David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
Learn more about PhilPapers
Journal of Business Ethics 100 (S1):79-88 (2011)
Pope Benedict XVI’s 2009 Encyclical-Letter “ Caritas in Veritate ,” (CV) breaks some new ground in the tradition of Catholic social teaching. I argue that explicitly this document makes a call for a new theory of economic exchange. Whereas, the traditional scholastic theory of the “just price” was focused on “the principle of the equivalence in value of exchanged goods” (CV 35), a new theory of exchange must focus instead on “a metaphysical understanding of the relations between persons” (CV 53). True, Thomas Aquinas pioneered this new approach to the morality of exchange when he argued that the Golden Rule must take precedence over the logic of the just price: the relation between persons must trump the relation between the goods exchanged. Caritas in Veritate argues further for a new theory of exchange that combines elements of mutual gain with elements of gift-giving. Here again we see a revision of traditional scholastic theory in which every transaction was defined exclusively either as a unilateral gift (subject to norms of distributive justice and charity) or as a bilateral exchange (subject to norms of commutative justice). Benedict, by contrast, calls for a vision of economic life in which gift-giving and exchange are mixed, so that bargains are “redolent with the spirit of gift” (CV 37) in a new “economy of gratuitousness” (CV 38). I propose to outline a new theory of exchange in which the elements of mutual gain and gift-giving are combined. To do so, I shall have to revise the traditional scholastic analysis of the just price, which was focused on the equality of the goods exchanged and instead focus on the moral equality of the parties to an exchange
|Keywords||Bargain Benedict XVI Business ethics Caritas in Veritate Catholic social teaching Ethics and economics Exchange gift Just price|
|Categories||categorize this paper)|
|Through your library||Configure|
References found in this work BETA
André Comte-Sponville (2001). A Small Treatise on the Great Virtues: The Uses of Philosophy in Everyday Life. Metropolitan Books.
J. B. Murphy (2002). Equality in Exchange. American Journal of Jurisprudence 47 (1):85-121.
Robert Nozick (1974). Anarchy, State and Utopia. Basic Books.
Ernest Joseph Weinrib (1995). The Idea of Private Law. Harvard University Press.
Citations of this work BETA
No citations found.
Similar books and articles
Guglielmo Faldetta (2011). The Logic of Gift and Gratuitousness in Business Relationships. Journal of Business Ethics 100 (S1):67-77.
James Franklin (2011). Caritas in Veritate: Economic Activity as Personal Encounter and the Economy of Gratuitousness. Solidarity 1 (1).
Domènec Melé & Michael Naughton (2011). The Encyclical-Letter “Caritas in Veritate”: Ethical Challenges for Business. [REVIEW] Journal of Business Ethics 100 (S1):1-7.
Andrew Yuengert (2011). Economics and Interdisciplinary Exchange in Catholic Social Teaching and “Caritas in Veritate”. Journal of Business Ethics 100 (S1):41-54.
Dennis McCann (2011). The Principle of Gratuitousness: Opportunities and Challenges for Business in «Caritas in Veritate». [REVIEW] Journal of Business Ethics 100 (S1):55-66.
Antonino Vaccaro & Alejo José G. Sison (2011). Transparency in Business: The Perspective of Catholic Social Teaching and the “Caritas in Veritate”. [REVIEW] Journal of Business Ethics 100 (S1):17-27.
John Milbank (1995). Can a Gift Be Given? Prolegomena to a Future Trinitarian Metaphysic. In Rethinking Metaphysics, Jones, L Gregory (Ed). Blackwell. 119-161.
Kenneth E. Goodpaster (2011). Goods That Are Truly Good and Services That Truly Serve: Reflections on “Caritas in Veritate”. [REVIEW] Journal of Business Ethics 100 (S1):9-16.
Kevin McGovern (2009). Caritas in Veritate. Chisholm Health Ethics Bulletin 15 (1):1.
Wolfgang Grassl (2011). Hybrid Forms of Business: The Logic of Gift in the Commercial World. [REVIEW] Journal of Business Ethics 100 (S1):109-123.
Mary Ann Lamanna (1997). Giving and Getting: Altruism and Exchange in Transplantation. [REVIEW] Journal of Medical Humanities 18 (3):169-192.
Stephen Chen & Chong Ju Choi (2005). A Social Exchange Perspective on Business Ethics: An Application to Knowledge Exchange. [REVIEW] Journal of Business Ethics 62 (1):1 - 11.
Paul H. Dembinski (2011). The Incompleteness of the Economy and Business: A Forceful Reminder. [REVIEW] Journal of Business Ethics 100 (S1):29-40.
Todd S. Mei (2009). The Preeminence of Use: Reevaluating the Relation Between Use and Exchange in Aristotle's Economic Thought. Journal of the History of Philosophy 47 (4):pp. 523-548.
Added to index2012-02-09
Total downloads4 ( #198,532 of 1,088,426 )
Recent downloads (6 months)1 ( #69,601 of 1,088,426 )
How can I increase my downloads?