Writing in an 86-page papal encyclical — which, according to Reuters, are “the most authoritative form of papal writing” — Francis said the coronavirus pandemic proved the failure of free-market economics, such as the “trickle-down” theory.
Francis wrote, “There were those who would have had us believe that freedom of the market was sufficient to keep everything secure.”
From Reuters: Francis denounced “this dogma of neo-liberal faith” that resorts to “the magic theories of ‘spillover’ or ‘trickle’ … as the only solution to societal problems”. A good economic policy, he said, “makes it possible for jobs to be created and not cut”.
The 2007-2008 financial crisis was a missed opportunity for change, instead producing “increased freedom for the truly powerful, who always find a way to escape unscathed”. Society must confront “the destructive effects of the empire of money”.The pope also advocated the redistribution of wealth and denounced the absolute right of private property. – READ MORE
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