New Encyclical from Pope Francis, a Transforming Vision
To 'transform the world'
The new encyclical from Catholic Pope Francis</
Pope calls on global community to confront 'destructive effects of empire of money'
In his third encyclical Sunday morning (Oct. 4, 2020), Pope Francis denounced free market capitalism and the "magic" theory of trickle-down economics, saying the coronavirus pandemic has once and for all disproven the notion that economic policies that are aimed at benefiting the already-rich will benefit low-income people through job creation and investments.
The 45,000 word document, titled "Fratelli Tutti" meaning "Brothers All" or "Brothers and Sisters All," indicated the pope's belief that the pandemic has shown that a major overhaul of global economic systems is needed, as the crisis has disproportionately affected the poor in countries including the U.S., Brazil, and the U.K.; revealed the divide between low-income workers all over the world who have had limited access to government aid and professionals who are able to work from home; and caused the "most unequal" recession in modern U.S. history.
"Anyone who thinks that the only lesson to be learned was the need to improve what we were already doing, or to refine existing systems and regulations, is denying reality," Pope Francis said.
"The fragility of world systems in the face of the pandemic has demonstrated that not everything can be resolved by market freedom," the encyclical continues...
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The New Encyclical from Pope Francis: The Third from the Pontiff, a Transforming Vision
New York (CNN) Pope Francis disparaged so-called trickle-down economic theory, saying the pandemic has shown that free-market policies cannot solve all of humanity's most dire needs.
In a [Encíclica #FratelliTutti www.vatican.va/content/francesco/es/encyclicals/documents/papa-francesco_20201003_enciclica-fratelli-tutti.html 70-page encyclical], the highest form of papal teaching, Pope Francis outlined his vision for a post-pandemic world.
"The marketplace by itself cannot resolve every problem, however much we are asked to believe this dogma of neoliberal faith," the pope wrote.
He added that free-market capitalism "reproduces itself" by resorting to the magic theories of "spillover" or "trickle" as the only solution to societal problems.
Pope Francis says capitalism has failed in the pandemic
A World Going Backward
October 2020
Pope Calls on Global Community to Confront 'Destructive Effects of Empire of Money'
"Anyone who thinks that the only lesson to be learned was the need to improve what we were already doing, or to refine existing systems and regulations, is denying reality."
"Fratelli Tutti" meaning "Brothers All" or "Brothers and Sisters All," indicated the pope's belief that the pandemic has shown that a major overhaul of global economic systems is needed, as the crisis has disproportionately affected the poor in countries including the U.S., Brazil, and the U.K.; revealed the divide between low-income workers all over the world who have had limited access to government aid and professionals who are able to work from home; and caused the "most unequal" recession in modern U.S. history.
Previous economic crises, such as the recession in 2008 and 2009, have ultimately "increased freedom for the truly powerful, who always find a way to escape unscathed," Pope Francis remarked. Now, he said, society must confront "the destructive effects of the empire of money."
Those with economic power must "administer it for the good of all" rather than hoarding wealth, he said, suggesting that this applies both to individual countries like the U.S.—where a recent analysis by the People's Policy Project showed that nearly 80% of wealth is currently owned by millionaires and billionaires, who make up just 12% of the population—and to the global community, where leaders of developing countries recently asked if their populations will be "left to die" after the U.S., Russia, and Brazil refused to commit to a global effort to make a Covid-19 vaccine available to all.
Private property cannot be considered a right if a select few in a society live in luxury while others have nothing, the pope added.
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