the worship of markets and the acceptance of greed are moral problems..,

WaPo |  “Is it realistic to hope that those who are obsessed with maximizing profits will stop to reflect on the environmental damage which they will leave behind for future generations? Where profits alone count, there can be no thinking about the rhythms of nature.” 

The pope condemns the current global economy “where priority tends to be given to speculation and the pursuit of financial gain, which fail to take the context into account, let alone the effects on human dignity and the natural environment. Here we see how environmental deterioration and human and ethical degradation are closely linked.” 

Wall Street comes under particular criticism: “Finance overwhelms the real economy. The lessons of the global financial crisis have not been assimilated.” As a result, “whatever is fragile, like the environment, is defenseless before the interests of the deified market, which become the only rule.” 

For Pope Francis, the market and the economy must be bound by rules that serve “basic and inalienable rights.” At the center of these is work: “We were created with a vocation to work.” Work is the setting for “rich personal growth . . . creativity, planning for the future, developing our talents, living out our values . . . giving glory to God.” Therefore, priority should be given to “the goal of access to steady employment for everyone, no matter the limited interests of business and dubious economic reasoning.” 

But instead of the common good, we have constructed an economy built on private interest and unrestrained appetite, an economy that excludes the poorest and most vulnerable. For Pope Francis, “the cry of the earth and the cry of the poor” derive from the same distorted global market economy.

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Pope Francis is seeking a far more profound change: economic policy grounded in moral values, measured not by how much money the few make but the respect accorded the rights of all and the health of the environment. Conservatives say he should stick to theology. But he already is sticking to theology, understanding that the worship of markets and the acceptance of unrestrained appetites are moral problems, not technical ones. If this statement on climate is most welcome, his teachings on the economy offer a critique necessary to finding the way out of these problems.