Pope Francis said on Sunday that the COVID-19 pandemic was the latest crisis to prove that market forces alone and 'trickle-down' economic policies had failed to produce the social benefits their proponents claim.
VATICAN CITY - Pope Francis said on Sunday that the COVID-19 pandemic was the latest crisis to prove that market forces alone and “trickle-down” economic policies had failed to produce the social benefits their proponents claim.
Called “Fratelli Tutti” , the encyclical’s title prompted criticism for not using inclusive language after it was announced last month. The pope took direct aim at trickle-down economics, the theory favoured by conservatives that tax breaks and other incentives for big business and the wealthy eventually will benefit the rest of society through investment and job creation.
“The right to private property can only be considered a secondary natural right, derived from the principle of the universal destination of created goods,” he said.The pope wrote that the belief of early Christians - “that if one person lacks what is necessary to live with dignity, it is because another person is detaining it” - was still valid.
Without naming countries or people, Francis condemned politicians who “seek popularity by appealing to the basest and most selfish inclinations” or who enact policies of “hatred and fear towards other nations”.
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