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Quotation of the day on Pope Francis’s misguided worldwide campaign against capitalism and entrepreneurs…. – Publications – AEI

Summary:
AEI Quotation of the day on Pope Francis’s misguided worldwide campaign against capitalism and entrepreneurs…. …. is from Lawrence J. McQuillan’s May 12, 2017 article titled “Pope Francis’s Failure to See Entrepreneurs as Good Samaritans Undercuts the Poor“: The most effective path to lifting people from poverty by the millions is decentralized market-based entrepreneurship. Recent progress in China and India, where hundreds of millions of people have escaped some of the worst poverty on earth, was the result of governments expanding economic freedoms. Francis does not recognize that what he advocates around the world undermines the core institutions of capitalism needed for this process to work successfully. His call to weaken private-property rights and decrease economic freedom results

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AEI
Quotation of the day on Pope Francis’s misguided worldwide campaign against capitalism and entrepreneurs….

…. is from Lawrence J. McQuillan’s May 12, 2017 article titled “Pope Francis’s Failure to See Entrepreneurs as Good Samaritans Undercuts the Poor“:

The most effective path to lifting people from poverty by the millions is decentralized market-based entrepreneurship. Recent progress in China and India, where hundreds of millions of people have escaped some of the worst poverty on earth, was the result of governments expanding economic freedoms. Francis does not recognize that what he advocates around the world undermines the core institutions of capitalism needed for this process to work successfully.

His call to weaken private-property rights and decrease economic freedom results in slower economic growth, and shrinks the surplus that people use to start new businesses, hire more employees, and engage in effective private charitable giving. Unfortunately, the approach Francis advocates generally results in more human suffering, not less, thus undercutting his call to help the poor. He does not see the contradiction between his TED talk and his actions around the world to strengthen government power and undermine entrepreneurship.

The most effective anti-poverty program is a job. The most effective development strategy is sustained private investment by market-based entrepreneurs. Unfortunately, Pope Francis undercuts both with his worldwide crusade against capitalism.

Quotation of the day on Pope Francis’s misguided worldwide campaign against capitalism and entrepreneurs….
Mark Perry

Mark Perry

Mark J. Perry is concurrently a scholar at AEI and a professor of economics and finance at the University of Michigan’s Flint campus. He is best known as the creator and editor of the popular economics blog Carpe Diem. At AEI, Perry writes about economic and financial issues for American.com and the AEIdeas blog.

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