Pope Francis and Capitalism

I want to take a quick detour from my consideration of Rosaria Butterfield’s book I will get back to that soon.

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There was quite the media buzz over Pope Francis’ recent comments on economics. There were literally thousands of headlines saying – “Pope Francis urges global leaders to end ‘tyranny’ of money.”

The London Telegraph went on –

“He said free-market capitalism had created a “tyranny” and that human beings were being judged purely by their ability to consume goods.

Money should be made to “serve” people, not to “rule” them, he said, calling for a more ethical financial system and curbs on financial speculation.

Countries should impose more control over their economies and not allow “absolute autonomy”, in order to provide “for the common good.”

Naturally this provoked a backlash from conservatives and libertarians. Forbes ran an article headlined “Pope Francis’s Economics: Yes, He Has A Leftist View Of Free Markets,” and The Daily Caller wrote, “Why Pope Francis is wrong about capitalism.” 

I was skeptical. The media know little about economics and less about religion. I wanted to see the Pope’s actual remarks, not just a sensational snippet or two. The text of his speech was not easy to find, but someone finally put me on to it at the Vatican web site.

You won’t be surprised to learn that Francis’ remarks were both far more interesting and far more nuanced that press reports acknowledged. It was not remotely a broad condemnation of capitalism. Nor was it just a diatribe against the wealthy. I don’t agree with everything he said, but everything he said was thoughtful and thought provoking.

On one hand he praises the many advances that have been made –

“We can only praise the positive achievements which contribute to the authentic welfare of mankind, in fields such as those of health, education and communications.”

But he also cautions against excess –

“At the same time, we must also acknowledge that the majority of the men and women of our time continue to live daily in situations of insecurity, with dire consequences. Certain pathologies are increasing, with their psychological consequences; fear and desperation grip the hearts of many people, even in the so-called rich countries; the joy of life is diminishing; indecency and violence are on the rise; poverty is becoming more and more evident.”

Now I disagree that poverty is becoming worse, and would argue the exact opposite – never in human history has there been less famine and hunger than today.  But I absolutely agree that more psychological pathologies are growing and people are more self-centered and isolated than ever before. At least in Western societies, people are feeling less meaningful and taking solace in drugs, sex, and meaningless entertainment. The church can do a lot of good here, much more than any economic system can do.

Francis worries that people are being defined solely in their roles as consumers, but that isn’t really true. We are equally defined in our roles as producers. But it is the welfare state, not the economic system, that enables so many to live without any productive role.

I also think he takes too much meaning from the current economic troubles, especially in Europe. Again, these woes are the result on an excessive reliance on state-sponsored social programs and are temporary and self-correcting. Religious leaders need to be measured in their assessments of temporary trends. A few years ago many were distressed over the problem of “third world debt,” and called for a jubilee year (2000) of debt forgiveness. But this was myopic. Most of the countries with the greatest debt at the time (such as India and Brazil) are rapidly becomining economic powerhouses today. They were not bailed out by others. They reformed their own economies to be more productive.

But there is little doubt that far too many of us have lost our values and are living lives of obsessive materialism.  Francis says –

“Concealed behind this attitude is a rejection of ethics, a rejection of God. Ethics, like solidarity, is a nuisance! It is regarded as counterproductive: as something too human, because it relativizes money and power; as a threat, because it rejects manipulation and subjection of people: because ethics leads to God, who is situated outside the categories of the market. God is thought to be unmanageable by these financiers, economists and politicians, God is unmanageable, even dangerous, because he calls man to his full realization and to independence from any kind of slavery.”

Amen to that.

He goes on to say –

“The Pope loves everyone, rich and poor alike, but the Pope has the duty, in Christ’s name, to remind the rich to help the poor, to respect them, to promote them.”

Amen again. And this the point the media miss — Francis doesn’t hate the rich, quite the opposite. The rich are in need of salvation every bit as much (probably more) than the poor. Their success leads to pride, which can alienate them from God. Jesus preached on this quite a lot. But it is love, not hate, that will convince the rich that they, too, need God. And once they receive God’s grace, they will gladly turn to the needy and convey that grace to others.

One final point. Here Pope Francis is addressing the economic system. I am certain that he will soon address the political and cultural systems as well. And I expect he will have some choice words to share with the leaders of those systems, too.