by Thomas Reese, S.J., NCR
In a May 22 opinion piece for The Wall Street Journal, “The Pope’s Case for Virtuous Capitalism,” Cardinal Timothy Dolan of New York criticized the media for giving the impression that “the only thing on the pope’s mind was government redistribution of property, as if he were denouncing capitalism and endorsing some form of socialism.”
They overlook, the cardinal argues, “the principal focus of Pope Francis’ economic teaching — that economic and social activity must be based on the virtues of compassion and generosity.”
Cardinal Dolan believes that “the spread of the free market has undoubtedly led to a tremendous increase in overall wealth and well-being around the world,” but he also agrees that “far too many people live in poverty and have few opportunities to achieve prosperity.”
He argues that “all people, including the poor, benefit from a general increase in the overall wealth of society” caused by capitalism, but “the church certainly disapproves of any system of unregulated economic amorality, which leaves people at the mercy of impersonal market forces, where they have no choice but to sink, swim or be left with the scraps that fall from the table.”
Cardinal Dolan, whose archdiocese includes New York’s financial district, believes that “few people subscribe to an inhumane philosophy of radical economic individualism, and even fewer consider the ‘Wolf of Wall Street’ to be a good role model.”…