The Ethical Content of the Social Market Economy (1988)

For some time now there has been vocal criticism of the market economic order from both clerical and theological circles. As well as doubts as to the moral dignity of such an order, there has also been talk of structural evil and of idolatry. The tendency to exaggerate in this respect can, to a certain extent, be dismissed as nothing more than overstated demagogy but, nevertheless, if reputable sources are questioning the ethical legitimacy of our economic order it is something that we should take seriously. This is why I hold it to be one of the most important aspects of economic policy that, in addition to dealing with the purely economic problems of efficiency, it deals in a visible manner with the socio-critical questions that are asked in relation to our economic order.