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Since the beginning of the crisis caused by the pandemic, capitalism as an economic model and its response to the situation has been criticized in various scenarios due to the hard blow that will be felt in aspects such as the increase in poverty and inequality, but in these days one of the most talked about comments reached him until today, from Pope Francis.
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And it is that in his new encyclical, which is entitled ‘Fratelli tutti’ (Brothers all), the pontiff attacked capitalism and the neoliberal dogma of today.
According to the document, published this Sunday, Francisco pointed out that “the fragility of world systems in the face of pandemics have shown that not everything is resolved with market freedom ”, while he strongly attacked neoliberalism, pointing out that this “is a poor, repetitive thought, which always proposes the same recipes in the face of any challenge that arises.”
(In Context: The Main Points of Pope Francis’ New Encyclical)
Development should not be oriented towards the increasing accumulation of a few
To this, the document published by the Vatican adds that these recipes are not capable of solving inequality in the world.
Similarly, at a time when the disconnect between the real economy and financial markets has become clearer, with world GDP heading toward the biggest contraction since the Great Depression and stock indices hitting all-time highs, financial speculation It was also the target of Pope Francis’ letter.
As indicated, “financial speculation with easy profit as its fundamental aim continues to wreak havoc ”, while emphasizing that “the dogmatic recipes of the prevailing economic theory proved not to be infallible.”
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The leader of the Catholic Church also criticized inequality, whose great wealth has even continued to grow during the crisis. “Development must not be oriented towards the increasing accumulation of a few (…) the right of some to freedom of enterprise cannot be above the rights of the peoples, nor the dignity of the poor, nor the respect for the environment ”, he highlighted in the document.
In fact, in the lines of the text it refers to the fact that globalization and the world economy increased wealth, but with inequity, which led to the emergence of new types of poverty.
The freedom of business cannot be above the rights of the peoples, nor the dignity of the poor
And along with this, he spoke of the role of the entrepreneur, pointing out that “they would have to focus on the development of other people and overcoming poverty, especially through the creation of diversified sources of work.”
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The climate crisis and the need to act to protect the environment was also part of the criticism of Pope Francis, who assured that “taking care of the world that surrounds and contains us is taking care of ourselves, but that care is not in the interest of the economic powers that need a quick return ”.
Finally, it should be noted that Pope Francis called on companies to carry out fair management that avoids corruption within their structures, while highlighting the “imperative need for an active economic policy aimed at promoting an economy that promote productive diversity and business creativity, so that jobs can be increased rather than reduced ”.
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