Since faith is one, it must be professed in all its purity and integrity". Pope Francis/Pope Benedict
email:torontocatholicwitness@rogers.com

Monday, 13 July 2015

The Holy Father: "free competition has destroyed itself...economic dictatorship has supplanted the free market..."



In a powerful address, the Holy Father denounced capitalism as a dangerous materialistic ideology: 

Yet when the State brings private ownership into harmony with the needs of the common good, it does not commit a hostile act against private owners but rather does them a friendly service; for it thereby effectively prevents the private possession of goods, which the Author of nature in His most wise providence ordained for the support of human life, from causing intolerable evils and thus rushing to its own destruction; it does not destroy private possessions, but safeguards them; and it does not weaken private property rights, but strengthens them.

Furthermore, a person's superfluous income, that is, income which he does not need to sustain life fittingly and with dignity, is not left wholly to his own free determination. Rather the Sacred Scriptures and the Fathers of the Church constantly declare in the most explicit language that the rich are bound by a very grave precept to practice almsgiving.

The ultimate consequences of the individualist spirit in economic life are these: free competition has destroyed itself; economic dictatorship has supplanted the free market; unbridled ambition for power has likewise succeeded greed for gain; all economic life has become tragically hard, inexorable, and cruel. The State, which although it ought to sit on high supreme, free from all partiality and intent upon the one common good and justice, is become a slave, surrendered and delivered to the passions and greed of men. And as to international relations, two different streams have issued from the one fountain-head: On the one hand, economic nationalism or even economic imperialism; on the other, a no less deadly and accursed internationalism of finance or international imperialism whose country is where profit is.

A market unrestricted by any law opens to everybody attracts large numbers to buying and selling goods, and they, their one aim being to make quick profits with the least expenditure of work, raise or lower prices by their uncontrolled business dealings so rapidly according to their own caprice and greed that they nullify the wisest forecasts of producers. The laws passed to promote corporate business, while dividing and limiting the risk of business, have given occasion to the most sordid license. Observe that consciences are little affected by this reduced obligation of accountability; that furthermore, by hiding under the shelter of a joint name, the worst of injustices and frauds are penetrated; and that, too, directors of business companies, forgetful of their trust, betray the rights of those whose savings they have undertaken to administer. 

Restraint enforced vigorously by governmental authority could have banished these enormous evils and even forestalled them; this restraint, however, has too often been sadly lacking. There quickly developed a body of economic teaching far removed from the true moral law, and, as a result, completely free rein was given to human passions.

UPDATE: An apology to readers. Originally, Pope Francis' image was uploaded. This has now been corrected. The pope in question is Pius XI.

7 comments:

Freyr said...

More on the subject:
"Since, however, there are many who are in need, while it is impossible for all to be succored by means of the same thing, each one is entrusted with the stewardship of his own things, so that out of them he may come to the aid of those who are in need. Nevertheless, if the need be so manifest and urgent, that it is evident that the present need must be remedied by whatever means be at hand (for instance when a person is in some imminent danger, and there is no other possible remedy), then it is lawful for a man to succor his own need by means of another's property, by taking it either openly or secretly: nor is this properly speaking theft or robbery."

Anonymous said...

What a load of communist claptrap.

This man is a buffoon on matters of economics and science and he is best ignored. The problem is, he is dangerous because the left will make use of his ignorance.

DAJD in TO.

Lawrence and Susan Fox said...

Whoops! I think you have the wrong picture, you must have made a mistake. You are quoting Pius XI. Susan Fox www.christsfaithfulwitness.com

Barona said...

Thanks Susan! I have corrected the photo. The past week and been hectic, and I must have popped in Francis instead.

Anonymous said...

Does DAJD in TO really think Pope Pius XI is a buffoon who spouts communist claptrap?

I suspect and would put money on my hunch that he's(?) what's referred to as a smells and bells "t"raditionalist. Your error was providential in exposing the depths of ignorance of Traditional Catholic social doctrine among many people of such mindset.

Lawrence and Susan Fox said...

ROFLOL. This comment thread is extremely humorous. Thanks for fixing the picture. I'm really rolling on the floor over the last anonymous comment. Susan Fox www.ChristsFaithfulWitness.com

Freyr said...

I seem to have neglected to attribute the quote in the first comment to its author, St. Thomas Aquinas.