By Aaron Blake November 26 at 11:00 am
Pope Francis delivers a speech March 15, 2013, during a meeting of the world’s cardinals. (Osservatore Romano/EPA)
Pope Francis has released a sharply worded take on capitalism and the world’s treatment of its poor, criticizing “trickle-down” economic policies in no uncertain terms.
In the first lengthy writing of his papacy — also known as an “apostolic exhortation” — Francis says such economic theories naively rely on the goodness of those in charge and create a “tyranny” of the markets.
“In this context, some people continue to defend trickle-down theories which assume that economic growth, encouraged by a free market, will inevitably succeed in bringing about greater justice and inclusiveness in the world,” the pope wrote. “This opinion, which has never been confirmed by the facts, expresses a crude and naïve trust in the goodness of those wielding economic power and in the sacralized workings of the prevailing economic system. Meanwhile, the excluded are still waiting.” Read more