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Richard G. Malloy, SJ Answers:
The Pope just said what the Gospels have been saying since Matthew 25 was written and what Catholic Social Teaching has been saying for centuries. I strongly urge everyone to read the Pope’s exhortation The Joy of the Gospel. Here are some excerpts from the section entitled “The economy and the distribution of income.”
“The need to resolve the structural causes of poverty cannot be delayed, not only for the pragmatic reason of its urgency for the good order of society, but because society needs to be cured of a sickness which is weakening and frustrating it, and which can only lead to new crises. Welfare projects, which meet certain urgent needs, should be considered merely temporary responses. As long as the problems of the poor are not radically resolved by rejecting the absolute autonomy of markets and financial speculation and by attacking the structural causes of inequality, no solution will be found for the world’s problems or, for that matter, to any problems. Inequality is the root of social ills.”
“The dignity of each human person and the pursuit of the common good are concerns which ought to shape all economic policies.” …
“We can no longer trust in the unseen forces and the invisible hand of the market. Growth in justice requires more than economic growth, while presupposing such growth: it requires decisions, programs, mechanisms and processes specifically geared to a better distribution of income, the creation of sources of employment and an integral promotion of the poor which goes beyond a simple welfare mentality. I am far from proposing an irresponsible populism, but the economy can no longer turn to remedies that are a new poison, such as attempting to increase profits by reducing the work force and thereby adding to the ranks of the excluded” (#202-204).