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https://edition.cnn.com/2020/10/04/business/pope-francis-market-capitalism/index.htmlPublished by: CNN on 4 Oct 2020
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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 70-page encyclical, the highest form of papal teaching, Pope Francis outlined his vision for a post-pandemic world. “Themarketplace 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.
The pope said this “spillover” does not “resolve the inequality that gives rise to new forms of violence threatening the fabric of society.”
The encyclical, called “Fratelli Tutti,” or “Brothers All,” reiterated the pope’s vision for a more communal society, which extends to the use of private property.
“The Christian tradition has never recognized the right [...]
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Who is Pope Francis?Pope Francis (born 1936) is the head of the Catholic Church and sovereign of the Vatican City State. Francis is the first Jesuit pope, the first from the Americas, the first from the Southern Hemisphere, and the first pope from outside Europe since the Syrian Gregory III, who reigned in the 8th
What is Capitalism?Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, a price system, private property and the recognition of property rights, voluntary
exchange and wage labor. In a capitalist market economy, decision-making and investments are determined by every owner of wealth, property or production ability in capital and financial markets whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets.
What is COVID?Coronaviruses are a group of viruses that cause diseases in mammals and birds. In humans, coronaviruses cause respiratory tract infections that are typically mild, such as the common cold, though rarer forms such as SARS, MERS, and COVID-19 can be lethal. Symptoms vary in other species: in chickens
they cause an upper respiratory tract disease, while in cows and pigs they cause diarrhea. There are yet to be vaccines or antiviral drugs to prevent or treat human coronavirus infections.
Who are CNN?Cable News Network (CNN) is a United States cable television news channel. It is a subsidiary of AT&T's WarnerMedia. CNN was founded in 1980 by American media proprietor Ted Turner as a 24-hour cable news channel. Upon its launch, CNN was the first television channel to provide 24-hour news
coverage, and was the first all-news television channel in the United States.
