This document summarizes the encyclical "Centesimus Annus" issued by Pope John Paul II in 1991 on the hundredth anniversary of "Rerum Novarum." The summary discusses that Pope John Paul II confirms the continued relevance of Pope Leo XIII's teachings on economic and social life. It also notes that the encyclical was issued during the last days of the Cold War and discusses both the positive and negative effects of capitalism and communism that were addressed in the letter.