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Cathonomics: How Catholic Tradition Can Create a More Just Economy
What Catholic social thought can teach thinkers of all faiths and backgrounds about equitable economics
Inequality is skyrocketing. In a world of vast riches, millions of people live in extreme poverty, barely surviving from day to day. All over the world, the wealthy’s increasing political power is biasing policy away from the public interest toward the financial interests of the rich. At the same time, many countries are facing financial fragility and diminished well-being. On top of it all, a global economy driven by fossil fuels has proven to be a collective act of self-sabotage with the poor on the front lines.
A growing chorus of economists and politicians is demanding a new paradigm to create a global economy for the common good. In Cathonomics, Anthony M. Annett unites insights in economics with those from theology, philosophy, climate science, and psychology, exposing the failures of neoliberalism while offering us a new model rooted in the wisdom of Catholic social teaching and classical ethical traditions. Drawing from the work of Pope Leo XIII, Pope Francis, Thomas Aquinas, and Aristotle, Annett applies these teachings to discuss current economic challenges such as inequality, unemployment and underemployment, climate change, and the roles of business and finance.
Cathonomics is an ethical and practical guide to readers of all faiths and backgrounds seeking to create a world economy that is more prosperous, inclusive, and sustainable for all.
Inequality is skyrocketing. In a world of vast riches, millions of people live in extreme poverty, barely surviving from day to day. All over the world, the wealthy’s increasing political power is biasing policy away from the public interest toward the financial interests of the rich. At the same time, many countries are facing financial fragility and diminished well-being. On top of it all, a global economy driven by fossil fuels has proven to be a collective act of self-sabotage with the poor on the front lines.
A growing chorus of economists and politicians is demanding a new paradigm to create a global economy for the common good. In Cathonomics, Anthony M. Annett unites insights in economics with those from theology, philosophy, climate science, and psychology, exposing the failures of neoliberalism while offering us a new model rooted in the wisdom of Catholic social teaching and classical ethical traditions. Drawing from the work of Pope Leo XIII, Pope Francis, Thomas Aquinas, and Aristotle, Annett applies these teachings to discuss current economic challenges such as inequality, unemployment and underemployment, climate change, and the roles of business and finance.
Cathonomics is an ethical and practical guide to readers of all faiths and backgrounds seeking to create a world economy that is more prosperous, inclusive, and sustainable for all.
336 pages, Hardcover
Published January 10, 2022
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1236 people want to read
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September 12, 2024
Cathonomics, by Anthony Annett
A Review by
Greg Cusack
July 24, 2022
In this book, one sorely needed for our divisive and quite amoral times, Anthony Annett sets out to first explain the basis for the Roman Catholic understanding of how “economics” fits into its larger understanding of our relationship to each other and to God, and then to use that framework to critique today’s hyper-individualistic and largely laissez-faire capitalist economic system that he believes is wreaking so much damage to so many lives today, a point with which I very much concur.
[Note: I understand how the word “God” rattles the timbers of many, not least of which because there seem to be so many interpretations and understandings of what the word means. So, for the purpose of this essay, and in keeping with the tenor of Annett’s writing, I am using it in the way that has long been common as meaning the Supreme Being, the Creator, the First Cause, the I Am Who Am behind everything in and of creation.]
This is not a book concerned with preaching religious doctrine but, rather, on presenting a carefully reasoned, logically progressive argument for an economic, social, and political order that is founded on the importance of every human being, a plea for an ethically sound way of life that is all-inclusive whatever one’s belief system.
What Annett tackles head-on is the misconception that any economy is somehow a “given,” that is, a system of inherent balance and purpose from which we should always refrain from attempting to adjust in any way; in essence, an argument that the economy’s “rules of the game” are somehow both natural and inevitable. This is not true.
1. All economic systems, whatever their form, exist as a consequence of human decisions and laws.
2. Without consistent oversight and a willingness to adjust the “rules of the game” on occasion all economic systems inevitably work to produce the inequitable result of winners and losers.
Just as no political “form” is inevitable, so also is this true of economic systems. Both political and economic structures and arrangements flow from intentional human decisions, and both demand the ongoing attention and occasional intervention by citizens.
The Founders of the United States used certain principles gained from both their own experience and their extensive knowledge of history to create the Constitution of the United States. In this book Annett sets forth a set of principles by which a just and fair economic system might be created (or, if you will, reformed).
This book offers a baseline from which to compare the ideas behind, and the operations of, the economy, social relations, and political realities of the United States today. Since so many of these are either not explicitly stated or simply assumed, thinking about the tight connectivity within the sequential steps of Cathonomics will assist all of us in acquiring a fresh, and more penetrating, understanding of just how our own economy works and may, as a consequence, lead to new questions regarding its fairness and presumed “naturalness.”
In his first chapter – The Old Stuff: Where It All Comes From – Annett posits the roots of Catholic understanding of, and teaching about, social justice principles that include economics in the Hebrew Scriptures, where he notes how those texts were the result of a Judaism that “was born out of the historical experience of marginalization and vulnerability. No phrase is more recurrent in the Hebrew Scriptures than a reminder that the Jewish people were once slaves in the land of Egypt…. This history gives rise to a moral obligation to love the poor and the excluded. In the Jewish tradition, this notion of justice to the poor became paramount, as – over and over again – God warns his people not to mistreat widows, orphans, and foreigners (synonymous to the poor of their day) …. Obedience to God entails making sure that social structures aid rather than oppress the poor, because God is always their defender, protector, and liberator.” (Pp. 1-2)
As was made clear in the Genesis account of Creation, everything is a gift from God and is intended for all, including our fellow creatures who inhabit our shared planet. Thus, “land belonged to God and…human beings had only conditional ownership of it.” The great prophets of Israel thundered most often against the mistreatment of the poor as those temporarily enjoying wealth and power stole from them, either directly by appropriating their lands or goods or indirectly through inadequate wages and usurping the land’s bounty for themselves. (Pp. 2-3)
Annett then cites several of the sharpest critiques from the prophets from which, he says, “four points stand out…. First, God protects and prioritizes the poor – especially the widow, the orphan, and the foreigner – promising to rain down punishment on those who oppress them and deny them their rights. This point is a matter of communal justice and societal obligation, not simply personal charity. [emphasis added]
“Second, worship and fasting are empty gestures…if the poor are simultaneously mistreated… without concern for the poor, the prophets maintain that people are spiritually dead….
“Third, the prophets evince a certain corruption that comes with the zealous pursuit of wealth, believing that greed and self-interest lie behind injustice….
“Fourth, injustice is seen as not only a moral failure, individual or communal, but as a plague that could destroy society from within…. It is not accident that the prophets equate wealthy worship with idol worship and a turn away from God, who protects his people from destruction.”
In addition, “we need to consider one further element: the biblical injunction to care for the earth as well as the poor…. The starting point is the understanding that everything God created is good and therefore is worthy of respect and protection. God has bequeathed the earth to humankind, but we are not its owners. Instead, we are stewards of God, charged with caring for creation, making sure the needs of all are met and that the earth is fruitful and bountiful for all generations to come.” (Pp. 4-5)
Regarding Jesus of Nazareth: “The starting point is to pay close attention to how Jesus begins his public ministry. In Luke’s gospel, Jesus enters the synagogue in his hometown of Nazareth and reads from the scroll of the prophet Isaiah: ‘The Spirit of the Lord is upon me, because he has anointed me to bring glad tidings to the poor. He has sent me to proclaim liberty to captives and recovery of sight to the blind, to let the oppressed go free, and to proclaim a year acceptable to the Lord.’”)
Jesus in this passage is directly linking himself to the concerns of the prophets.
“What Jesus preached was the Kingdom of God [which]… the standard Catholic approach…is Jesus…talking about the transformation of the world, the bending of history toward justice through the active power of God…..Christians are [therefore] called on to strive for justice, to seek a new kind of society that prioritizes the poor and underprivileged while at the same time recognizing that all utopian visions are fools’ errands.” (P. 6)
Interestingly, “…nineteen of [Jesus'] thirty-one parables refer to indebtedness, social class, misuse of wealth, the distribution of wealth, and worker pay. Levine argues that the parables teach us how to ask the right questions: ‘How to live in community; how to determine what ultimately matters; how to live the life that God wants us to live.’”
“… Jesus’ identification with the poor suffuses the entire gospel narrative.” (P. 8)
“A further insight is that responding to our neighbor in need with compassion benefits not only the recipient but also the benefactor, who is given the grace of allowing him or her to see the face of Christ in the least of his brothers and sisters, and to respond accordingly. In this sense, the Beatitudes go deeper than the golden rule, the idea that a person should do unto others as she would have them do unto her – instead of an abstract view of the other, they speak of the other in his existential reality of suffering.” (Pp. 10-11)
Regarding the “Good Samaritan” parable, “Jesus’ answer is that every single human being should be regarded as our neighbor – an antidote against insularity, xenophobia, and nationalism. This view has obvious contemporary relevance. In his own life, Jesus shocked his contemporaries by being willing to socialize and share fellowship with the despised, including sinners and tax collectors, ritual and legal outcasts of the time, those whom social structures would have placed beyond the mercy and love of God.” (P.11)
“…the ethos of economic equality permeated the[The Early Church and the Church Fathers]…. There was…a deep concern with taking care of the weak in the community and providing financial assistance to poorer churches. As with all scriptural perspectives, this was seen not as a voluntary display of charity but a strict duty of justice.” (Pp.11-12)
“The leading Church Fathers speaking on economic themes include Saint Basil, Saint Gregory, Saint John Chrysostom, Saint Ambrose, and Saint Augustine. These Church leaders wrote vast tomes on the topics of the stewardship of wealth and concern for the poor… the prophetic language about riches and injustice thundering from the Church Fathers echoes through the centuries in a way that resonates deeply today.
The second “root of Catholic social teachings” – as distinct from the religious/faith values derived from the Judean-Christian Scriptures – are the “virtue ethics of Aristotle.” Annett says we can find these in Aristotle’s Nicomachean Ethics which deals with the political economy.
“Aristotle’s ethical reasoning is teleological, which means that he believed everything has a final cause, an end, a purpose in which it finds its perfection. Hence is moving toward that final end, even though it can be thwarted by both external and internal impediments. When a thing, a creature, or even a person achieves an end or purpose, that thing, creature, or person is deemed to be ‘good’ of their kind….. So, for example… a “good” tree is one that [grows and flourishes and spreads its seeds] with maximum efficiency.”
As for humans, “Aristotle believed that our purpose, our telos, what we are oriented toward, is happiness…. [that is, a state of] eudaimonia, a term…best translated as human flourishing. Eudaimonia can be identified with living in accord with what is intrinsically worthwhile to human beings: meaning and purpose, quality relationships, good health, and the ability to make a valid contribution to society…. For Aristotle, this involved a lifelong quest… [and he recognized] that bad luck (through ill health, for example) or poverty could hinder eudaimonia. But for the purposes of economics, he was clear that wealth was not to be pursued for its own sake….” (P. 16)
A vital role in attaining such a state of happiness is the proper use of human beings’ faculty of reason. A ‘good’ human “is one who uses reason well, who puts the rational soul in the driver’s seat.”
Turning to Aristotle’s conception of “virtue,” Annett points out that the “word derives from the Greek arete and is also understood as ‘excellence.’ It is taking a latent capacity and bringing it to full potential, just like the good tree….” Therefore, the best way to understand virtue from Aristotle’s perspective is “Those qualities the possession of which will enable an individual to achieve eudaimonia, and the lack of which will frustrate his[/her] movement toward that telos.” Thus, exercising the virtues in accord with excellence “will make us a ‘good’ human being and point the way toward a flourishing life well lived.”
“…Aristotle believed in the idea of an objective good – a concept of the good that exerts a gravitational pull-on human nature, common to all human beings. In this sense, the virtues can be understood as habits that orient us to act in ways that are good.”
And what are these “virtues”? Well, there are “intellectual” virtues, such as “practical reason, knowledge, and good judgment; and moral virtues such as courage, justice, generosity, friendliness, temperance, self-respect. A key virtue for Aristotle is practical wisdom, or phronesis, which is really about figuring the best means to achieve our ends in any given circumstance and in turn requires thoughtful, reflective deliberation, including by listening to and learning from teachers and role models.
“For Aristotle, a good life is a balanced life.”
He identifies three overriding principles from Catholic social teaching: give us some guiding principles for action in the world, namely, every person possesses innate dignity, irrespective of wealthy, position, or station; and we are all bound together in a common good with a common destiny, which entails protection of our common home.” (P. 42)
And from these he derives ten "Concrete Principles of Catholic Social Teaching”
(1) the common good,
(2) integral human development,
(3) integral ecology,
(4) solidarity,
(5) subsidiarity,
(6) reciprocity,
(7) the universal destination of goods,
(8) the preferential option for the poor,
(9) Catholic notions of rights and duties, and
(10) Catholic notions of justice.” (P. 42)
The bulk of his work now shifts to a fascinating intermixture of modern sociological findings, including about just what “makes people happy,” that shed considerable doubt on the capitalist conception of human beings as being driven by the desire to consume and prosper. We humans are profoundly more complicated that this. We also wish to be recognized, appreciated, and belong, as well as seek avenues to express our individuality and creativity. All of these go beyond just the “economic” realm.
Moreover, the dog-eat-dog world of competitive capitalism does not account for, nor begin to satisfy, the genuine altruism that lies latent in each of us. Studies of very young children have shown that cooperation, a sense of fairness, and generosity are inherent human qualities, qualities which societies can choose to deny, curtail, or – more happily for all concerned – foster.
And, if you have not yet gotten around to reading Thomas Piketty’s works, including his immensely impressive Capital in the Twenty-First Century, relax! Annett covers Piketty’s central arguments as well as those of many other economists in showing how the economies of “the West” – including the United States – went from being extremely unequal at the turn of the 20th century to decades of prosperity for all during the “golden years of the middle class” from the 1940s into the 1970. Like Piketty, he looks at what the “rules of the game” were during those years when wealth inequality was drastically reduced, and the middle classes vastly expanded. In identifying them, he also shows how those same rules and government priorities began to be changed through intentional decisions by politicians causing the increased inequalities and hardships experienced by the middle and poorer classes since the ‘70s.
Annett concludes his book by offering specific proposals that would begin to again “make things right,” to reduce wealth inequality and promote the welfare of the majority again. They are neither surprising nor unfamiliar, since progressives of all stripes have been calling for them for years (in most cases they would be a return to what once had been the priorities of the American government).
But as we sadly know, there is considerable resistance to pursuing an actual agenda of fairness and justice; too many people in power are doing just fine, thank you, by prospering from the current “rules of the game.”
Annett challenges us to recognize what is happening, to ponder our own conception of fairness and justice, and to think anew about how a country that functions well for us all would look like.
I believe this to be one of the most important and energizing books to have been published in years!
A Review by
Greg Cusack
July 24, 2022
In this book, one sorely needed for our divisive and quite amoral times, Anthony Annett sets out to first explain the basis for the Roman Catholic understanding of how “economics” fits into its larger understanding of our relationship to each other and to God, and then to use that framework to critique today’s hyper-individualistic and largely laissez-faire capitalist economic system that he believes is wreaking so much damage to so many lives today, a point with which I very much concur.
[Note: I understand how the word “God” rattles the timbers of many, not least of which because there seem to be so many interpretations and understandings of what the word means. So, for the purpose of this essay, and in keeping with the tenor of Annett’s writing, I am using it in the way that has long been common as meaning the Supreme Being, the Creator, the First Cause, the I Am Who Am behind everything in and of creation.]
This is not a book concerned with preaching religious doctrine but, rather, on presenting a carefully reasoned, logically progressive argument for an economic, social, and political order that is founded on the importance of every human being, a plea for an ethically sound way of life that is all-inclusive whatever one’s belief system.
What Annett tackles head-on is the misconception that any economy is somehow a “given,” that is, a system of inherent balance and purpose from which we should always refrain from attempting to adjust in any way; in essence, an argument that the economy’s “rules of the game” are somehow both natural and inevitable. This is not true.
1. All economic systems, whatever their form, exist as a consequence of human decisions and laws.
2. Without consistent oversight and a willingness to adjust the “rules of the game” on occasion all economic systems inevitably work to produce the inequitable result of winners and losers.
Just as no political “form” is inevitable, so also is this true of economic systems. Both political and economic structures and arrangements flow from intentional human decisions, and both demand the ongoing attention and occasional intervention by citizens.
The Founders of the United States used certain principles gained from both their own experience and their extensive knowledge of history to create the Constitution of the United States. In this book Annett sets forth a set of principles by which a just and fair economic system might be created (or, if you will, reformed).
This book offers a baseline from which to compare the ideas behind, and the operations of, the economy, social relations, and political realities of the United States today. Since so many of these are either not explicitly stated or simply assumed, thinking about the tight connectivity within the sequential steps of Cathonomics will assist all of us in acquiring a fresh, and more penetrating, understanding of just how our own economy works and may, as a consequence, lead to new questions regarding its fairness and presumed “naturalness.”
In his first chapter – The Old Stuff: Where It All Comes From – Annett posits the roots of Catholic understanding of, and teaching about, social justice principles that include economics in the Hebrew Scriptures, where he notes how those texts were the result of a Judaism that “was born out of the historical experience of marginalization and vulnerability. No phrase is more recurrent in the Hebrew Scriptures than a reminder that the Jewish people were once slaves in the land of Egypt…. This history gives rise to a moral obligation to love the poor and the excluded. In the Jewish tradition, this notion of justice to the poor became paramount, as – over and over again – God warns his people not to mistreat widows, orphans, and foreigners (synonymous to the poor of their day) …. Obedience to God entails making sure that social structures aid rather than oppress the poor, because God is always their defender, protector, and liberator.” (Pp. 1-2)
As was made clear in the Genesis account of Creation, everything is a gift from God and is intended for all, including our fellow creatures who inhabit our shared planet. Thus, “land belonged to God and…human beings had only conditional ownership of it.” The great prophets of Israel thundered most often against the mistreatment of the poor as those temporarily enjoying wealth and power stole from them, either directly by appropriating their lands or goods or indirectly through inadequate wages and usurping the land’s bounty for themselves. (Pp. 2-3)
Annett then cites several of the sharpest critiques from the prophets from which, he says, “four points stand out…. First, God protects and prioritizes the poor – especially the widow, the orphan, and the foreigner – promising to rain down punishment on those who oppress them and deny them their rights. This point is a matter of communal justice and societal obligation, not simply personal charity. [emphasis added]
“Second, worship and fasting are empty gestures…if the poor are simultaneously mistreated… without concern for the poor, the prophets maintain that people are spiritually dead….
“Third, the prophets evince a certain corruption that comes with the zealous pursuit of wealth, believing that greed and self-interest lie behind injustice….
“Fourth, injustice is seen as not only a moral failure, individual or communal, but as a plague that could destroy society from within…. It is not accident that the prophets equate wealthy worship with idol worship and a turn away from God, who protects his people from destruction.”
In addition, “we need to consider one further element: the biblical injunction to care for the earth as well as the poor…. The starting point is the understanding that everything God created is good and therefore is worthy of respect and protection. God has bequeathed the earth to humankind, but we are not its owners. Instead, we are stewards of God, charged with caring for creation, making sure the needs of all are met and that the earth is fruitful and bountiful for all generations to come.” (Pp. 4-5)
Regarding Jesus of Nazareth: “The starting point is to pay close attention to how Jesus begins his public ministry. In Luke’s gospel, Jesus enters the synagogue in his hometown of Nazareth and reads from the scroll of the prophet Isaiah: ‘The Spirit of the Lord is upon me, because he has anointed me to bring glad tidings to the poor. He has sent me to proclaim liberty to captives and recovery of sight to the blind, to let the oppressed go free, and to proclaim a year acceptable to the Lord.’”)
Jesus in this passage is directly linking himself to the concerns of the prophets.
“What Jesus preached was the Kingdom of God [which]… the standard Catholic approach…is Jesus…talking about the transformation of the world, the bending of history toward justice through the active power of God…..Christians are [therefore] called on to strive for justice, to seek a new kind of society that prioritizes the poor and underprivileged while at the same time recognizing that all utopian visions are fools’ errands.” (P. 6)
Interestingly, “…nineteen of [Jesus'] thirty-one parables refer to indebtedness, social class, misuse of wealth, the distribution of wealth, and worker pay. Levine argues that the parables teach us how to ask the right questions: ‘How to live in community; how to determine what ultimately matters; how to live the life that God wants us to live.’”
“… Jesus’ identification with the poor suffuses the entire gospel narrative.” (P. 8)
“A further insight is that responding to our neighbor in need with compassion benefits not only the recipient but also the benefactor, who is given the grace of allowing him or her to see the face of Christ in the least of his brothers and sisters, and to respond accordingly. In this sense, the Beatitudes go deeper than the golden rule, the idea that a person should do unto others as she would have them do unto her – instead of an abstract view of the other, they speak of the other in his existential reality of suffering.” (Pp. 10-11)
Regarding the “Good Samaritan” parable, “Jesus’ answer is that every single human being should be regarded as our neighbor – an antidote against insularity, xenophobia, and nationalism. This view has obvious contemporary relevance. In his own life, Jesus shocked his contemporaries by being willing to socialize and share fellowship with the despised, including sinners and tax collectors, ritual and legal outcasts of the time, those whom social structures would have placed beyond the mercy and love of God.” (P.11)
“…the ethos of economic equality permeated the[The Early Church and the Church Fathers]…. There was…a deep concern with taking care of the weak in the community and providing financial assistance to poorer churches. As with all scriptural perspectives, this was seen not as a voluntary display of charity but a strict duty of justice.” (Pp.11-12)
“The leading Church Fathers speaking on economic themes include Saint Basil, Saint Gregory, Saint John Chrysostom, Saint Ambrose, and Saint Augustine. These Church leaders wrote vast tomes on the topics of the stewardship of wealth and concern for the poor… the prophetic language about riches and injustice thundering from the Church Fathers echoes through the centuries in a way that resonates deeply today.
The second “root of Catholic social teachings” – as distinct from the religious/faith values derived from the Judean-Christian Scriptures – are the “virtue ethics of Aristotle.” Annett says we can find these in Aristotle’s Nicomachean Ethics which deals with the political economy.
“Aristotle’s ethical reasoning is teleological, which means that he believed everything has a final cause, an end, a purpose in which it finds its perfection. Hence is moving toward that final end, even though it can be thwarted by both external and internal impediments. When a thing, a creature, or even a person achieves an end or purpose, that thing, creature, or person is deemed to be ‘good’ of their kind….. So, for example… a “good” tree is one that [grows and flourishes and spreads its seeds] with maximum efficiency.”
As for humans, “Aristotle believed that our purpose, our telos, what we are oriented toward, is happiness…. [that is, a state of] eudaimonia, a term…best translated as human flourishing. Eudaimonia can be identified with living in accord with what is intrinsically worthwhile to human beings: meaning and purpose, quality relationships, good health, and the ability to make a valid contribution to society…. For Aristotle, this involved a lifelong quest… [and he recognized] that bad luck (through ill health, for example) or poverty could hinder eudaimonia. But for the purposes of economics, he was clear that wealth was not to be pursued for its own sake….” (P. 16)
A vital role in attaining such a state of happiness is the proper use of human beings’ faculty of reason. A ‘good’ human “is one who uses reason well, who puts the rational soul in the driver’s seat.”
Turning to Aristotle’s conception of “virtue,” Annett points out that the “word derives from the Greek arete and is also understood as ‘excellence.’ It is taking a latent capacity and bringing it to full potential, just like the good tree….” Therefore, the best way to understand virtue from Aristotle’s perspective is “Those qualities the possession of which will enable an individual to achieve eudaimonia, and the lack of which will frustrate his[/her] movement toward that telos.” Thus, exercising the virtues in accord with excellence “will make us a ‘good’ human being and point the way toward a flourishing life well lived.”
“…Aristotle believed in the idea of an objective good – a concept of the good that exerts a gravitational pull-on human nature, common to all human beings. In this sense, the virtues can be understood as habits that orient us to act in ways that are good.”
And what are these “virtues”? Well, there are “intellectual” virtues, such as “practical reason, knowledge, and good judgment; and moral virtues such as courage, justice, generosity, friendliness, temperance, self-respect. A key virtue for Aristotle is practical wisdom, or phronesis, which is really about figuring the best means to achieve our ends in any given circumstance and in turn requires thoughtful, reflective deliberation, including by listening to and learning from teachers and role models.
“For Aristotle, a good life is a balanced life.”
He identifies three overriding principles from Catholic social teaching: give us some guiding principles for action in the world, namely, every person possesses innate dignity, irrespective of wealthy, position, or station; and we are all bound together in a common good with a common destiny, which entails protection of our common home.” (P. 42)
And from these he derives ten "Concrete Principles of Catholic Social Teaching”
(1) the common good,
(2) integral human development,
(3) integral ecology,
(4) solidarity,
(5) subsidiarity,
(6) reciprocity,
(7) the universal destination of goods,
(8) the preferential option for the poor,
(9) Catholic notions of rights and duties, and
(10) Catholic notions of justice.” (P. 42)
The bulk of his work now shifts to a fascinating intermixture of modern sociological findings, including about just what “makes people happy,” that shed considerable doubt on the capitalist conception of human beings as being driven by the desire to consume and prosper. We humans are profoundly more complicated that this. We also wish to be recognized, appreciated, and belong, as well as seek avenues to express our individuality and creativity. All of these go beyond just the “economic” realm.
Moreover, the dog-eat-dog world of competitive capitalism does not account for, nor begin to satisfy, the genuine altruism that lies latent in each of us. Studies of very young children have shown that cooperation, a sense of fairness, and generosity are inherent human qualities, qualities which societies can choose to deny, curtail, or – more happily for all concerned – foster.
And, if you have not yet gotten around to reading Thomas Piketty’s works, including his immensely impressive Capital in the Twenty-First Century, relax! Annett covers Piketty’s central arguments as well as those of many other economists in showing how the economies of “the West” – including the United States – went from being extremely unequal at the turn of the 20th century to decades of prosperity for all during the “golden years of the middle class” from the 1940s into the 1970. Like Piketty, he looks at what the “rules of the game” were during those years when wealth inequality was drastically reduced, and the middle classes vastly expanded. In identifying them, he also shows how those same rules and government priorities began to be changed through intentional decisions by politicians causing the increased inequalities and hardships experienced by the middle and poorer classes since the ‘70s.
Annett concludes his book by offering specific proposals that would begin to again “make things right,” to reduce wealth inequality and promote the welfare of the majority again. They are neither surprising nor unfamiliar, since progressives of all stripes have been calling for them for years (in most cases they would be a return to what once had been the priorities of the American government).
But as we sadly know, there is considerable resistance to pursuing an actual agenda of fairness and justice; too many people in power are doing just fine, thank you, by prospering from the current “rules of the game.”
Annett challenges us to recognize what is happening, to ponder our own conception of fairness and justice, and to think anew about how a country that functions well for us all would look like.
I believe this to be one of the most important and energizing books to have been published in years!
This entire review has been hidden because of spoilers.
March 23, 2023
Most excellent book and much needed in our current time in our lives.
As you read this book, constantly think about what it means to be a human being, and the difference between being human has made in the world. Think about the greater good for humanity in the Sermon on the Mount context. Then think about why this is so difficult for humans.
As you read this book, constantly think about what it means to be a human being, and the difference between being human has made in the world. Think about the greater good for humanity in the Sermon on the Mount context. Then think about why this is so difficult for humans.
May 12, 2023
No. No no no no no.
Nope.
Nothing nice to say about this book so I’m not going to say anything at all.
Nope.
Nothing nice to say about this book so I’m not going to say anything at all.
July 9, 2022
Anthony Annett is a gifted writer who manages to bring together strands from every field into one cogent argument--that insights from Catholic Social Thought (CST) would greatly improve our economy. This is simply one of the best books I've read over these past few years. It really tapped into my own interests and personal history. Discovering the Church's immense repository of teachings on economics and society drew me closer to God, leading me to author a paper in law school applying CST to antitrust law. In "Cathonomics", Annett begins with the history of CST's economic approaches, starting with philosophers like Aristotle and St. Thomas Aquinas, who proposed essential notions about human flourishing, reason, and governance. From there, he proceeds to summarize over a century of Encyclicals, a challenging task. Annett surfaces the central messages of each and proposes a coherent economic framework derived from Catholic principles. Each encyclical responded to particular conditions, so Popes might seem to disagree on economic prescriptions, but Annett clears this up by getting to the heart of it all.
After summarizing its tenets, he contrasts CST's view on economics with the governing neoliberal paradigm, showcasing how the current system has led us to atomization, environmental ruin, and skyrocketing economic and political inequality. Annett then draws on fields from economics to happiness studies to neuropsychology to argue that the Catholic approach is preferable for human flourishing. It's hard to argue with his points, especially when they're supported by literature from so many disciplines. Applying age-old principles like the preferential option for the poor and subsidiarity would help lessen inequality, build prosperity, reinvigorate labor rights, and tackle climate change, one of the greatest challenges of our time. Importantly, as Annett spells out, CST avoids the destructive poles of socialist statism and unregulated capitalism, making it the best way forward. A whole chapter is devoted to outlining the roles played by business, governments, labor, and even finance in a Catholic-inspired economy. Everybody has a role to play in advancing the common good.
Quantitative reasoning is sometimes missing when we talk about more moral economics, but Annett, as an economist with an interest in theology, doesn't ignore economics while advancing a more humane system. He dialogues with renowned economists like David Autor, Mariana Mazzucato, Jeffrey Sachs, Joseph Stiglitz, and Thomas Pikkety. Continuing his balanced, forward-thinking approach, Annett also lays out numerous policy solutions, taking the time to explain his ideas and link them back to CST. Some authors are especially good at deconstructing the ills of the world, but rare are those who can also propose and defend reasonable cures. Admittedly, some of his ideas seem borderline unattainable in America's unimaginative political climate, but they're invariably thought-provoking and well-argued.
In the wake of the Great Recession, surging populism, and COVID-19, the last few years have seeded boisterous discussions about realigning society to serve the common good. Perhaps we're moving past the idea of government as a faceless state serving an agglomeration of individual desires. Some authors have walled themselves off by rejecting pluralism. But here, in the true spirit of Pope Francis' encyclical Fratelli Tutti, Annett makes a Catholic argument appealing to readers of all faiths. Of course, it has a special resonance for Catholics, but in proposing a necessary and small-c catholic change to our institutions, "Cathonomics" is a refreshing and integral contribution to our common good literature.
After summarizing its tenets, he contrasts CST's view on economics with the governing neoliberal paradigm, showcasing how the current system has led us to atomization, environmental ruin, and skyrocketing economic and political inequality. Annett then draws on fields from economics to happiness studies to neuropsychology to argue that the Catholic approach is preferable for human flourishing. It's hard to argue with his points, especially when they're supported by literature from so many disciplines. Applying age-old principles like the preferential option for the poor and subsidiarity would help lessen inequality, build prosperity, reinvigorate labor rights, and tackle climate change, one of the greatest challenges of our time. Importantly, as Annett spells out, CST avoids the destructive poles of socialist statism and unregulated capitalism, making it the best way forward. A whole chapter is devoted to outlining the roles played by business, governments, labor, and even finance in a Catholic-inspired economy. Everybody has a role to play in advancing the common good.
Quantitative reasoning is sometimes missing when we talk about more moral economics, but Annett, as an economist with an interest in theology, doesn't ignore economics while advancing a more humane system. He dialogues with renowned economists like David Autor, Mariana Mazzucato, Jeffrey Sachs, Joseph Stiglitz, and Thomas Pikkety. Continuing his balanced, forward-thinking approach, Annett also lays out numerous policy solutions, taking the time to explain his ideas and link them back to CST. Some authors are especially good at deconstructing the ills of the world, but rare are those who can also propose and defend reasonable cures. Admittedly, some of his ideas seem borderline unattainable in America's unimaginative political climate, but they're invariably thought-provoking and well-argued.
In the wake of the Great Recession, surging populism, and COVID-19, the last few years have seeded boisterous discussions about realigning society to serve the common good. Perhaps we're moving past the idea of government as a faceless state serving an agglomeration of individual desires. Some authors have walled themselves off by rejecting pluralism. But here, in the true spirit of Pope Francis' encyclical Fratelli Tutti, Annett makes a Catholic argument appealing to readers of all faiths. Of course, it has a special resonance for Catholics, but in proposing a necessary and small-c catholic change to our institutions, "Cathonomics" is a refreshing and integral contribution to our common good literature.
May 7, 2024
An interesting work. The first half is a good review of Catholics Social Teaching. Well worth the read. The second half seeks to apply the principles of CST to a new world economy. In the end how much you agree with him depends on how l much you trust strong government intervention to be positive. Annett clearly wants to use national and international law to legislate economic morality. He clearly says people should be forced by law to adopt the economic aspects of CST. This is quite surprising only because the left is always saying you should not and cannot legislate morality. That criticism aside each proposal deserves evaluation. Frankly I am not sure about his climate change demands. Do the models really work? Why no talk of nuclear? To me it seems the environmental costs of fossil fuels are always ma imized but not those of the so called renewable resources. There is no doubt that his proposals deserve serious consideration form a Catholic prospective reviewing tax policies and evaluating economic policies as they serve the common good. As someone who leans a little more co servative In think he does a decent job of critiquing the excess of greed on the part of neoliberal rich but underestimates the lust for power of govt bureaucracies that serve not the common good but their own entrenchment. Worth the read
September 30, 2022
It is so hard to give this book a fair shake, because Annett has clearly put a lot of his heart into it.
I can't help but feel that his intentions are misdirected, because attempting to "save" liberalism with the Catholic Church is a misstep at best. The function of liberalism is guided by capitalism, not the other way around, and there is not a method to combat this without massive restructuring.
Annett alludes to this, but at the same time seems to make excuses for the global financial system, despite their history of operating out of imperialism and oppression of the Global South. He wants to apologize for those events in some vague sense but simply believes that if we can suddenly "value the person" everything with correct.
At best, it's a book that introduces people to a shallow understanding of CST and Pope Francis - at worst it is globalist finance apologia.
I can't help but feel that his intentions are misdirected, because attempting to "save" liberalism with the Catholic Church is a misstep at best. The function of liberalism is guided by capitalism, not the other way around, and there is not a method to combat this without massive restructuring.
Annett alludes to this, but at the same time seems to make excuses for the global financial system, despite their history of operating out of imperialism and oppression of the Global South. He wants to apologize for those events in some vague sense but simply believes that if we can suddenly "value the person" everything with correct.
At best, it's a book that introduces people to a shallow understanding of CST and Pope Francis - at worst it is globalist finance apologia.
November 8, 2022
An important statement of the relationship of Catholic social teaching to the modern economy. The author puts the origin of Catholic teaching on economic issues in the context of a response to the industrial revolution, modernity, economic crises, and Communism beginning in the late 19th century (not, as some may think, as something dreamed up by liberal bishops at Vatican II in the 1960's). He describes at great length the conflict of this teaching with the ethos of neoliberalism, unlimited free trade, rising inequality, environmental despoilation, and the free movement of finance and capital. At times it is a bit dry (the author is an economist, after all) but he does his best to put life into concepts such as subsidiarity and the universal destination of goods. An informative but occasionally depressing book.
December 27, 2025
Great book from the perspective of an economist. It is evident Anett is lover of philosophy as this is one of the few economic books where ethics is at the forefront of the framework.
His critique on capitalism and neo-liberal economics is on par. Though Anett is a Catholic, as a protestant, I really enjoyed this book and found it relevant for us as well; considering we share about 1500 years of church history.
First half of the book was probably my favorite as he dives deep within the fabric of early church economic, theological and social-philosophical thought—typically erased or forgotten within the west today.
If you are into the intersection of economics, philosophy, ethics, theology, CST and sociology, I’d recommend! Religious or not!
His critique on capitalism and neo-liberal economics is on par. Though Anett is a Catholic, as a protestant, I really enjoyed this book and found it relevant for us as well; considering we share about 1500 years of church history.
First half of the book was probably my favorite as he dives deep within the fabric of early church economic, theological and social-philosophical thought—typically erased or forgotten within the west today.
If you are into the intersection of economics, philosophy, ethics, theology, CST and sociology, I’d recommend! Religious or not!
January 6, 2024
Not only does Annett define social justice, he traces its history back to the marginalized Jews in Egypt. He then draws numerous comparisons to the tradition of Judaism and its connection to Catholic Christianity. Once he establishes this, he takes the reader through papal encyclicals from Leo XIII to current Pope Francis discussing treatment of widows, orphans, and strangers. He references the time periods of the encyclicals and the papal focus for the time.
Readers should recognize that Annett is a Fordham professor with the work published by Georgetown Press
Readers should recognize that Annett is a Fordham professor with the work published by Georgetown Press
December 19, 2022
Our world is a mess. People are polarized. The rich get richer and poor get the shaft. Wars are breaking out all the time. The environment is soon approaching a point no return. We have lost our moral compass. What can be done? Anthony Annett shows how many of our world's problems could be addressed by applying the principals of Catholic Social Teaching. The results would not be a Utopia but our future would certainly be brighter than it is now
February 5, 2024
This book is well structured and is a great introduction to Catholic Social Teaching on economics. But it is more or less going to make the case that CST is more or less social democracy. While I like a lot of it, it doesn’t have a great eye to the future.
March 2, 2023
I am neither a Catholic nor an economist, but I am so glad that I challenged myself with reading this book. My favorite section was the beginning, when Annett explained the Scriptural and historical/philosophical basis for the perspective he broke down later in the book. I would recommend this for people who have more of a background in this area, but people like me who don’t can still learn a lot from it.
Note: I received a free copy of this book in a Goodreads giveaway.
Note: I received a free copy of this book in a Goodreads giveaway.
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