent and sublime organization of nature. I thought this book was very, very well done.
October 17, 2013
This book was recommended to me, and I'm glad it was. Thomas Woods does not disappoint, making logical and rational arguments throughout the book for the free market and Austrian Economics. He then shows that not only do these viewpoints not contradict the Catholic Church's dogma, they rather agree with it. Mr. Woods is not afraid to evaluate statements made by previous popes on economics, where they do not have infallibility. This book goes beyond merely presenting ideas and why they work, it goes over commonly held views that are often claimed to be better than the free market. Mr. Woods dissects the ideas, showing why they eventually fail in the long run and how the free market and Austrian Economics actually accomplish the goal they are seeking more efficiently. He then shows how the free market, in that circumstance, agrees with Catholic dogma. Mr. Woods uses reliable sources, his writing is clear and concise, and his arguments rational to the utmost. The Church and the Market, all in all, is an extremely well-written and worthwhile book.
March 20, 2017
Really good overall from what I remember, but in the years since I read this I have come to the conclusion that Woods is in error when he holds that it isn't a binding teaching that the just wage can in principle deviate from the voluntarily-agreed-upon wage. (This book is mainly about economics rather than philosophy on a deeper level, but I would recommend reading some of Edward Feser's articles and blog posts on the incompatibility of libertarian self-ownership with Catholic social teaching and the Aristotelian-Thomistic natural law tradition, collected here: http://edwardfeser.blogspot.com/2012/...)
April 17, 2015
Excellent case for the free market
As a Christian, I have struggled to find ways of explaining the glorious order God has placed in the universe in the laws of economics. Tom outlines well how many so-called libertarian positions are really just facts of nature, not really subject to debate. Wonderful book.
As a Christian, I have struggled to find ways of explaining the glorious order God has placed in the universe in the laws of economics. Tom outlines well how many so-called libertarian positions are really just facts of nature, not really subject to debate. Wonderful book.
May 26, 2024
Would recommend to any honest Catholic interested in economics. A great nuanced approach to the free market, Austrian economics, compatibility with Catholic social teaching, and more. You can learn a lot from this book!
December 6, 2018
Tom woods writes in this good book a well made defense of Christian principles applied to solid economics (austrian economics).
Explains briefly what austrian school is about, reminding that eg. Rothbard says that what matters is ethics, not "market efficiency". Also, economics has nothing to say about Catholic faith, as it doesn't concern moral decisions.
On the next chapter the theme is wages and price control. Reviewing scholastics economists it's possible to see that the just price could well be right away interpreted as the market driven price, with no government interference. After it the Catholic Popes stance on the inviolability of the private property is shown, associating socialism with robbery, which it really is, and also how socialism shuns away the desire to do something better with his property as the incentives are missing there. Unfortunately much of the Catholic social doctrine enters in contradiction, many of the supposed good actions the employer should do to in order to guarantee a good life for the employee worsens the situation for both. Interesting topic on some facts about trade unions, which indicate poverty increases on areas more union-driven. Tom Woods concludes here that the Popes professed the need for "just wages" and such with very good intentions, but due to lack of economic understanding the way they want things to be applied simply won't work and will bring the opposite consequences.
Woods gives a short and easy to understand explanation about modern banking, its nuances (fractional banking, fiat money, etc) and how central banking can get around the massive redemption of money people could do from banks. Also, big moral problems arise from the state driven usual inflation and from the business cycle as explained by Mises and Hayek.
Usury is treated here, as a thing early catholics condemned, but late scholastics sorted it out, and Austrians defined interest in a simple time preference context, meaning it would he morally injust not to pay interest, forcing the other part of transaction to treat the same good in the future as with the same value as now, a condition which is unconceivable.
On foreign aid, Tom Woods asserts praxeologically why it's not only moral wrong due to the coercitive nature of the taxation that origins the money for the aid, but also it's widely used to mantain/increase support between chosen people for dictatorial governments. It's also explained why food aid usually doesn't gets directed to those who really need it. Well made critics against economic protectionism are done, as austrians know, they can only lead to poverty for the "protected" people.
Woods points to the sick society of Sweden. Afflicted by the welfare state, demographics were screwed and got to a very low level, and now with massive immigration, there is not much hope for them.
On distributism and self-sufficiency, Woods say that there is not only economic problems but also a moral issue when doing your own worker like a farmer for your own subsistence, as it's egoistic not having to work with and please your fellows, providing them with goods. Besides that, it may be possible to starve to death with a bad harvest. There is a mention to the maximum relative firm size that Mises and Rothbard talks about, that happens when a firm grows vertically (precisely what would happen if socialism was possible), on higher-order goods, and starts to have losses when trying to produce everything, instead of buying cheaper on market.
Shows guild-like restrictions like the need for a degree to perform certain jobs, which leads to higher prices and worsening of the quality of the services.
Explains that being forced via taxes to support leftist agenda, can be very uncatholic, like state-financed abortion. Also, the state defended by catholics on the medieval era was much more decentralized and less powerful than the modern state, and the laws were usually derived from the experience, not nowadays positive law.
Woods remembers that profit, often touted as a bad, egoistic evil, just means that the one who seeks profit must plan his activities conforming to the society needs, not wasting scarce resources that could be used on other more desired needs, which would mean a loss. Catholics should support the market and profits as a way to even have minimal comfort and time to study and serve God better, instead of needing to worry about just surviving.
It's a good overall basic free-market economics teaching book, but I expected to be a bit more focused on Catholic matters, but it points out some good things, and also we are remembered that Catholics are able to prudentially and respectfully disagree with the Pope on specific policies or scientific assertions, as the Popes aren't infallible on those topics.
Explains briefly what austrian school is about, reminding that eg. Rothbard says that what matters is ethics, not "market efficiency". Also, economics has nothing to say about Catholic faith, as it doesn't concern moral decisions.
On the next chapter the theme is wages and price control. Reviewing scholastics economists it's possible to see that the just price could well be right away interpreted as the market driven price, with no government interference. After it the Catholic Popes stance on the inviolability of the private property is shown, associating socialism with robbery, which it really is, and also how socialism shuns away the desire to do something better with his property as the incentives are missing there. Unfortunately much of the Catholic social doctrine enters in contradiction, many of the supposed good actions the employer should do to in order to guarantee a good life for the employee worsens the situation for both. Interesting topic on some facts about trade unions, which indicate poverty increases on areas more union-driven. Tom Woods concludes here that the Popes professed the need for "just wages" and such with very good intentions, but due to lack of economic understanding the way they want things to be applied simply won't work and will bring the opposite consequences.
Woods gives a short and easy to understand explanation about modern banking, its nuances (fractional banking, fiat money, etc) and how central banking can get around the massive redemption of money people could do from banks. Also, big moral problems arise from the state driven usual inflation and from the business cycle as explained by Mises and Hayek.
Usury is treated here, as a thing early catholics condemned, but late scholastics sorted it out, and Austrians defined interest in a simple time preference context, meaning it would he morally injust not to pay interest, forcing the other part of transaction to treat the same good in the future as with the same value as now, a condition which is unconceivable.
On foreign aid, Tom Woods asserts praxeologically why it's not only moral wrong due to the coercitive nature of the taxation that origins the money for the aid, but also it's widely used to mantain/increase support between chosen people for dictatorial governments. It's also explained why food aid usually doesn't gets directed to those who really need it. Well made critics against economic protectionism are done, as austrians know, they can only lead to poverty for the "protected" people.
Woods points to the sick society of Sweden. Afflicted by the welfare state, demographics were screwed and got to a very low level, and now with massive immigration, there is not much hope for them.
On distributism and self-sufficiency, Woods say that there is not only economic problems but also a moral issue when doing your own worker like a farmer for your own subsistence, as it's egoistic not having to work with and please your fellows, providing them with goods. Besides that, it may be possible to starve to death with a bad harvest. There is a mention to the maximum relative firm size that Mises and Rothbard talks about, that happens when a firm grows vertically (precisely what would happen if socialism was possible), on higher-order goods, and starts to have losses when trying to produce everything, instead of buying cheaper on market.
Shows guild-like restrictions like the need for a degree to perform certain jobs, which leads to higher prices and worsening of the quality of the services.
Explains that being forced via taxes to support leftist agenda, can be very uncatholic, like state-financed abortion. Also, the state defended by catholics on the medieval era was much more decentralized and less powerful than the modern state, and the laws were usually derived from the experience, not nowadays positive law.
Woods remembers that profit, often touted as a bad, egoistic evil, just means that the one who seeks profit must plan his activities conforming to the society needs, not wasting scarce resources that could be used on other more desired needs, which would mean a loss. Catholics should support the market and profits as a way to even have minimal comfort and time to study and serve God better, instead of needing to worry about just surviving.
It's a good overall basic free-market economics teaching book, but I expected to be a bit more focused on Catholic matters, but it points out some good things, and also we are remembered that Catholics are able to prudentially and respectfully disagree with the Pope on specific policies or scientific assertions, as the Popes aren't infallible on those topics.
May 17, 2020
A must-read for anyone who is interested in Catholic social teaching and its relationship to economic liberty. Woods reminds us that although the Church is compelled to address issues of morality, including those that intersect with economics, such as the right to private property, it has no more authority over the science of economics than it would over the science of another kind, say mechanical engineering. The Church recommends the "preferential option for the poor," but it takes economic analysis to find that option; and it would not be a stretch to say that free-market capitalism has done more to eliminate poverty than any other economic system throughout history, despite any claims by communists of being the champions of the poor — on the contrary!
July 31, 2017
The work demands praise because its thesis is somewhat counter-intuitive: Woods is NOT calling for a middle ground between the free market and Catholic Social Teaching, which is what a lot of orthodox Catholics have taken as their stance. I give four stars because he could serve to reiterate his thesis. Found myself revisiting the introduction a lot.
August 7, 2015
A book not just for Catholics. It is a shame that the market for this book is narrowed by it's focus on Catholocism. As a Baptist, I thoroughly enjoyed it. It is an antidote for anyone taken in by the so-called "social gospel."
June 11, 2025
An important, perhaps even foundational book. Woods runs the reader through the basics of the Austrian School of Economics, which is the economic system most closely associated with a system of Liberty, that is, "classical" Liberalism. However, the "so what" is not his selected highlights from the Austrian School, but his moral/ethical analysis of it. Woods approaches this question as a practicing Catholic, and he frequently quotes from Popes and priests along the way, both to criticize some of their positions, and to highlight others. However, anyone interested in the moral implications of economic policies and choices would be well-advised to read this. The issues Woods raises are of interest to far more than just Catholics, and his analysis would find relevance in a variety of other religious, moral, and/or ethical systems. The approach examined by Woods is perennially disfavored by elites, mainstream media, and most educational institutions (starting from public schools), so it may not be overly familiar to many. Even those with a deep background in economics may still benefit from the moral/ethical discussion on which Woods mostly focuses. A very good read.
October 11, 2021
Great all-around book, and while it may be a bit tedious at times for those that aren't natural fans of economics, the learning curve really isn't too high and it stays interesting for an intermediate reader.
Content-wise, Woods does a good job charitably dismantling distributist arguments, which really aren't well-founded at all.
The book could use an update as this variant of right-wing socialism has found a lot of adherents online since 2005 (because it seems "trad" while also being different from more typical American right-wing movements/ideas), so Woods would have more recent material to work with.
Content-wise, Woods does a good job charitably dismantling distributist arguments, which really aren't well-founded at all.
The book could use an update as this variant of right-wing socialism has found a lot of adherents online since 2005 (because it seems "trad" while also being different from more typical American right-wing movements/ideas), so Woods would have more recent material to work with.
April 20, 2025
The Church and the Market is one of the most impressive books I have read on the intersection of economics and Catholic thought. Thomas Woods delivers a clear and rigorous defense of the market economy without sacrificing moral depth or intellectual seriousness.
This is not just an economics book. It is a bold and thoughtful contribution to the broader conversation about human dignity, freedom, and the limits of state power. Woods shows how Catholic social teaching and Austrian economics can complement one another when grounded in an honest view of human nature and natural law. His defense of private property, free exchange, and voluntary order is rooted in both sound economics and a deep respect for the person.
As someone involved in technology, policy, and capital allocation, I found Woods’ arguments especially relevant. We live in an era where centralization and control are often mistaken for progress. This book reminds us that real progress requires both freedom and responsibility. It challenges us to rethink what it means to build a just society — not through coercion, but through truth and subsidiarity.
Highly recommended for anyone who wants to engage seriously with the moral foundations of the market and the future of civil society.
This is not just an economics book. It is a bold and thoughtful contribution to the broader conversation about human dignity, freedom, and the limits of state power. Woods shows how Catholic social teaching and Austrian economics can complement one another when grounded in an honest view of human nature and natural law. His defense of private property, free exchange, and voluntary order is rooted in both sound economics and a deep respect for the person.
As someone involved in technology, policy, and capital allocation, I found Woods’ arguments especially relevant. We live in an era where centralization and control are often mistaken for progress. This book reminds us that real progress requires both freedom and responsibility. It challenges us to rethink what it means to build a just society — not through coercion, but through truth and subsidiarity.
Highly recommended for anyone who wants to engage seriously with the moral foundations of the market and the future of civil society.
December 5, 2025
Lucid, engaging, and common sense. This is a fantastic book, and it disentangles so much of the gaslighting, question-begging, and historically unaware statements from popular quarters of the Catholic church (and those adjacent to them in other Christian spheres).
Though the parallel is not completely symmetrical, this book is the Catholic version of Chilton's Productive Christians in an Age of Guilt Manipulators
Though the parallel is not completely symmetrical, this book is the Catholic version of Chilton's Productive Christians in an Age of Guilt Manipulators
November 6, 2015
Not only for Catholics
I'm not Catholic, but I found this book to be insightful into any egalitarian dogma. It can be applied to most 'moral' arguments for interventionism. The writer has a good voice. This book draws many valuable logical conclutions, without sounding dry or wordy. I would recommend it.
I'm not Catholic, but I found this book to be insightful into any egalitarian dogma. It can be applied to most 'moral' arguments for interventionism. The writer has a good voice. This book draws many valuable logical conclutions, without sounding dry or wordy. I would recommend it.
Displaying 1 - 15 of 15 reviews