Pope Francis Laments Failures Of Market Capitalism In Blueprint For Post-COVID World

October 4, 2020 ☼ economycapitalismpope-francis

Source: NPR

Link: Pope Francis Laments Failures Of Market Capitalism In Blueprint For Post-COVID World

Pope Francis has presented his blueprint for a post-COVID-19 world, covering a vast number of issues from fraternity and income inequality to immigration and social injustice.

The document, released Sunday, is his third encyclical — the most authoritative form of papal teaching.

Its title is Fratelli Tutti, and it is a scathing description of laissez faire capitalism and a meditation on the coronavirus pandemic that has swept across the globe.

My take: There has been a failure here. I still like capitalism, but it has to be tempered with real compassion and a willingness of the most wealthy to contribute. A wealth tax may be the right choice here.