John Medaille’s, article briefly introduces Distributism. Well worth a read for anyone wondering what it is or how it might work in practice.
“Distributism, is an economic theory formulated by Hilaire Belloc and G.K. Chesterton largely in response to the principles of Social Justice laid down by Leo XIII in his encyclical Rerum Novarum. Its key tenet is that ownership of the means of production should be as widespread as possible rather than being concentrated in the hands of a few owners (Capitalism) or in the hands of state bureaucrats (Socialism).
Belloc did not believe that he was developing a new economic theory, but rather expounding an old and widespread one against the novelties of both Capitalism and Socialism. Belloc believed that Capitalism could never achieve economic equilibrium on its own. It is an unstable system for two reasons: divergence from its own moral theory and from insecurity of two kinds. The moral theory of Capitalism is based on freedom, but it tends to accumulate property in the hands of a few owners; as ownership becomes more and more limited, more and more power passes to a small capitalist class.”
Concise Comment 