Synopsis
A papal encyclical marking the centenary of Rerum Novarum that assesses the collapse of communism while warning against unchecked consumer capitalism.
Core passage idea
Paraphrase · Modern copyrighted workThe market and free enterprise have real value, but the economy must serve the whole human person and remain bounded by law, morality, and concern for the poor.
It stakes out a Catholic middle path that rejects both collectivism and laissez-faire in the name of human dignity.
To avoid a bubble
Pair with Milton Friedman, Capitalism and Freedom.
Reading note
Read it as doctrinal teaching, attentive to how it qualifies its endorsement of markets at every step.
Best paired with
Milton Friedman, Capitalism and Freedom