An excerpt from a very lengthy (and worthwhile) blogpost.
The excerpt will give you a flavor for the post's discussion, but also is the core.
...the Church has elevated certain elements of the classical liberal agenda—and without compromise—by divorcing liberalism from its historic excesses. By situating liberalism within a Christian philosophical and theological framework, the Church has sufficiently anchored liberalism’s vision of individual liberty and human rights in a proper anthropology.
This process began with Pius IX’s 1864 Syllabus of Errors, which condemned the radical elements of the liberal movement, and has continued all the way through John Paul II’s encyclical letter, Fides et Ratio. By asserting this, however, I am also recognizing that the Church has condemned the excesses and abuses of liberalism. Among these would be the errors of atomistic individualism, the absolute right to private property, the idea that law originates from the will of the people, and the rejection of legitimate authority, especially the moral authority of the Church. Yet I would suggest that these condemnations, and others, have been carefully focused on specific errors of liberalism so as not to disregard many of the key insights that liberals advanced, such as religious liberty, freedom of association, and economic liberty.
Admittedly, the Church has prudently taken more than a century to develop her teaching on these matters. Consequently, the nuancing of liberalism has been gradual and slow to develop.
--Michael Therrien, published by Acton Institute
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