To reaffirm capitalism and the free market without dodging questions of social responsibility, we need a serious and academic reflection on the creation of sustainable and shared value. The contributors to 'Free Markets with Sustainability and Solidarity' present their reflections on evolving forms of economics. All are unified by an holistic, Christian anthropology.

"An interdisciplinary approach grounded in Catholic social teaching and centered on freedom involving political and social liberty, solidarity involving pursuit of the common good, and sustainability, meaning the use of resources in ways that permit future generations to do so. Highly recommended." - Choice

Recent economic development and the financial and economic crisis require a change in our approach to business and finance. This book combines theology, economy and philosophy in order to examine in detail the idea that the functioning of a free market economy depends upon sound cultural and ethical foundations. The free market is a cultural achievement, not only an economic phenomenon subject to technical rules of trade and exchange. It is an achievement which lives by and depends upon the values and virtues shared by the majority of those who engage in economic activity. It is these values and virtues that we refer to as culture. Trust, credibility, loyalty, diligence, and entrepreneurship are the values inherent in commercial rules and law. But beyond law, there is also the need for ethical convictions and for global solidarity with developing countries. This book offers new ideas for future sustainable development and responds to an increasing need for a new sense of responsibility for the common good in societal institutions and good leadership.

We are in the midst of a worldwide debate over whether there should be "more" or "less" government. As enthusiasm for free markets mounts - in both former Communist nations and in Western countries such as England and the United States - is it productive to attempt to solve problems through this "more/less" dichotomy? Written by one of the preeminent voices in the legal/political arena today, this ground-breaking book moves beyond the "more/less" question by presenting a new conception of the relationship between free markets and social justice. Instead of asking whether there should be more or less regulation, Cass R. Sunstein asks readers to consider what kinds of regulations promote human well-being in different contexts. He develops seven basic themes, involving the myth of laissez-faire, the importance of fair distribution, the puzzle of human rationality, the diversity of human goods, the role of social norms in forming people's preferences, the contextual character of choice, and the effects of law on human desires. As the latest word from an internationally renowned writer, Free Markets and Social Justice suggests a new way of understanding the role of the economic marketplace in a democratic society.

This book presents theoretical examinations of why and how connecting people yields different results from those of the market mechanism alone. With an ever-greater disparity between the world’s rich and poor, actions have been taken to remove the imperfections and remedy malfunctions of the market mechanism. An underlying theme of these activities is to connect people and make them directly visible to one another; thus the integrating concept of the “solidarity economy” emerges. This volume analyzes diverse examples and practices of solidarity economy. Adam Smith emphasized the importance of “sympathy” among people and the role of the “impartial spectator” in order to control otherwise reckless markets. These major concepts form the basis of a solidarity economy. The examples and practices in this book are based on this framework. The first is the idea of social business, promoted by Prof. M. Yunus of the Grameen Bank. Although the group of five members in the Grameen Bank organization is considered a system of mutual surveillance by some economists, it is not a system based on distrust but a mechanism for mutual help and encouragement. Also examined in this book is organic agriculture, which adheres to the necessity of face-to-face relationships. It pursues environmental concerns and food safety by bringing together consumers and producers in local areas and by sharing knowledge. When consumers and producers are widely separated, a system of certification assures consumers that no chemical pesticides and fertilizers are used. Connecting consumers and producers through certification systems can be seen as part of fair trade mechanisms. These mechanisms are applied in certified coffee programs, for instance, to reduce poverty, to protect the environment, and to safeguard human rights. This book proposes that all these seemingly different types of activities can be understood as part of the solidarity economy. With this unifying theme, the book will be useful for both theoretical investigations and practical applications.

Thirty years ago, the economic system of the Soviet empire—socialism—seemed definitively discredited. Today, the most popular figures in the Democratic Party embrace it, while the shapers of public opinion treat capitalism as morally indefensible. Is there a moral case for capitalism? Consumerism is an appalling spectacle. Free markets may be efficient, but are they fair? Aren’t there some things that we can’t afford to leave to the vicissitudes of the market? Robert Sirico, a onetime leftist, shows how a free economy—including private property, legally enforceable contracts, and prices and interest rates freely agreed to by the parties to a transaction—is the best way to meet society’s material needs. In fact, the free market has lifted millions out of dire poverty—far more people than state welfare or private charity has ever rescued from want. But efficiency isn’t its only virtue. Economic freedom is indispensable for the other freedoms we prize. And it’s not true that it makes things more important than people—just the reverse. Only if we have economic rights can we protect ourselves from government encroachment into the most private areas of our lives—including our consciences. Defending the Free Market is a powerful vindication of capitalism and a timely warning for a generation flirting with disaster.