Pope: Market capitalism has failed in pandemic, needs reform

Italy Pope Assisi
Posted at 2:30 PM, Oct 04, 2020
and last updated 2020-10-04 17:30:45-04

ROME (AP) — Pope Francis says the coronavivrus pandemic had proven that the “magic theories” of market capitalism have failed and that the world needs a new type of politics that promotes dialogue and solidarity.

Francis laid out his vision for a post-COVID world by uniting his social teachings into a new encyclical.

The document was released Sunday on the feast of his namesake, the peace-loving St. Francis of Assisi. In it, Francis rejected even the Catholic Church’s own doctrine justifying war as a means of legitimate defense, saying it had been too broadly applied.

He also cited the loss of millions of jobs in the pandemic as a reason to craft more just social and economic policies.