THE WEEK

Barclays Bank is pulling out of South Africa, selling its interests in that country to the Anglo American Corporation (owned by South Africans) for an estimated $300 million. The move is widely seen as a blow to the South African economy, but with longterm benefits that will eventually trickle down to South African blacks.

Over the long history of the Catholic Church, its strong suit has not been economics. Steadfastly opposed to the taking of interest—“usury”—the Church flubbed the advent of early capitalism. Now, one of the signal events of recent intellectual history has been the death of the socialist idea. And what is the Church recommending, at least in its American branch? A wider statism. A less free market. The hats worn by the American bishops should be conical, with a single point at the top.

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Barclays Bank is pulling out of South Africa, selling its interests in that country to the Anglo American Corporation (owned by South Africans) for an estimated $300 million. The move is widely seen as a blow to the South African economy, but with longterm benefits that will eventually trickle down to South African blacks.

Over the long history of the Catholic Church, its strong suit has not been economics. Steadfastly opposed to the taking of interest—“usury”—the Church flubbed the advent of early capitalism. Now, one of the signal events of recent intellectual history has been the death of the socialist idea. And what is the Church recommending, at least in its American branch? A wider statism. A less free market. The hats worn by the American bishops should be conical, with a single point at the top.