The next pope will be a socialist in some sense, writes William Rees-Mogg, since all bishops, to varying degrees, believe that state wealth redistribution is a good thing (notwithstanding the 8th Commandment). So, Rees-Mogg suggests, the new pope should read a little Adam Smith.
I concur, but I would also slip him a copy of Thomas E. Woods’ important new book The Church and the Market.
An excerpt:
Economics does not contain all the answers of life, nor does it claim to. It does, however, show how the morally acceptable desire for profit leads to spontaneous social cooperation that obviates the need for a bloated state apparatus to direct production. It shows us the fascinating mechanisms by which peaceful social cooperation, without the initiation of physical force, leads to overall prosperity. This means less disease, more leisure time to spend with our families, and greater opportunities to enjoy the good things of civilization. This, stated simply, is why so many orthodox Catholics can be found on the side of private property, sound money, and the free market. (p. 217)
