A round up mentary on the new encyclical was published yesterday on the Web site of Catholic World Report. CWR asked “a group of leading Catholic intellectuals to reflect on the encyclical, its place in the larger body of Catholic social teaching, and Pope Benedict’s vision of a well-ordered and just society.” Those who contributed included J. Brian Benestad, Francis J. Beckwith, Father Joseph Fessio, S.J., Richard Garnett, Thomas S. Hibbs, Paul Kengor, George Neumayr, Tracey Rowland, Father James V. Schall, and Rev. Robert A. Sirico. Here’s what Rev. Sirico had to say:

In the first social encyclical of his pontificate, Caritas in Veritate (“Charity in Truth”), Pope Benedict XVI insists on a close relationship between morality and the economy in order to promote a “holistic understanding and a new humanistic synthesis.” This new document is focused not on specific systems of economics but rather on areas of morality and the theological underpinnings of culture.

The background for this new encyclical is the global economic crisis that has taken place within a moral vacuum bare of truth and rampant with materialism. While the Pope does not offer any detailed analysis of the cause or solution to the crisis, he nonetheless urges that the crisis e “an opportunity for discernment, in which to shape a new vision for the future” (no. 21).

Never employing either the word “greed” or “capitalism” in the over 30,000 word document (despite some media hype), the crisis itself he attributes to “badly managed and largely speculative financial dealing” without naming the specific institutions that made this possible. The market, Benedict says, “is shaped by the cultural configurations which define it and give it direction. Economy and finance, as instruments, can be used badly when those at the helm are motivated by purely selfish ends.”

Those who prophesied that this would be Benedict’s opportunity to “overthrow” capitalism, or that conservatives would be “shocked and disappointed,” must themselves be rather sad today. While it is explicitly not the purpose of the document to offer strict structural models that nations should adopt (no. 9), the principle of subsidiarity—which prefers proximate and private action of the state—a preference for trade over government-to-government aid for developing countries, and a rightly understood globalization are all affirmed.

This is plex and rich document that will require much study and thought in the years ahead. What is clear and non-negotiable from Benedict’s perspective is that to understand the challenges facing the world economy it is first necessary to understand the august nature of the human person who must always be at the center of economic decisions. Caritas in Veritate enables us to see, at a new depth, the way in which the whole of the human reality must be taken into consideration in order to construct social institutions worthy of man.