Profit for the Common Good: Bridging the Gap

On the onset of rapid economic growth and development, it has led to

numerous innovations that increase the countries’ growth domestic product (GDP)
exponentially, particularly through technological advancements and business growth.
We live in a world wherein the current economic system dictates that the worth of an
individual is measured by bank accounts, assets, and profits. How much do you have?
How much do you earn? Meanwhile, the phenomenon of poverty and social
inequalities are worsening and remains largely disregarded.
Profit has been the core of the economy for the past decades and it has bred
many evils in the world. To be completely honest, I personally condemn businesses
for prospering while creating social and environmental problems. I blame them for the
never-ending problem of poverty and placing too much emphasis on the value of
money that made people turn their backs away from social ills and focus on their own
interests. In my previous classes, we discussed the magnitude of the implications of
social sin, specifically structures and systems that are deeply embedded in the lives
of people and the economy. One of these structures are the businesses that solidify
the perennial problem of adherence to the values dominated by material wealth. Each
individual, knowingly or unknowingly, participates in this social sin. Therefore, there is
a great need for a new approach to economic development, that does not necessarily
require the breakdown of businesses but confronts the deep-seated values it
promotes. It must still pursue growth and profitability of business while simultaneously
solving the social, economic, and environmental problems of the contemporary
society. This is what the Economy of Communion (EOC) guarantees.
I resonate with what this revolutionary approach proposes because businesses
are still key players of the economy. Governments, non-profit organizations and
international bodies cannot solve these issues without businesses that enable
employment and economic productivity. Values of human dignity and sharing just
need to be injected into the manner of thinking and hearts of businesses. Businesses
must improve the welfare of individuals, not hinder it. For this very reason that I agree
with the Pope in terms of placing emphasis on the issue of money.
The world has seen and experienced the evils of having two masters. In the
current context, adhering to profits largely benefits the few at the expense of many.
However, it is important to note that profit is not bad per se. Profits are the legitimate
life of business, but it must not be the sole measure of its success. In Pope Francis’
encyclical, Laudato Si, he proclaimed that profit maximization is a reflection of our
misunderstanding of the concept of economy. This demands that our understanding
of profits must be redefined, resulting to a more sustainable and equitable future.
Having noted this, businesses must link their pursuit of increasing profits to more
lasting values, such as for the purpose of serving others. The statement that struck to
me the most in the message of the Pope is “Capitalism knows philanthropy, not
communion”. It paves the way for the transition to an economic system that is not
philanthropic in nature but rests on the foundation of sharing and reciprocity, where
each one collaborates to give and receive equal dignity. The time has come for the
voices of the poor and marginalized to penetrate the economic system. The time has
come for business to become a vocation and return the dignity that was lost by
humanity. Thankfully, companies and businesses now have the opportunity to serve
as instruments of hope and facilitate the narrowing of the gap between the rich and
poor in order to prosper in communion.