Tom Woods cites Pope John Paul II on the moral basis of material prosperity:

“According to John Paul II, “The moral causes of prosperity . . . reside in a constellation of virtues: industriousness, competence, order, honesty, initiative, frugality, thrift, spirit of service, keeping one’s word, daring — in short, love for work well done. No system or social structure can resolve, as if by magic, the problem of poverty outside of these virtues.” These are precisely the virtues that the market economy fosters.

These ideas are not foreign to Catholic tradition: The Late Scholastics of the 16th and 17th centuries favored an economy very largely free of government controls, and John Paul II’s Centesimus Annus (1991) reflected an increasing appreciation for the moral and material benefits of non-coerced economic exchange.

The less heed we pay to slogans and propaganda, and the more we study the question on its merits, the more attractive does the market become.”