The Virtuous Economy and The Common Good

Being the sixth of an eight part series of postings on the subjects of the Virtuous Economy and the Common Good.

The Common Good is viewed as the wellbeing of all citizens. This will include social, psychological and moral components as well as material goods and services. In its purely material aspects it will refer to what ought to belong to everyone by virtue of their common humanity. Any form of economic organisation may in some of its aspects inadvertently promote the common good. The virtuous economy has this as its primary objective.

But the realm of the common good goes well beyond materialism and questions of ownership as narrowly defined. For example, it will include non-possessive attachments such as that which was felt by the community for a long respected company such as Cadbury's or even long respected products.

The common good therefore has as important elements both local and national pride and collective endeavours to which groups or society as a whole subscribe. It therefore relates to both individual and social fulfilment.

The common good includes together people and the environment, and the present and future generations. It takes account of their temporal and spiritual needs, the legacy that one will leave for the other and the well-being of the body, spirit and planet.

In terms of policies or behaviour, an action unambiguously enhances the common good when at least one of these elements, as decided by judgement rather than targets, improves with none being diminished.

Clearly, as with traditional measures of social welfare, the common good is unambiguously degraded when one person is diminished with none being improved. But also, for example, partisan monetary gains made at the expense of other citizens will usually degrade the common good - the outcome will depend upon whether the redistribution is from poor people to rich or vice-versa.

Society should be founded upon the common good – the common wealth as it were - enhancing the well-being of everyone, with none excluded and where well-being is defined in a broad way to include all aspects of quality of life.

Our political system should be at the service of the common good - in this respect it most certainly should be 'fit for purpose'. So also, ultimately, should businesses, not-for-profit organisations and other major social institutions such as schools, colleges and universities and the faith communities.

All of these are valuable and honourable institutions, professions or vocations if operated in this way - pursuing their endeavours, their social engagement and their quest for knowledge and understanding and making their decisions in 'the reasonableness of the common good'.

Any attempt to enforce decent behaviour on financial institutions, globalised corporations or some other companies through compliance with external rules is doomed to failure and procrastination. It is impossible to supervise or regulate all activity and an effective approach must include the cultivation of moral character throughout economic activity, there must be a renewal of both social and individual conscience and the formation of character that willingly adopts internal rules.

A profound cultural renewal is essential to achieve this in a society and a world that needs to rediscover basic, acceptable values on which to build a better future. Such a renewal will not be easy since a great deal of damage has been done to the moral fabric of both the economy and society as a whole.

However, this can be done, and a start should be made. People are increasingly alienated by a ruthlessly selfish society, they want to belong to a world in which people have a decent regard for one another and so are valued themselves.

Instinctive habits of behaviour need to be developed that reflect genuine respect for individuals and society. A desire to do good - in other words behaving virtuously - should become second nature. This is the basis of the virtuous economy and the enhancement of the common good.