Benedict XVI’s encyclical on globalization Caritas in Veritate has aroused a great deal of interest for its theological framework and position on particular public policy issues. The interest also reflects the importance of economics in contemporary culture. This article focuses on the tensions between some older strands of Christian ethics and newer economic approaches. It is argued that Benedict’s encyclical does not resolve these tensions but provides theological resources and suggests several paths for others seeking to develop better theological accounts of market order. Considering these tensions raises questions about the extent to which theological frameworks constrain economic analysis.