The Pope Is Wrong about Capitalism: Free Markets Are Best for the Less Fortunate

International Liberty

Forget the debate over whether Obama is a socialist.

Now we’re discussing whether Jesus is for big government. Or, to be more accurate, the Pope has started a debate about whether free markets are bad, particularly for the poor.

Samuel Gregg of the Acton Institute wrote about the underlying theological issues in an article for National Review, but I hope I also contributed to the secular aspect of the debate in this BBC interview.

The first thing I said was the rather obvious point that there’s a lot more to life than accumulating wealth.

My most important point was that capitalism is the only successful model for creating broadly shared prosperity and I used examples from the Pope’s home region of Latin America to show that nations with more economic liberty are far more successful.

But I emphasized that supporters of freedom have a challenge because many…

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5 Comments (+add yours?)

  1. nottrampis
    Nov 07, 2014 @ 10:54:25

    Free markets are NEVER best for the poor competitive markets are fortunately.

    Carnegie Rockfeller etc were terrible for consumers and thus the poor.

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  2. nottrampis
    Nov 07, 2014 @ 13:10:58

    yep,
    Rockefeller and his robber baron mates were able to manipulate the market and thus consumers had to pay higher prices. Producer sovereignty was occurring not consumer sovereignty.
    When Consumer sovereignty is in control then we have competitive markets and thus the lowest prices for consumers.

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    Reply

  3. nottrampis
    Nov 07, 2014 @ 14:47:12

    It was no myth , only to ideologues

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    Reply

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