A recent report by a British study group has been published with some disconcerting, but hardly surprising, findings. Profit is everything with the major corporations. The welfare of the workers is a negligible consideration. This is proven by the fact that major executives, on the average, make 100 times as much money as the average worker. In other words, if the average worker’s wage is $30,000 a year, chief executives are pulling in $3,000,000. In 1970 that ratio was ten times more narrow, ten to one.
There is a total disregard for distributive justice.
Workers, who are poor, not matter how loyal, are on the average given pittance for raises, in total disproportion to executive raises and bonuses.
Using high levels of pay to attract executives can lead to their putting their own financial interests ahead of those of the company and its shareholders.
Little to no remuneration for long term performance, ergo good attitude, and blatant disregard for good stewardship.
The study was not a Catholic one. It would be good for Catholic economists who have a good knowledge of theology and economic morality to put out a report, with practical resolutions, based on the social encyclicals of the popes.
Zenit reports here by Father John Flynn.
