Acton Institute Powerblog

Pope Benedict slams capitalism?

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A friend sent me a link to a Reuters story on Pope Benedict XVI’s New Year’s homily. The article carried this headline: “Pope hopes for 2013 of peace, slams unbridled capitalism.”

It is always a good rule of thumb with media reports like this to read the actual speech or document being cited, and not just go by the headline. From the Reuters report one gets the impression that the point of the statement and its theme is that the “Pope slams capitalism.”  When you read this in context you immediately see that Pope Benedict is actually calling for conversion. The operative phrase employed by the Holy Father in his homily is, “The prevalence of a selfish and individualistic mindset which also finds expression in an unregulated capitalism, various forms of terrorism and criminality.”

I say in Defending the Free Market: The Moral Case for the Free Economy that “global capitalism can’t of itself supply the cultural and moral formation worthy of the human person … our increasing interconnectedness holds great potential for offenses against human dignity. Advances in technology and communication can make it easier to sell pornography – or to traffic in human beings…” and so on.

In other words, I stand with the pope, that sin (what he calls in this case a “selfish and individualistic mindset”) can find expression in the context of human liberty lacking moral orientation, (what he calls in this instance, “global capitalism”).

Is the pope saying that capitalism is in and of itself “selfish and individualistic”? No. Can it express the vices (and for that matter the virtues) of people living in free economies? Yes.

That is why the Acton Institute exists — to promote virtuous free economies.

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Rev. Robert Sirico Rev. Robert A. Sirico received his Master of Divinity degree from the Catholic University of America, following undergraduate study at the University of Southern California and the University of London. During his studies and early ministry, he experienced a growing concern over the lack of training religious studies students receive in fundamental economic principles, leaving them poorly equipped to understand and address today's social problems. As a result of these concerns, Fr. Sirico co-founded the Acton Institute with Kris Alan Mauren in 1990. As president of the Acton Institute, Fr. Sirico lectures at colleges, universities, and business organizations throughout the U.S. and abroad. His writings on religious, political, economic, and social matters are published in a variety of journals, including: the New York Times, the Wall Street Journal, Forbes, the London Financial Times, the Washington Times, the Detroit News, and National Review. Fr. Sirico is often called upon by members of the broadcast media for statements regarding economics, civil rights, and issues of religious concern, and has provided commentary for CNN, ABC, the BBC, NPR, and CBS' 60 Minutes, among others. In April of 1999, Fr. Sirico was awarded an honorary doctorate in Christian Ethics from the Franciscan University of Steubenville, and in May of 2001, Universidad Francisco Marroquin awarded him an honorary doctorate in Social Sciences. He is a member of the prestigious Mont Pèlerin Society, the American Academy of Religion, and the Philadelphia Society, and is on the Board of Advisors of the Civic Institute in Prague. Father Sirico also served on the Michigan Civil Rights Commission from 1994 to 1998. He is also currently serving on the pastoral staff of Sacred Heart of Jesus parish in Grand Rapids, Michigan. Fr. Sirico's pastoral ministry has included a chaplaincy to AIDS patients at the National Institute of Health and the recent founding of a new community, St. Philip Neri House in Grand Rapids, Michigan.

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