Cardinal Timothy Dolan of New York has written that Pope Francis is not endorsing socialism, despite a recent papal call for economic redistribution by states.
Writing in the Wall Street Journal, Cardinal Dolan stated the Pope believes capitalism must come with “compassion and generosity”.
The principal focus of Pope Francis’s economic teaching is that economic and social activity must be based on these virtues, Cardinal Dolan explained.
“The Church has consistently rejected coercive systems of socialism and collectivism, because they violate inherent human rights to economic freedom and private property,” the cardinal wrote.
“When properly regulated, a free market can certainly foster greater productivity and prosperity,” he added.
“But, as the Pope continually emphasises, the essential element is genuine human virtue.”
Cardinal Dolan also wrote that the capitalism experienced by many in developing or newly industrialised countries is “an exploitative racket for the benefit of the few powerful and wealthy”.