MARKETS, MORALS, PROPERTY, AND OTHER RIGHTS: A REJOINDER TO THE PASTORAL LETTER

The pastoral letter calls for a radical restructuring of the American economy. The restructuring is to be set on a foundation of economic rights, a social mortgage on privately held property, and a deference toward the small within the political system. The restructuring also is intended to avoid statist or totalitarian outcomes. The second half of the pastoral letter, containing the policy analysis and recommendations, is not consistent with the basic system for restructuring the economy contained in the first half. The practical visions of the second half of the pastoral letter do not provide for economic rights or a social mortgage. Analyzing the logic of the basic system for restructuring the economy shows that it is inconsistent with the bishops' intended goal of a non-statist economy. The flawed logic of the basic system explains the inconsistency between the two major parts of the pastoral letter. Copyright 1988 Western Economic Association International.