Free markets and public interests in the pharmaceutical industry: A comparative analysis of Catholic and Reformational critiques of neoliberal thought

Mathilde Oosterhuis-Blok, Johan Graafland*

*Corresponding author for this work

Research output: Contribution to journalArticleScientificpeer-review

Abstract

The rise of liberal market economies, propagated by neoliberal free market thought, has created a vacant responsibility for public interests in the market order of society. This development has been critiqued by Catholic social teaching (CST), forcefully arguing that governments and businesses should be directed to the common good. In this debate, no attention has yet been given to the Reformational tradition and its principle of sphere sovereignty, which provides guidelines on the responsibilities of governments and companies for the public interest of society. This article analyzes the differences and similarities between CST and the Reformational philosophy in their critiques of the neoliberal free market perspective of Hayek. We apply the three perspectives to the case of orphan drugs in the pharmaceutical industry and show that CST and the Reformational philosophy offer valuable insights in correction to Hayek's views on the responsibilities of governments and companies for public health interests.
Original languageEnglish
Article numberPII S1052150X22000094
Number of pages28
JournalBusiness Ethics Quarterly
Volume33
Issue number4
DOIs
Publication statusPublished - Oct 2023

Keywords

  • Catholic social teaching
  • neoliberalism
  • Hayek
  • Reformational philosophy
  • sphere sovereignty
  • subsidiarity
  • SPHERE-SOVEREIGNTY
  • COMMON GOOD
  • ORPHAN DRUGS
  • SUBSIDIARITY
  • TRANSFORMATION
  • COMPETITION
  • PRICE

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