Pope: Market capitalism has failed in pandemic

“The fragility of world systems in the face of the pandemic has demonstrated that not everything can be resolved by market freedom,” he wrote. “It is imperative to have a proactive economic policy directed at ‘promoting an economy that favours productive diversity and business creativity’ and makes it possible for jobs to be created, and not cut.”

“Neo-liberalism simply reproduces itself by resorting to magic theories of ‘spillover’ or ‘trickle’ — without using the name — as the only solution to societal problems,” he wrote. “There is little appreciation of the fact that the alleged ‘spillover’ does not resolve the inequality that gives rise to new forms of violence threatening the fabric of society.”

“It is very difficult nowadays to invoke the rational criteria elaborated in earlier centuries to speak of the possibility of a ‘just war,’” Francis wrote in the most controversial new element of the encyclical.