The Pope speaks out on the Free Market

Richard Murphy spots the Pope’s strong statement giving so much more detail to the points made about the Free Market in the recent attempt to summarise CCMJ’s gathered insights………………….The Pope’s kicking neoliberalism when it’s down today

Posted: 04 Oct 2020 06:53 AM PDT
This is from the Papal Encyclical that was published today. I’m not a Catholic, but this is worthy of note, and for more reason than the fact that it’s been said:

168. The marketplace, by itself, cannot resolve every problem, however much we are asked to believe this dogma of neoliberal faith. Whatever the challenge, this impoverished and repetitive school of thought always offers the same recipes. Neoliberalism simply reproduces itself by resorting to the magic theories of “spillover” or “trickle” – without using the name – as the only solution to societal problems. There is little appreciation of the fact that the alleged “spillover” does not resolve the inequality that gives rise to new forms of violence threatening the fabric of society. It is imperative to have a proactive economic policy directed at “promoting an economy that favours productive diversity and business creativity”[140] and makes it possible for jobs to be created and not cut. Financial speculation fundamentally aimed at quick profit continues to wreak havoc. Indeed, “without internal forms of solidarity and mutual trust, the market cannot completely fulfil its proper economic function. And today this trust has ceased to exist”.[141] The story did not end the way it was meant to, and the dogmatic formulae of prevailing economic theory proved not to be infallible. The fragility of world systems in the face of the pandemic has demonstrated that not everything can be resolved by market freedom. It has also shown that, in addition to recovering a sound political life that is not subject to the dictates of finance, “we must put human dignity back at the centre and on that pillar build the alternative social structures we need”.[142]

169. In some closed and monochrome economic approaches, for example, there seems to be no place for popular movements that unite the unemployed, temporary and informal workers and many others who do not easily find a place in existing structures. Yet those movements manage various forms of popular economy and of community production. What is needed is a model of social, political and economic participation “that can include popular movements and invigorate local, national and international governing structures with that torrent of moral energy that springs from including the excluded in the building of a common destiny”, while also ensuring that “these experiences of solidarity which grow up from below, from the subsoil of the planet – can come together, be more coordinated, keep on meeting one another”.[143] This, however, must happen in a way that will not betray their distinctive way of acting as “sowers of change, promoters of a process involving millions of actions, great and small, creatively intertwined like words in a poem”.[144] In that sense, such movements are “social poets” that, in their own way, work, propose, promote and liberate. They help make possible an integral human development that goes beyond “the idea of social policies being a policy for the poor, but never with the poor and never of the poor, much less part of a project that reunites peoples”.[145] They may be troublesome, and certain “theorists” may find it hard to classify them, yet we must find the courage to acknowledge that, without them, “democracy atrophies, turns into a mere word, a formality; it loses its representative character and becomes disembodied, since it leaves out the people in their daily struggle for dignity, in the building of their future”.[146]

Para 168 is powerful.
Para 169 is radical.
Thank you Richard….Yours Peter-

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