On Feb 5, Pope Francis called for wealth distribution in order to alleviate poverty. But is that a real solution?
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Acton Line Podcast: Responding to the pope's call for wealth redistribution
February 12, 2020
Pope Francis recently called on finance ministers to reduce wealth inequality with wealth redistribution ([link removed] )
On February 5, Pope Francis addressed a crowd of economists and finance ministers that had gathered together for a seminar on "New Forms of Solidarity Towards Fraternal Inclusion, Integration and Innovation." During his speech, the pope addressed the economy, sin and finance, and he also called for wealth distribution in order to alleviate poverty. “The world is rich and yet the poor increase around us,” he said. “If extreme poverty exists in the midst of wealth (also extreme) it is because we have allowed the gap to widen to become the largest in history. ”The pope says it's a "fact" the poor have only grown poorer while the rich continue to get richer – but is this really true? Can poverty really be alleviated through wealth redistribution? Acton’s president and co-founder, Rev. Robert Sirico, comes on to the podcast to answer.
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Flexible wages are one path to a more humane market
By Michael Szpindor Watson and Grattan Brown • February 12, 2020
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In recent years, conservative criticism of the free market has amplified. In a widely noted column, R. R. Reno of First Things wrote, “The dynamism, velocity, and mobility of capitalism are destabilizing our societies. … Capitalism has a marvelous capacity to innovate, create wealth, and expand prosperity. But it lacks the capacity to give people stability, solidarity, and a sense of belonging. In fact, in its current form, global capitalism seems positively hostile to these fundamental human needs.” In other words, the free economy lacks room for the permanent things, to recall Russell Kirk’s use of T. S. Eliot’s expression. Families and communities need certainty about the strength of familial and neighborly ties as much as—even more than—they need affordable goods and services. Prudent, just employment practices, recognized in public policy, are essential for orienting today’s capitalism to the flourishing of those permanent things. Flexible wages are one important strategy for achieving this goal. Wage flexibility minimizes unemployment by preserving existing jobs during economic downturns and increasing compensation during economic expansion. Thus, wage flexibility should be an unabashed aim of public policy.
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