Can a Catholic Be a Capitalist?

When some people hear the Catholic Church teaches “no one can be at the same time be a good Catholic and a true socialist” (Quadragesimo Anno 120), they ask in reply, “But can a good Catholic be a true capitalist?” The question is, rather, “How should the state view and intervene in the affairs of free-market economies?” To that question, Pope Pius XI offered two answers. First, the state should not treat capitalism as something intrinsically evil, since it “is not to be condemned in itself” (Quadragesimo Anno 101). Second, the state should make sure free markets adhere to “norms...