Pope says free market, 'trickle-down' policies fail society

Pope Francis delivers the Angelus prayer from his window on the day of the release of his new encyclical, titled"Fratelli Tutti" , at St. Peter's Square at the Vatican, October 4, 2020. REUTERS/Remo CasilliShare this contentVATICAN CITY: Pope Francis said on Sunday that the COVID-19 pandemic was the latest crisis to prove that market forces alone and"trickle-down" economic policies had failed to produce the social benefits their proponents claim.

The pope says in the first line of the 86-page encyclical that St. Francis had"addressed his brothers and sisters" that way. In the document, he uses the term"men and women" 15 times and speaks several times about defending the rights and dignity of women.

Francis denounced"this dogma of neo-liberal faith" that resorts to"the magic theories of 'spillover' or 'trickle' ... as the only solution to societal problems". A good economic policy, he said,"makes it possible for jobs to be created and not cut".The 2007-2008 financial crisis was a missed opportunity for change, instead producing"increased freedom for the truly powerful, who always find a way to escape unscathed".

Those with much must"administer it for the good of all" and rich nations are obliged to share wealth with poor ones. But he said he was"certainly not proposing an authoritarian and abstract universalism".

Pope corrupt people fail society.

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