Abstract

Since the financial crisis, there has been much discussion about the importance of ethics in economic life. An important contribution to this discussion was a 2018 Vatican letter on the financial system which reiterated and further developed Catholic social teaching. This article argues that the Catholic Church is correct to unite the disciplines of economics and ethics. However, it is proposed that, as Catholic social teaching in this field develops further, there should be more focus on the importance and development of the virtues. The letter reaffirmed earlier Catholic Church teaching on the regulation of markets. Once again, the formation in the virtues, especially the virtue of prudence, can help us make discerning judgments about the place of regulation in economic life. Furthermore, an understanding of human anthropology and the economic history of financial institutions can help us make prudent judgments in relation to these issues.