Globalization: Guidance from Franciscan Economic Thought and Caritas in Veritate

Abstract: This essay pursues a threefold purpose: first, to sketch the historical period (eleventh century to fourteenth century Europe) that provides the backdrop to the formation of the Franciscan economic thought; second, to set out the principles governing that doctrine, with special reference to voluntarism in relation to economics and the discussion of usury, highlighting its originality and its relevance to the real problems of the day; and lastly, to discuss the essential reasons for the resurgence of interest, today, in the Franciscan point of view. To this regard, the recent Papal encyclical Caritas in Veritate—whose theological roots are basically Franciscan—will be taken as a reference point to show the fecundity of that line of thought in meeting the challenges to our society posed by globalization and by the present economic crisis.