Most Rev Justin Welby has been drafted in to the Institute for Public Policy Research's Commission on Economic Justice, which also includes, academics, politicians and trade union leaders.
The Commission will last for two years and will be producing policy recommendations on how to make the British economy work for more people than it currently does, after an IPPR poll found 51 per cent of people don't think it works for the majority of people.
Only a fifth (21 per cent) thought the UK economy worked for most people.
The archbishop has previous experience in policy-making, having worked on a government committee on banking reform while he was the Bishop of Durham.
He has also spoken out against payday loans and spearheaded the Church of England's promotion of credit unions, including starting its own.
Archbishop Justin said: "I am very pleased and honoured to be part of the Commission on Economic Justice.
"I believe that this is a unique opportunity to reflect on the vision for our economy for the next twenty years and, in a time of significant change and uncertainty, seek to put our economy on a foundation of values and virtues.
"I am hopeful that this Commission's work can lead to a tangible and hopeful set of recommendations, that go beyond party politics and make the case for an economy that delivers for the common good."