Pope Benedict XVI, Scourge of “Unregulated Capitalism”
If many progressives are disappointed that President Obama and most political leaders have not done more to reign in the corruption and greed of Wall Street titans who sparked a global financial crisis, they have an unlikely ally in a theologian who leads a global church of more than a billion souls.
While Pope Benedict XVI is viewed as a staunch conservative for his opposition to same-sex marriage and frequent pronouncements on sexual ethics, his powerful voice on economic justice issues too often gets short shrift. But it’s hard to ignore the pope’s recent blistering critique of what he describes as “unregulated financial capitalism.” Pope Benedict, who has urged world leaders to pay more attention to the “scandal of glaring inequalities” between rich and poor nations, used his recent World Day of Peace message to challenge “the prevalence of a selfish and individualistic mindset” that gives rise to economic models based on “maximum profit and consumption.”
It’s unlikely that Catholic Republicans like Rep. Paul Ryan or House Speaker John Boehner, free-market fundamentalists with a soft spot for Ayn Rand-libertarianism, will be passing out copies of the pope’s address in the halls of Congress. You can also bet many lawmakers from both parties, dependent on corporate campaign contributions from the financial services industry, paid scant attention to the Vatican’s call in 2011 for more robust financial regulation and a financial transaction tax.
But as we navigate the shoals of post-fiscal cliff Washington, with Republicans hankering for a fight on the debt ceiling and insisting on deeper spending cuts, political leaders could do worse than reflect on the Catholic justice tradition’s prudent balance between acknowledging a vital role for government while advocating for a market system that is tempered – and made more humane – by reasonable safeguards that serve the common good. In fact, Catholic social teaching on taxes, the role of government, the importance of unions, strong social safety nets and the need for robust regulation of global financial markets offers a progressive blueprint for building a moral economy.
The next time you hear a Catholic politician or a “pro-life” leader who argues for gutting financial regulations and slashing vital programs that protect children and the elderly so the wealthiest few can get more tax breaks, tell them to take it up with the pope.