Building on the system of reason provided for by the Greek philosopher and
specifically Aristotle, St. Thomas Aquinas built a comprehensive system and theory of
natural law which has lasted through the ages. The theory was further developed in the
Middle Ages and in the Enlightenment Ages by many a prominent philosopher and
economist and has been recognized in the Modern Age. The natural law-theory and system
has been repeatedly applied to the spheres of economic thought and has produced many
lasting contributions such as private property rights and individual rights. In recent times
with the collapses of the financial system and rapid globalization, there has been a renewed
interest in the application of natural law theory to economics to counter a certain
anthropology and distortion of values created by a modern economic system of selfpreservation deriving its insights from the philosophies of Thomas Hobbes and Niccolo
Machiavell
