"Everyone has the right of economic initiative; everyone should make legitimate use of his talents to contribute to the abundance that will benefit all and to harvest the just fruits of his labor. He should seek to observe regulations issued by legitimate authority for the sake of the common good.215"Or, not:
(Catechism of the Catholic Church, 2429)
"Economic life brings into play different interests, often opposed to one another. This explains why the conflicts that characterize it arise.216 Efforts should be made to reduce these conflicts by negotiation that respects the rights and duties of each social partner: those responsible for business enterprises, representatives of wage-earners (for example, trade unions), and public authorities when appropriate."That's from part of the Catechism that discusses how the seventh commandment should be applied to life. ("You shall not steal" (Exodus 20:15, Deuteronomy 5:19, Matthew 19:18))
"Those responsible for business enterprises are responsible to society for the economic and ecological effects of their operations.218 They have an obligation to consider the good of persons and not only the increase of profits. Profits are necessary, however. They make possible the investments that ensure the future of a business and they guarantee employment."
That's the same section where you can learn why the Catholic Church is okay with 'sinful' activities like poker and Bingo. (Catechism, 2413)
That's one of the reasons I got interested in Catholicism: I learned that there isn't much that 'those Catholics' (I hadn't converted yet) weren't allowed to do: in moderation. Which is another topic. ("Why Did I Convert to Catholicism?" (November 24, 2009) and other posts: including "Firebase Earth" (April 5, 2009))
Well, if the Catholic Church isn't for capitalism, it must be against it: which means they're commies?! Odds are there are still people who (think?) that way. The Church isn't for or against capitalism - or any other economic system. It does teach how any system should affect people. And how it shouldn't:
"A theory that makes profit the exclusive norm and ultimate end of economic activity is morally unacceptable. The disordered desire for money cannot but produce perverse effects. It is one of the causes of the many conflicts which disturb the social order.204For those of you who like 'chapter and verse,' Jesus' 'mammon' remark is recorded in Matthew 6:24 and Luke 16:13.
"A system that 'subordinates the basic rights of individuals and of groups to the collective organization of production' is contrary to human dignity.205 Every practice that reduces persons to nothing more than a means of profit enslaves man, leads to idolizing money, and contributes to the spread of atheism. 'You cannot serve God and mammon.'206 "
Catholic 'economic' teaching is applicable to the contemporary global economy. It would also be applicable in the sort of economy we had when Ig and Og ganged up on Oog to steal his stick. We're against that sort of thing, by the way.
There's more, of course. A pretty good place to start is Catechism of the Catholic Church, 2401-2463.