CSDC 348

The free market cannot be judged apart from the ends that it seeks to accomplish and from the values that it transmits on a societal level. Indeed, the market cannot find in itself the principles for its legitimization; it belongs to the consciences of individuals and to public responsibility to establish a just relationship between means and ends. Cf. John Paul II, Encyclical Letter Centesimus Annus, 41: AAS — Acta Apostolicae Sedis (official gazette of the Holy See)Volume 83 (1991) at vatican.va — scanned PDF (1991), 843-845. The individual profit of an economic enterprise, although legitimate, must never become the sole objective. Together with this objective there is another, equally fundamental but of a higher order: social usefulness, which must be brought about not in contrast to but in keeping with the logic of the market. When the free market carries out the important functions mentioned above it becomes a service to the common good and to integral human development. The inversion of the relationship between means and ends, however, can make it degenerate into an inhuman and alienating institution, with uncontrollable repercussions.

Read the full chapter CHAPTER SEVENEconomic Life ¶323–376

Cited in 1