Catholic Business

Goldman Sachs doing God's Work

In an interview with the UK Sunday Times, Goldman Sachs CEO Lloyd Blankfein, claimed that he is doing God's work.  An article on the AOL DailyFinance site questions this claim.  I was quoted in the latter article, saying,

"The question of whether the CEO of Goldman Sachs is doing God's work is at one level a very complex one," says Dr. Andrew Abela, chairman of the Department of Business & Economics at the Catholic University of America. Abela, who is working on a book, Catechism for Business, says, "The vast size of the bank and its extensive influence on markets and on government policy, means that it is operating at all times in a moral minefield."

Unfortunately the rest of my quote didn't make it in:

"But at another level, the issue is a simple one: If you want to serve God in business then you need to have the intention to do so, and you need to act in ways that serve society. If your intention is instead to make lots of money, and you happen to do some social good along the way, there is not much honor or spiritual benefit there.  Similarly, if you intend to serve God and society, but the kinds of things you do actually harm people (government regulation often falls into this trap) then neither God nor society are served.  You need both the right intention and the right actions."

Brief overview of the encyclical

In an interview with Zenit, I gave a brief overview of Caritas in Veritate:

WASHINGTON, D.C., JULY 7, 2009 (Zenit.org).- Benedict XVI's new encyclical is not pretending to solve the worldwide financial crisis, but it points the way for building a solid economy through Christian virtue, says a business ethicist.

Andrew Abela is a marketing professor and chair of Catholic University of America's department of business and economics. He is currently working on a "catechism" for business leaders, applying principles of Catholic social teaching to questions of business ethics.

In this interview with ZENIT, Abela comments on Benedict XVI's latest encyclical, "Caritas in Veritate," which was released to the public today.

ZENIT: Could you give a "businessman's" summary of this encyclical? What are the main points for business leaders today?

Abela: A main point is that the economy is not a moral-free zone: both honesty and generosity are absolutely required if the market is to work and to serve the common good.  

Another point is that there is room for solidarity and generosity within the market, and that these in fact will make the market more effective by strengthening trust.  

Lastly, the encyclical points out that the most important aspect of development is spiritual development, and that openness to life "is at the center of true development" (No. 28).

(Read the rest here.)