Pope Francis: "The Limits of Market Economy Confirmed by COVID-19... Reform Is Necessary"

Through Papal Encyclical, Emphasizes Reform of Capitalism
Limits of Market Economy and Trickle-Down Effect Confirmed Due to COVID-19
Also Declares Complete Opposition to Any War

[Asia Economy Reporter Naju-seok] Pope Francis has called for reforming capitalism based on market economy. He stated that the limitations of the market economy have been revealed through the novel coronavirus infection (COVID-19).

According to foreign media on the 4th (local time), Pope Francis visited Assisi, a Catholic holy site in Umbria, central Italy, on the 3rd and promulgated an encyclical consisting of 43,000 words. Assisi is the birthplace of Saint Francis, a symbol of a life of poverty.

Pope Francisco
[Photo by Reuters Yonhap News]

The encyclical titled "Fratelli Tutti" is one of the most authoritative documents written by the Pope, and Pope Francis has written three so far. Foreign media explained that this encyclical contains social lessons learned through experiencing COVID-19.

The Pope stated, "The vulnerability of the global system in the face of the pandemic has shown that not everything can be solved by market freedom alone," and argued, "Economic policies should promote productive diversity and the creativity of enterprises so that jobs are newly created instead of disappearing."

The Pope denied that neoliberalism, relying on spillover or trickle-down effects, is the only solution to social problems, saying, "Neoliberalism has self-replicated by claiming to be the sole solution to social issues through spillover effects," and added, "The concept of spillover cannot solve the inequality threatening our society."

The Pope rejected the concept of absolute private property rights of individuals. He emphasized the common social purpose of humanity. He also stated, "We must strengthen multilateral structures such as the United Nations (UN) that can control the global economy beyond national units."

The Pope denounced that the true face of our society was revealed through COVID-19. He pointed out, "Our worst response during the COVID-19 crisis was hoarding goods under the pretext of protecting oneself." He also mentioned, "The deaths of elderly people due to lack of ventilators were the result of a healthcare system that had collapsed over many years."

The Pope also expressed that war must be prevented in any form. He denied the "just war" doctrine that the Catholic Church had justified as a means of legitimate defense. He said, "It has become difficult to apply the rational standards of the past era that spoke of the possibility of just war."

Additionally, the Pope criticized populism that demonizes and isolates others. Instead, he emphasized the need for a "culture of friendship" that promotes sincere efforts for dialogue, solidarity, and the common good.

This content was produced with the assistance of AI translation services.