https://www.wsj.com/articles/a-dialogue-with-pope-francis-11602026069?mod=opinion_lead_pos4
On Sunday Pope Francis released his encyclical Fratelli Tutti (“All Brothers”), meant to point a world reeling from Covid-19 in a more hopeful direction. Though ranging from war and nationalism to immigration and social dialogue based on “insult,” the document repeats his earlier indictments of capitalism. In particular he scores “those who would have had us believe that freedom of the market was sufficient to keep everything secure” after the pandemic hit.
The true answer to what ails us, he writes, is openness and dialogue. So in that spirit we would suggest that while the pope has many wise things to say, we’ve never met any market liberals who believe what Pope Francis attributes to them. Certainly Adam Smith—a professor of moral philosophy—did not believe the “dogma” that markets can “resolve every problem.” As Smith understood, the market depends on a rules-based legal order and the cultivation of virtues such as hard work, thrift, enterprise, and even what he saw as the religious virtue of benevolence.
In the wake of Covid-19, Pope Francis writes that the “fragility” of global capitalism has made the world more fragmented and unable to deal with the pandemic. But is that really true?