This article examines the economics of Pope Francis, particularly his views on markets, in the context of a century of Catholic Social Thought (CST). In general, CST has recognized the potential and necessity of markets, while also encouraging them to be guided toward the common good. The Church has emphasized the role of civil society and morality when it comes to economic exchange and has demonstrated an acute understanding of the dangers of interventionist governments. In this article, we demonstrate how Pope Francis has diverged from his predecessors in his critiques of markets and takes an ungenerous approach to them. Pope Francis critiques markets in a way that is different from his predecessors. He often uses hyperbole when discussing the impact of markets and does not reflect on the comparative failings of alternative institutional arrangements (i.e., a larger state) in his writings or speeches, given the imperfections of human nature.
Julia R. Norgaard, Hannah Mead Kling, and Nikolai G. Wenzel, "Pope Francis and a Century of Catholic Social Teaching on Markets: From Measured Optimism to Skepticism," Journal of Markets & Morality 25, no. 2 (2022): 187-203