More On Pope Francis and Capitalism

by Don Boudreaux on September 28, 2015

in Reality Is Not Optional, Standard of Living, The Profit Motive

SUNY-Purchase economist Liya Palagashvili (GMU Econ PhD, 2015) and I reflect, in U.S. News & World Report, on Pope Francis’s skepticism of free markets.  A slice:

If we look across time, it is market-driven economic development that lifted billions of individuals out of poverty. And if we look across economic systems today, the capitalist economies are the ones that ensure the best outcomes for the poor. Individuals in non-capitalist countries would love the economic opportunities regularly offered to ordinary men and women in capitalist societies. Only in societies made rich by capitalism are food and clean water abundant; only in capitalist societies do the masses have the best access to affordable and effective health care. Such goods and services are widely available under capitalism because the spirit of profit motivates people to produce them.

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