Maybe Pope Francis Doesn’t Understand Capitalism Because He Confuses It with Argentine Corporatism

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I listened to the Holy Father’s speech today and I thought it was quite good. He didn’t drop any bombs in the House chamber. (Perhaps he’s saving them for the UN General Assembly.) He seemed generally respectful and the kind of priest I wouldn’t have minded listening to on Sunday morning. He struck me as warm. As we’ve said before, we quite like Pope Francis on many levels, but his economics could use some work.

We are not the only ones who feel this way. We are also not the only ones to detect the influence (one way or the other or both) of Peronism, a form of Argentine crony capitalism, in his economics.

(From Reason)

The folks at Human Progress, a site operated by the Cato Institute’s Marian Tupy, suggest that the pope’s Argentine origins might be one source of confusion. Argentina is not a capitalist state but a corporatist one. For  If you mistake corporatism for capitalism, you would surely have a bad view of the latter. A century ago, Argentina and the United States were about equally wealthy (which is to say, in many ways, that they were equally poor).

Click here for the article.

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