Big Business and Big State equally socialist

Being a capitalist doesn't mean I like big business, including the big banks, any more than I like the big State. Both are equally socialist, and both equally materialist at the expense of a focus on the human person, of human flourishing and the common good. The butcher and the brewer act out of self-interest, not selfishness; the same is not true of the multinational meat manufacturer or drinks conglomerate. Business and free enterprise characterise a free society in which man can flourish, but this liable to be corrupted at a large scale, with big State and big business both working together against the interests of man.

Phillip Booth's lecture, printed by the IEA, on Catholicism and Capitalism captures many of these themes and makes some excellent points;

Furthermore, the free economy has been made to look more like a crude process of materialistic getting and spending as the state has taken primary responsibility for less conspicuous and more wholesome goods and services such as health, education, arts and culture, social insurance, pensions and the regulation of financial markets – all of which were mainly provided, a couple of generations ago, by a mixture of profit‐seeking companies, mutual associations, foundations, charities, professions and community associations. The free economy can be a richer and deeper institution than it is currently, and the opportunities for mutuality and solidarity could be much more profound, enriching and effective.

Exploring this further, there are several potential areas where I believe that a renewal of understanding of Catholic social teaching, and its intrinsic compatibility with an economic and social order in which families are at the centre of decision making can make a valuable contribution to political debate. This contribution is based, unsurprisingly on the application of the principles of solidarity and subsidiarity.

Well worth a read.