Scroll down for this very good analysis from a Deerfield man: (boldface, bracketed comments added)
Pope and economics
The pope’s heart is in the right place, but he demonstrated a fundamental lack of understanding of free markets and capitalism in his recent economic speech. It is only when China abandoned [reduced?
moderated?] paternalistic government that had kept a billion souls locked in poverty and turned to free-market capitalism that it went from Third World status to a superpower.
. . . more people were lifted from poverty to middle class than the total population of the United States.
Better that capitalism resulted in a few superrich and 500 million lifted out of poverty, than no superrich and 500 million who never left poverty. [Room for papal allusion to obsession with idle rich in
public discourse, including churchly]
The results of free-market capitalism in breaking the chains of poverty…
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