Centesimus Annus: Towards a New Capitalism?

The encyclical Centesimus Annus was published by Pope John Paul II in commemoration of Rerum Novarum, written 100 years ago by Leo XIII. That encyclical initiated a century of Catholic social teaching consisting, by now, of six encyclicals. Together, they are intended to represent a unified system of thought, the Church′s social vision. Its basic themes all centre on the God‐ordained dignity of man. The Pope calls for a modified, “corrected” capitalism, a“Society of free work, of enterprise and of participation”. The economic activities of man are to be reoriented towards the common good, with the ultimate goal of eradicating poverty, exploitation, and alienation. Rejects the economic proposals of the Pope as lacking of substance and internal consistency. Its assumption that man can enjoy all the advantages of free markets while also correcting for their less‐desirable effects at will reveals that, despite some modifications,Catholic social thought is still inspired by what has been termed the“unconstrained” vision.