This is a Vatican Press publication, which on one level is aimed at telling the story of the need for and successful actioning of reforms in the financial affairs of the Roman Catholic Church, especially the Roman Curia. As such, the preface by Sr. Raffaella Petrini, who is the Secretary General of the Governorate of Vatican City State, refers to good economics in the life of the church as an organisation and the management of its assets, and makes an early mention of Catholic social teaching as a rich and helpful resource. But the book also takes a broadly positive stance towards markets and enterprise, as Sr. Raffaella observes: ‘…a focus on the satisfaction of human needs points to economic systems that recognise the value of the market and entrepreneurship, the relevance of private property, freedom and human creativity, but also a concept of efficiency that includes the possibility for all to participate in the process of distribution and consumption’ (page 11). In this vein, the editors end their Introduction by expressing the following hope: ‘If the book inspires some readers to delve deeper and undertake further inquiries, perhaps even admire the social science of economics, encourage young Christians to study it and serve their country as entrepreneurs, then we would be overjoyed’ (page 22).

The book itself is a collection of ten separately authored chapters, and I offer some comments on each in turn.

Martin Schlag begins with a discussion of the contribution of Christian Humanism to economic thought. This sets the scene by making the important claims that economics does have an ethical aspect, and that there is a place for faith-based (Christian) contributions. I picked out a couple of thought-provoking statements. First, Schlag observes that: ‘Money apes God’ (page 35). This connects to the way in which money powerfully claims our attention and desires. Secondly, he claims that things like commerce, money and markets would have existed before the Fall (pages 37-38). I’m not sure I agree, but I’m pleased to have been stimulated in my thinking. Perhaps the most helpful section is a succinct and clear description of Catholic social thought, with its principles and norms (pages 48-51).

Joseph Kaboski gives the reader the first of three chapters which all touch on economic history. His focus is ‘growth’, and the ways in which economic growth can be balanced and sustainable (or fail to be). He gives a good survey of what we know about economic growth (pages 56-64), reminding us that it is a comparatively recent phenomenon of the past 200 years and rehearsing the extraordinarily powerful effect this growth has had on the world and human society. Mention is made in passing of Artificial Intelligence, but I would have liked more on this. He then considers the issues of sustainability and then balance, and in so doing introduces various themes that will be picked up by other contributors in subsequent chapters. While claiming that ‘The Lord did not want us to be part of a stagnant world…’ (page 78), Kaboski also observes that how we grow the economy is key, if this growth is to be a spiritual blessing.

Philip Booth’s chapter is entitled ‘Globalization and the Universal Church’. He begins by noting reasons why globalization can be unpopular, but his line is robustly positive, based on free movement of goods and services, as well as open migration. As comparative advantages are developed, this should be seen as a cooperative endeavour, and I had the feeling that Booth sees any political or societal push-back against globalization as being irrational. Whether his view stands up in the actual world of 2025 is an open question at best. I also felt his argument was weak when it came to the issue of local culture and traditions, and the way they are valued. I’d hoped that his title would open up scope for a reflection on the universality of the (Roman Catholic) Church, and how this might assist our thinking about the homogeneity of the global economy, but in fact he only mentions this briefly (page 89).

The final chapter on economic history is by Giovanni Farese, who looks at the development and evolution of economic systems. He begins with a wide-ranging list of fourteen ‘factors’ that may be important (number ten is ‘religion’), and then moves into a broad-brush narrative which describes the move away from feudalism to a modern capitalist economy. He is honest about the challenges within this story, for example the First World War and the arrival of ‘big government’. These challenges are unfurled in the form of a descriptive list, with not a great deal of interpretation, but are helpful none-the-less. The Ukraine war makes it in, but not the second Trump presidency. However, Farese flags up what he calls the ‘trilemma’ (page 133) of democracy, openness to globalization, and national sovereignty; which three things he observes are hard to reconcile.

The next three chapters are concerned with the power of market economics, but the ways in which they can ‘fail’, and in this spirit Brian Griffiths takes as his title: ‘Markets and Prices: Are They Always Efficient?’ His initial answer is, not always, but they are ‘…far more effective than any other economic system that has been tried’ (page 140). This helpfully earths the discussion in the reality of experience rather than simply the realm of theory. Griffiths sets himself three main questions. The first asks, ‘Why do markets create prosperity?’, and I was pleased to see him deploy not just the solid ‘economic’ arguments connected to flexible prices, competition and enterprise, but also to draw in the Christian perspectives of social liberty, human dignity, the goodness of work, and the care for God’s world. The second question asks, ‘Why do markets fail?’, and he touches on the familiar subjects of externalities (spill-over costs), public goods (which need a collective decision), and monopoly power (supply restriction). Griffiths does also mention the problem of markets encroaching on territory that they properly should not, and the particular challenge of the 2008/9 financial crisis: ‘…a huge subject…’ (page 154). The third question asks, ‘How should government respond to market failure?’, the answer involving use of the tax system and rationing (statutory and perhaps tradable quotas). But Griffiths expresses caution and points to unintended consequences. Instead he makes warm mention of the work done by Elinor Ostrom on community self-regulation (page 157), something which I noted to follow up with interest.

Richard Turnbull then takes up the baton, with a closer treatment of externalities and the potential role of public bodies to intervene. He starts by listing various types of intervention: price controls; minimum service standards; lowering barriers to market entry; fines and subsidies; control of monetary policy. These are tools available in the face of various kinds of market failure. He then weaves together a discussion which draws on a theological perspective as well as a stance typically taken by economists as they feel for a proper role for government. The Christian element of this discussion is by necessity concise and perhaps rather selective, but rich none-the-less, drawing notably on the ‘two kingdoms’ approach of the Reformers. Turnbull’s conclusion is that ‘…the state has a proper role, in welfare and economics, but not to the exclusion of our personal responsibility and accountability’ (page 179). This set me wondering if this balance is itself a political decision, or something that emerges more organically. Ultimately Turnbull himself comes down slightly more on the side of market solutions to the problems of externalities, and gives theological reasons for this stance (pages 186-187).

Carlo Bellavite Pellegrini and Andrea Roncella then take as their title ‘Money, Finance and Banking: Can They be Ethical?’, and use this as a launchpad to sketch out both a technical and an ethical framework. The treatment of ‘money’ draws upon conventional observations, but adds in some interesting reflections. For example, there is a claim that without money the economy and human existence would ‘regress’ (page 196); also the statement that ‘…money is a set of possibilities…’ (page 197), which reminded me of the power implicit in money; and the observation that money is ‘…the best symbol of our free control of time…’ (page 197). I found these reflections stimulating, even if they were left somewhat hanging in the air. The authors then progress to ‘finance’, and the comparatively recent development of financial capitalism. They flag up problematic issues which arise when financial instruments are ’corrupted’ (page 202) and are no longer used for the common good, for example the mortgage securitization processes which ushered in the 2008 crisis. The third topic is ‘banking’, the concept of which is explained nicely, as well as the need for good capitalisation and reserves if stability is to be found. Pellegrini and Roncella describe the need for good structures and regulations, as well as ‘virtue’ on the part of the people involved: ‘…a transformation of the hearts of individuals’ (page 203). For me, this conclusion was perfectly reasonable but perhaps rather uncritically presented as springing out of Catholic social teaching. I would have enjoyed more in the way of engagement with the richness of the Christian tradition.

The final three chapters turn more overtly to church practice. Marta Rocchi borrows from (or provides?) the title of the whole book in her chapter: ‘Business Ethics for Ecclesiastics: A Virtue Ethics Perspective’, noting the extent and variety of ‘business ethics’ methodologies, and asking how this wisdom can be employed when it comes to the running of ecclesiastical structures. Rocchi’s chosen tool is virtue ethics, and she provides a useful description of how the four cardinal virtues can be mapped onto church management issues. I was especially struck by the link she makes between the virtue of ‘courage’ – even ‘magnificence’ and ‘perseverance’ (pages 228-229) – and enterprise. This would make a whole thesis of its own! Her conclusion points to the need for education aimed at improving church management, with the suggestion of teaming up with business schools. I wondered if this might be a rallying cry for organisations such as the Centre for Enterprise, Markets and Ethics.

The next chapter, authored by Luca Mongelli and Fernando Crovetto, is entirely concerned with telling the story of one example of the institutional church in entrepreneurial mode. This is an account of the ‘Salto di Fondi’ project, involving some land near Rome that was acquired and developed over a number of years before being sold. The premise set out by the authors is that the church ‘…needs to adapt with skill, creativity and innovation to historical and cultural changes’ (page 238). I enjoyed the narrative, but felt more interpretation could have been offered. One thing that caught my eye was the importance of a specific encounter and conversation, and the need for attentiveness when it comes to spotting opportunities – something that in my mind connects closely to enterprise.

The final chapter, by Carmelo Barbagallo and Giuseppe Schlitzer, is focused entirely on a description of the changes made in the financial systems in the Vatican City State since 2009, when the Euro was adopted. No doubt these changes were necessary and important, and the technical narrative is detailed. I must confess to having skipped through it somewhat, and I found the section detailing the recent external assessment of very satisfactory progress rather self-congratulatory, but I imagine that for some in the Roman Catholic Church the detail set out here is key, and the progress made reassuring. I did not have the sense that the earlier chapters led up to this concluding piece, but perhaps the various reflections set the context within which the reforms at the Vatican are clearly right.

In sum, I was pleased to read this book, and have taken away several snippets to ponder. Parts of it would serve very well as a primer for Christians who want to know more about how the economy works, and about how theology can contribute. Taken as a whole, it might well also succeed in the aim of the editors, in encouraging young Christians to study economics, and to ‘serve their country as entrepreneurs’.

Economics for Ecclesiastics: A Guide, edited by Martin Schlag and Giuseppe Schlitzer was published in 2024 by Libreria Editrice Vaticana (ISBN 978-88-266-0921-8). 286pp.

Edward Carter is Vicar of St Peter Mancroft Church in Norwich, having previously been the Canon Theologian at Chelmsford Cathedral, a parish priest in Oxfordshire, a Minor Canon at St George’s Windsor and a curate in Norwich. Prior to ordination he worked for small companies and ran his own business.

He is a former Chair of the Church Investors Group, an ecumenical body that represents over £10bn of church money, and which engages with a wide range of publicly listed companies on ethical issues. His research interests include the theology of enterprise and of competition, and his hobbies include board-games, ‘acrylic resin’ art, and film-making. He is married to Sarah and they have two adult sons.