Capitalism has failed in pandemic, market needs reform: Pope Francis

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Capitalism has failed in pandemic, market needs reform: Pope Francis

Pope Francis had blown the gaff about his vision of a post-pandemic world on Sunday saying the pandemic crises had corroborated a swathe of substantiated evidences that the “magic theories” of market capitalism had failed to usher in any kind of material impact to weather the fiscal storms which came alongside the ongoing global-scale pandemic outbreak, pointing towards a predilection for a world that could nurture a new type of political displays and endorse “dialogue and solidarity” while ostracizing wars at all costs.

In point of fact, Pope Francis threw lights on his viewpoint for a post-pandemic world into a new encyclical, “Fratelli Tutti” (Brothers All), earlier on the day that reportedly united the core elements of his social teachings, released on the feast day of his namesake, St.

Francis of Assisi the peace-lover. Aside from that, it appears that the encyclical drew its inspirations from the theological philosophies of St. Francis alongside the Pope Francis’ previous evangelisations regarding the greater injustices of global economy alongside a morale destruction of the planet that comes up with a brewing economic inequality, suggesting a corrosive view towards a near-abolishment of middle-class economies across the globe which in turn has been feeding up the top ten per cent indwelling the fiscal pyramid.

Besides, the document had also asked for human solidarity in order to address the perils of today in a bid to prevent the evil thaumaturges of tomorrow.

Pope Francis calls for a reform of current political and economic institutions

More importantly, citing his sheer disbelief on capitalist institutions in times of great needs like of an ongoing pandemic outbreak that wreaks havocs on global economy and plunders hundreds of millions of people while enriching a few, Pope Francis wrote, “Aside from the differing ways that various countries responded to the crisis, their inability to work together became quite evident.

Anyone who thinks that the only lesson to be learned was the need to improve what we were already doing, or to refine existing systems and regulations, is denying reality………The fragility of world systems in the face of the pandemic has demonstrated that not everything can be resolved by market freedom”.