Pope Says Coronavirus Pandemic Has Proven That ‘Magic Theories’ of Market Capitalism Have Failed

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Pope Francis says the coronavirus pandemic has 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 on Sunday laid out his vision for a post-COVID world by uniting the core elements of his social teachings into a new encyclical, ‘Fratelli Tutti’ (Brothers All), which was released on the feast day of his namesake, the peace-loving St. Francis of Assisi.

The document draws its inspiration from the teachings of St. Francis and the pope’s previous preaching on the injustices of the global economy and its destruction of the planet and pairs them with his call for greater human solidarity to address today’s problems.

Francis had started writing the encyclical, the third of his pontificate, before the coronavirus struck and upended everything from the global economy to everyday life.

He said the pandemic, however, had confirmed his belief that current political and economic institutions must be reformed to address the legitimate needs of the people most harmed by the coronavirus.

‘Aside from the differing ways that various countries responded to the crisis, their inability to work together became quite evident,’ Francis wrote.

‘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.’

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