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Application of Catholic Social Teaching in Finance and Management
Czerwonka, Monika; Pietrzak, Maria (The Pontifical University of John Paul II in Cracow, 2024)
In dominating narratives, economics has been portrayed as hard science, based on complex mathematical equations and rigid statistical models. It seems to be overlooked that it belongs to the domain of social sciences and that its roots stem from philosophy and ethics. After all, many classical economists were either ethicists (A. Smith) or clergymen (T. Bayes). Today’s managers also seem to be motivated mainly by the desire to increase their company’s profits. However, if managers wish to become both effective and respected leaders for their teams, they should build their power on ethical principles deeply rooted in Catholic Social Teaching. The purpose of the present paper is to attract attention to the relation of economics, management and religion. Behavioral economics and management come to our aid here by emphasizing that, when making decisions related not only to financial markets but also to managerial tasks, what matters is not only factors that are strictly financial, but also those are related to psychology or ethics. Using the example of ethical investing and faith-based funds or stock indexes the Authors show that Christian values and the social teaching of the Catholic Church are still important to some participants in the financial markets.