#41 Tan, Chriesta Marielle B.

2G-Medical Technology Moral Evaluation of the Economic Systems

February 21, 2014 SCL 3

The world is a fact, a major interconnection of commerce and trade. Indeed, todays world of wild stock market booms and slumps, recurring lay-offs and long term employments arise, corporate scandals and power block out recur over and over again. Weve been witnesses of these situations, and this has always been an unending process making it cyclical. Thereby pondering on what morality, specifically the Major Lessons of the Catholic Social Teachings could say on Economic Systems (Capitalism and Socialism). Capitalism, according to Merriam-Websters Dictionary, is an economic system characterized by private ownership of capital goods, by investments that are determined by private decision, and by prices, production and the distribution of goods that are determined mainly by the competition of the free market. Clearly, capitalism is mainly in pursuit of self-interest in the world of trade and its major corollary is that the state exists to protect the individual rights. Subject to certain restrictions, individuals, may he be with himself or another one, are free to decide where to invest, what to produce or sell and what prices to charge. There is no natural limit to the range of their efforts in terms of assets, sales and profits; or the number of customers, employees and investor. Let us again emphasize the line, There is no natural limit to the range of their efforts in terms of assets, sales and profits, from the statement itself, this kind of economic system can offer a wide range of business ventures, whether it could hold back the moral standards of the society or not. A good example for this is the putting up of KTV Bars which do not only include serving certain kinds of liquors but also offer prostitutes as called to be a major dish to complete the night. This condition then violates the Human Dignity of the person involved in the act of prostitution. Human Dignity is said to be having a unique and sacred worth in you because you simple exist. As on is being exploited sexually, one loses his/her self-dignity taking away something that was created for a better worth. As the scripture says, our body is the temple of the Holy Spirit, and that we must take good care of it and never put it into anything that could harm it. Another from 1 Corinthians 6:20, saying we are bought at a price, and that we must glorify God with our body. As a new creation, we are no longer worthless, we are precious, important and identified. With that fact, we must instill in our hearts and minds that we are made holy and sacred. Second condition considering the Major Teachings of the Catholic Social Teachings is the Rights and Responsibilities of the people. As we all know, we are all given free will, with that, it gives us a sense of taking some sort of responsibility to decide upon things base of what we think and we believe could help us improve even more. In this case, capitalism could be of a great help, since this could make us decide upon something without the dictation of the government. Our rights as a person will be much heard and making decisions will be much easier and free. Third, the value of Dignity of Work. With capitalism, one is easily given a chance to work which gives a person a dignified living. Not only that, one just doesnt work, because with that kind

of system one can work harder and better and be recognized among others through promotion. However, the Option for those in poverty will be seriously dealt, since capitalism is a free economy, therefore decisions will always be lying to the hands of the private sector. Often times we can never avoid those who take advantage over the oppressed people making the gap of the poor and rich people even wider. Socialism on the other hand, according to Merriam-Websters Dictionary is a various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods. It is a system of society or group living in which there is no private property, where the means of production are owned and controlled by the state. This economic system is born of a commitment to remedy the economic and moral defects of capitalism, and it has indeed surpassed the economic malfunction and moral cruelty. Although, this has brought to slight success in surpassing the Capitalist Economic System, socialisms moral downfall is when this comes to a point where it removes the right of the certain person to live the life he/she wishes. Since in this kind of economic system, the government will dictate on the things youre going to do. Then what if this could not really make you happy or develop as a person? Then this falls again to the Dignity of work. Most probably, since they are monitored by the government, the workers could not have the right to organize and form unions to achieve the working class goals. However, above all things, fairness will come before everything. Since it said that socialism, every product made by the society or everyone who contributes to the production of goods is entitled a share to it, which is more apparent to result with minimizing the gap between the rich and the poor. These economic systems have really marked balance in the society, one may have improved some of the latters system and some did not. Having to see how Capitalism and Socialism works, those two will always offer wide range of differences most especially in terms of meeting the moral Catholic teachings. As good as these things might seem to be, we should always remember a little bit of too much is still bad. Even if we choose to have one of the two economic systems, it will always be in the hands of the people whether or not to take care of the resources they have.