The Pope disparaged the so-called trickle-down economic theory, saying the pandemic has shown that free-market policies cannot solve all of humanity’s needs.
Pope Francis outlined his vision for a post-pandemic world in a 70-page encyclical, the highest form of papal teaching. The encyclical, called “Fratelli Tutti,” or “Brothers All,” is the pope’s third encyclical, and he signed it at the tomb of St. Francis in Assisi.
He also reiterated his vision for a more communal society, which extends to the use of private property.
“The marketplace by itself cannot resolve every problem, however much we are asked to believe this dogma of neoliberal faith,” Pope Francis wrote.
The Pope 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 said this “spillover” does not “resolve the inequality that gives rise to new forms of violence threatening the fabric of society.”
“The Christian tradition has never recognized the right to private property as absolute or inviolable and has stressed the social purpose of all forms of private property,” the pope wrote.
The encyclical covers a wide range of social topics including the death penalty, populism, immigration, and economic injustice.
The pope also touched on racism, calling it a “virus that quickly mutates and instead of disappearing goes into hiding and lurks in waiting.”
Pope Francis also questioned why it took so long for the Catholic Church to unequivocally condemn slavery.