Ethics and the financial system – extending the themes of the Vatican’s 2018 letter, and lessons for educators and professional development

The 2018 Vatican letter on the financial system helped develop Catholic social teaching in the area of finance and the economy. A substantial part of the letter was devoted to the importance of ethics in economic life. This is an important message. It is argued in this paper that, as social teaching in this field develops further, there should be more focus on the importance and development of the virtues. These can be taught and formed in the home, in schools, in universities and in professional development courses. The letter reaffirmed earlier teaching on the need for regulation. Further consideration might lead us to question the efficacy of statutory regulation, and especially international regulation. However, there are many bodies other than government that can regulate markets and Catholic social teaching has a long history of emphasising the importance of such institutions: this is another theme for further development.