Alternative economic models as (theological) signs of the times

by Bruno Petrušić, published on hrcak.srce.hr

Abstract

The prevalence of capitalism in today’s global economy underscores the necessity for alternative economic paradigms, driven by concerns over the dominance of profit maximization and extraction within autonomous and free markets. While the Catholic Church acknowledges the legitimacy of capitalism within certain parameters, issues arise when profit supersedes human dignity and communal welfare, and when profit extraction becomes the exclusive goal of economic activity. Pope Francis advocates genuine alternatives that prioritize values over profit, exemplified by initiatives like the Economy of Francesco.
This study examines three alternative economic models: the economy of communion (associated with the Focolare movement), the economy for the common good, and social entrepreneurship in the European Union. These models, driven by religious, secular, and institutional motivations, underscore the need for alternatives to prevailing capitalist structures. Despite their diverse origins, all three models share a common rejection of capitalism’s inherent features, emphasizing principles of justice, solidarity, and human dignity. Drawing on Catholic social teaching as a guiding framework, these models seek to integrate moral principles into economic activities. Catholic social teaching, grounded in Christian anthropology provides a lens through which economic events can be understood in light of the Gospel i.e., they can be understood within the theological category of signs of the times. The methodology of Catholic social teaching, involving the processes of seeing, judging, and acting, emphasizes the importance of moral integration in economic endeavors to uphold human dignity.
Alternative economic models challenge the profit-centric ethos of capitalism, prioritizing the common good over individual gain. By aligning with Catholic social teaching, these models offer a pathway beyond the limitations of prevailing capitalism, exemplifying how the theological category of the signs of the times might look like when applied to economy. Pope Francis’ prophetic advocacy encourages the pursuit of alternatives that prioritize human dignity and communal well-being, aligning with the Church’s mission to promote the holistic flourishing of humanity.

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Bruno Petrušić
EoF Academy