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You are here: Home » Babylon » False Church » What Pope Francis Gets Wrong About Corporate ‘Greed,’ Global Hunger, and Inflation

What Pope Francis Gets Wrong About Corporate ‘Greed,’ Global Hunger, and Inflation

October 20, 2021 9:00 AM By Brad Polumbo Leave a Comment

Originally published by FEE.org.


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As the head of the Catholic Church, Pope Francis is an esteemed faith leader and global religious icon. But an expert in one field doesn’t make an expert in another—and the pope’s understanding of economics leaves a lot to be desired, if his latest remarks are anything to go by. 

Pope Francis recently made a statement on World Food Day that in effect blamed markets and capitalism for the persistence of world hunger. 

“The fight against hunger demands we overcome the cold logic of the market, which is greedily focused on mere economic profit and the reduction of food to a commodity, and strengthening the logic of solidarity,” he tweeted. 

“We must adapt our socio-economic models so they have a human face, because many models have lost it,” the pope continued. “Thinking about these situations, in God’s name I want to ask… The big food corporations to stop imposing monopolistic production and distribution structures that inflate prices and end up withholding bread from the hungry.”

The fight against hunger demands we overcome the cold logic of the market, which is greedily focused on mere economic profit and the reduction of food to a commodity, and strengthening the logic of solidarity. #WorldFoodDay

— Pope Francis (@Pontifex) October 16, 2021

We must adapt our socio-economic models so they have a human face, because many models have lost it. Thinking about these situations, in God’s name I want to ask:

— Pope Francis (@Pontifex) October 16, 2021

The big food corporations to stop imposing monopolistic production and distribution structures that inflate prices and end up withholding bread from the hungry.

— Pope Francis (@Pontifex) October 16, 2021

In Pope Francis’s telling, the “cold logic of the market” is the main barrier to eliminating world hunger. But this argument betrays a woeful misunderstanding of how markets operate and how past achievements in reducing global poverty have been achieved. 

“Free markets are arguably the single greatest tool to reduce poverty and create widely-shared abundance that mankind has yet discovered,” HumanProgress Managing Editor Chelsea Follett told me in an interview. “No country has ever become rich through charitable efforts alone.”

“Consider India, where the Catholic Church has done much admirable humanitarian work,” she continued. “In the 1970s, while Mother Theresa was helping to tend to that country’s poor, they were certainly in dire need, as over 67 percent of India’s children were underweight due to a lack of food. After India moved towards [freer markets] in the early 1990s, the country’s poverty rate plummeted. And the share of its children classified as underweight rapidly shrank, falling to around 30 percent in the most recent figures.” 

So, too, Follett explained that competitive markets have fostered the technological innovation that has made food more abundant and more affordable. 

But what about the current rise in food prices? Pope Francis isn’t wrong when he points out that food prices have gone up in the US and worldwide over the last year. Yet he gets the causality all wrong when he blames “big food corporations” and their supposed greed. (After all, the companies are no more or less greedy now than they were two years ago!)

Corporate greed is “not at all” to blame for the current rise in food prices, economist Alex Salter explained in an interview. “Food prices are rising due to surging demand and flagging supply. The only way to make sure there’s as much food available as people want to buy is for prices to go up.”

“Remember, prices don’t cause scarcity, they reveal scarcity,” he concluded. “Food would be even harder to get if companies didn’t raise prices. We can talk about ways of helping the poor using redistribution, but blaming corporate greed is nonsensical.”

Meanwhile, Follett pointed out that the long-term trend in food prices is actually a story of rapidly increasing affordability. 

“While the rise that we are currently seeing in food prices is worthy of attention, the long-term trend is heartening,” she said. “Over the last century, Americans have seen food become breathtakingly more affordable. So-called ‘corporate greed,’ in the form of food companies competing to offer consumers more options at lower prices, has helped to bring that about. Freedom to innovate and engage in market exchange is responsible for the long-term decline in food prices.”

Simply put, the pope is dead wrong about the root causes of global hunger and food inflation. It’s understandable that Pope Francis can’t be an expert in all things. But with such a massive platform and influential voice, he has an obligation to better inform himself before wading into economics affairs.

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Originally published by FEE.org.

Author: Brad Polumbo

Brad Polumbo (@Brad_Polumbo) is a libertarian-conservative journalist and Policy Correspondent at the Foundation for Economic Education. His work has been cited by top lawmakers such as Senator Rand Paul, Senator Ted Cruz, Senator Pat Toomey, Congresswoman Nancy Mace, Congressman Thomas Massie, and former UN Ambassador Nikki Haley, as well as by prominent media personalities such as Sean Hannity, Dave Rubin, Ben Shapiro, and Mark Levin. Brad has also testified before the US Senate, appeared on Fox News and Fox Business, and written for publications such as USA Today, National Review, Newsweek, and the Daily Beast. He hosts the Breaking Boundaries podcast and has a bachelor’s degree in economics from the University of Massachusetts Amherst.

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  • saira khan on “I will complete My promise to My Chosen…”I agree. Rational thinking
  • jimparsey on “I will complete My promise to My Chosen…”None of what you say doesn't make any sense remotely. If president passes away VP becomes president. You can't expect putin, JPB to pass away and trump to become president in 6 months. Start living in…
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  • William on “I will complete My promise to My Chosen…”The Lord gave me a dream a while ago of a small lovely little village called Clifton Reynes, where I think the Lord intends me to live at some point in the future. There is one pub in that village and…
  • Marques on “I will complete My promise to My Chosen…”I hope it's this July also! 2022 is supposed to be the year of the great exodus and the great wealth transfer so it makes sense but I know God does things on his timing so we will see...
  • Steve on “I will complete My promise to My Chosen…”Thank you Maria. Please feel free to post what Lord shows you. We really appreciate your insights.
  • Phil - Sydney on “I will complete My promise to My Chosen…”Thanks so much .maria We all have waited a long time Much love Phil
  • deborah on Prophetic dream shows Trump returning to U.S. presidencyI'm the same person who posted the comment above. I NO LONGER trust Trump or believe in him. I've left an updated comment above. He pushed the deadly vaccines and created the CARES Act which was a cru…
  • deborah on Prophetic dream shows Trump returning to U.S. presidencyTrump is responsible for the CARES Act, which incentivized hospitals to cooperate with inaccurate PRC tests and "guidance" that anyone "with" Covid who died was counted as a "Covid death", leading to…
  • Jason on “I will complete My promise to My Chosen…”Time will tell, but if I had to guess I'd say it could very well be this July. Gut feeling is my only evidence, so take that for what you will.
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  • MattNZ on “I will complete My promise to My Chosen…”Thank you and the LORD for this word Maria.
  • James Bailey on “I will complete My promise to My Chosen…”The recent volatility makes me think a bottom in July 22 is believable but I thought it was interesting that a technical analyst that I follow had previously shared with me his forecast that the stock…
  • Peng33 on Prophetic chart could be showing macro view of crypto winter aheadThank you for sharing
  • Iosif on Prophetic dream shows Bitcoin stuck in heavy trafficI have seen BTC at $32K-34K 18K 12K $85 (this price stayed little bit longer) $0.85 Don’t know if the prices are coming one after the other regarding the time(line), cause I’ve seen BTC crashing to al…
  • Iosif on Prophetic dream shows Shiba Inu will become a major crypto currency.As Maria is not responding to my mails. I will share the half of my long lost dream (I remembered cause of Maria’s Shina Inu dream). The dream is regarding the female version of ShiBa Inu. Their will…
  • Iosif on Crypto currency markets catapulting up!Regarding the cryptocurrency “DENT” I saw DENT at $0.1 God Bless, with love, Iosif
  • Iosif on Prophetic dream shows Trump returning to U.S. presidencyOn April 27th 2022 I shared a prophetic word regarding the comeback of Trump. After September he will start to make his comeback. God Bless, with love, Iosif
  • Iosif on Prophetic dream shows Bitcoin stuck in heavy trafficOn April 21 2022 I shared a prophetic word regarding Bitcoin and why its going to almost “zero”. The Bitcoin crash has to do with the Bitcoin hack coming in August (don’t know if it will be August 202…
  • Iosif on Prophetic chart could be showing macro view of crypto winter ahead53 weeks ago I shared a prophetic word on kingdomworkfaith of Bitcoin going almost to “zero”. On November 16th 2021 I shared a prophetic word on kingdomfaithwork about the upcoming “coldest winter eve…
  • Peter on DON’T TAKE THE BAITThank you for this message. It is so timely and a loving reminder from the Lord.
  • Fat B on Pure Evil Spreading Through America and Consuming ItWow!!! This was posted back in early 2016. This dream seems to be a home run straight out of the park. Fat B isn't that smart but, smart enough to know not to mess around with that MRNA and Johnson…
  • anonymous on The 16 Biggest Lies the U.S. Government Tells America About the Ukraine Waryour seeing it brother, not many get it but your spot on
  • Desiree on “The full circle fulfillment season has arrived.”Amen … i receive it in JESUS mighty name 🙏❤️
  • Undisclosed on Dream reveals crypto currency Ripple (XRP) will be backed by gold.you using UDST OR USDC?
  • Carla on Pure Evil Spreading Through America and Consuming ItWow this was an amazing dream. Makes total sense now !!
  • Chief on Dream reveals crypto currency Ripple (XRP) will be backed by gold.Mary Thank you for the info. I'm currently weighted in Kucoin with the remainder in Bittrex. As of now not adding any positions--awaiting the coming BTC (market) crash. Our Lord will order each of our…
  • Marcio on Dream reveals crypto currency Ripple (XRP) will be backed by gold.mary, James posted this big warning about Uphold in February. Many accounts have been stolen there. I would really stay away from that exchange, along with Coinbase. https://z3news.com/w/crypto-curren…
  • mary on Dream reveals crypto currency Ripple (XRP) will be backed by gold.Chief if you are in the US Uphold still sells Xrp I've been buying on there also Changelly.
  • Marcio on In my dream, I saw what seemed to me to be a tsunami wave.Thank you, Nick, for your kind words.

Donate to Z3 News:

All major payment methods accepted.
Remnant: The Righteous Remnant Now Arises by James Bailey

Author Links:

Alan Macleod
Anita Alexander
Angie van Greuning
Brian Shilhavy
Caroline Diadem
Centre for Research on Globalization
Chelsea Hagen
Chris Burns
Christine Beadsworth
Christopher Harris
Christy Johnston
Dana Jarvis
Dana R
Daniel Pontious
Diana Pulliam
Elaine Tavolacci
Elizabeth Marie
Elizabeth Vos
Ethan Huff
Expat Gal
Frederic William Engdahl
Glasgow Prophetic Centre
James Bailey
Jazzy
Jeffrey A. Tucker
Joanie Stahl
Jo Ellen Stevens
John Fenn
John the Dreamer
John Whitehead
Jon Miltimore
Joseph Mercola
Kathi Pelton
Katherine Lehman
Krista
Lana Vawser
Mac Slavo
Maria Conwell
Mena Lee Grebin
Michael Snyder
Michel Chossudovsky
Michele Burdo
Michelle Okeson
Monique Bizet
Morningstar News
Nate Johnston
New Eastern Outlook
Pastor James Durham
Peter Koenig
Prophetic Nurse
Rachel Baxter
Rev Susan O’Marra
Robert F. Kennedy Jr
Robin Kirby Gatto
S. Renee Felder
Silent Warrior
Simon Braker
Thomas Harry
Tim Price
Wanda Alger
Whitney Webb

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