Markets & Justice

Markets & Justice
Freely operating markets yield a just outcome?

White Australia Has A Black History

White Australia Has A Black History

Tuesday, 28 April 2015

Pope Francis takes aim at capitalism as "a new tyranny"

Pope Francis has taken aim at capitalism as "a new tyranny" and is urging world leaders to step up their efforts against poverty and inequality, saying "thou shall not kill" the economy. Francis calls on rich people to share their wealth.

The existing financial system that fuels the unequal distribution of wealth and violence must be changed, the Pope warned.

"How can it be that it is not a news item when an elderly homeless person dies of exposure, but it is news when the stock market loses two points?" Pope Francis asked an audience at the Vatican.

The global economic crisis, which has gripped much of Europe and America, has the Pope asking how countries can function, or realize their full economic potential, if they are weighed down by the debts of capitalism.

 “A new tyranny is thus born, invisible and often virtual, which unilaterally and relentlessly imposes its own laws and rules,” the 84-page document, known as an apostolic exhortation, said.

"To all this we can add widespread corruption and self-serving tax evasion, which has taken on worldwide dimensions. The thirst for power and possessions knows no limits", the pope’s document says.

He goes on to explain that in this system, which tends to devour everything which stands in the way of increased profits, whatever is fragile, like the environment, is defenseless before the interests of a deified market, which has become the only rule we live by.
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