Pope Francis on just distribution of wealth

The year 2016 is about to end which is welcome news for most of the world. It was a year that can only be described as one of revolt against established institutions and the traditional elites. I also call it the Year of Pessimism – when people all over the world have concluded nothing was going right. Even Pope Francis has said that the world is in a state of “great unrest.”

Globalization was hailed by the elites as the key to a global golden age. But to the ordinary working people, from the United States to developing countries, globalization brought loss of jobs.

The fruits  of globalization was supposed to bring economic growth which would “trickle down”  to the poor. Instead it became an economic tool used to threaten the working class who were demanding higher pay, job security and better working conditions. Workers everywhere, from the United States to Europe to Africa and Asia were told that any demand for a better life would lead to corporations moving to cheaper countries.

For the rich, globalization was a “race to the top.” The world has more billionaires than it has ever had. For the workers, globalization was a “race to the bottom.” Sixty-two of the world’s richest billionaires has as much wealth as the bottom 50 percent of the world’s population. This means that 62 persons have the same wealth as 3.5 BILLION people.

Income inequality has become the world’s biggest economic problem. This is the reason for the emerging rise of nationalism and trade protectionism.

The one institution that seems to be surviving with an intact reputation is the Catholic Church primarily because of the leadership of Pope Francis. He has called for the empowerment of the marginalized sector to fight global income inequality. In a 2015 speech in Bolivia, considered radical by many, Pope Francis called for grass roots movement to fight for the just distribution of wealth. He said that “a just distribution of wealth is not mere philanthropy but about giving the poor what is theirs by right.”

Cardinal Peter Turkson is the point man of Pope Francis on the issue of income inequality. In a television interview, Turkson admitted that a billion people have been lifted out of extreme poverty in recent years. However, he also said that although this is true, so is the fact that income inequality has grown.

In a Vatican Forum with an audience of 100 global CEOs, Turkson said that business must think of creative ways of doing business so that lifting people out of poverty does not increase inequality.

Turkson called on business leaders to recognize themselves as “co-creators and partners with God.” He said: “ God created a tree. He did not create furniture. This is what we [the Church] believe business is: A partner with God in creation.” He urged the CEOs to take a more “holistic view of business and its activities,” putting the wellbeing of the human person, not profits, at the center of their strategies.

The message of Pope Francis and Cardinal Turkson is so much more challenging today when we constantly hear of even global blue chip banks and companies engaging in illegal activities like money laundering, tax evasion and falsification of accounting records. Even in the Philippines, companies continue to engage in bribery and corrupt practices. While the focus has been on government corruption, there is no question that corruption in the private sector is also responsible for the corrupt bureaucracy.

Pope Francis has called this as the “tyranny of money” where the rich have become callous to the injustice of income inequality and the suffering of the poor. Many of the rich believe that they can satisfy their obligation by giving charity or engaging in philanthropy.

The call of Pope Francis for a “just distribution of wealth” has been condemned as a socialist or utopian idea. But the Pope has also warned that if nothing is done there will be violence.

Pope Francis address to Global CEOs

Early this month, Pope Francis gave an address to several global CEOs who met at a Vatican Forum. In his speech, the Pope said:

“Our world today is marked by great unrest. Inequality between peoples continues to rise and many communities are impacted directly by war and poverty, or the migration and displacement, which flows from them. People want to make their voices heard and express their fears and concerns. They want to make their rightful contribution to their local communities and broader society, and to benefit from the resources and development too often reserved for the few. While this may create conflict and lay bare the many sorrows of our world, it also makes us realize that we are living in a moment of hope. For when we finally recognize the evil in our midst, we can seek healing by applying the remedy.”

Pope Francis called for a renewal and response to injustice. He said: “The fundamental renewal does not have to do simply with market economics, figures to be balanced, the development of raw materials and improvements made to infrastructure. No, what we are speaking about is the common good of humanity, of the right of each person to share in the resources of this world, and to Have the same opportunities to realize his or her potential that is ultimately based on the dignity of the children of God, created in his image and likeness.”

For the elites and the rich, the biggest challenge will be to accept the words of Pope Francis that profits must not lead to more income inequality and that the poor have a right to the just distribution of wealth.

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