Pope Francis' views on business, the economy through the years

During his tenure as the head of the Catholic Church, Pope Francis, who died Monday at age 88, spoke about how businesses and the economy should support the poor, while pushing back on suggestions he was anti-capitalist.

The Vatican announced the death of Francis on Monday after he recently battled double pneumonia, following a series of health challenges in recent years. Francis had recovered enough to participate in Easter Sunday festivities in Rome, where he met with Vice President JD Vance.

Vatican officials announced in an update on Monday that the pope died of a cerebral stroke.

Francis, who was born in Argentina and named Jorge Mario Bergoglio, was interviewed by Argentine journalists Francesca Ambrogetti and Sergio Rubin for their 2023 book "El Pastor," in which he discussed his views on capitalism and the economy, which were profiled in "America Magazine" — a Catholic magazine published by the American Jesuits.

"I do not condemn capitalism in the way some attribute to me. Nor am I against the market [economy]," the pope said. "I am in favor of what John Paul II defined as a social economy of the market. This implies the presence of a regulatory authority, that is the state, which should mediate between the parties. It is a table with three legs: the state, capital, and work."

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"In no part of the Bible is there a commandment to produce poverty," Francis said. He said that the popular beatitude "blessed are the poor in spirit" means "the person who is not attached to riches." He added that "in no way is it bad to produce wealth for the good of all" and that "to produce it is an act of justice. And for that justice to be complete, it has to be distributive."

Francis said in the book that governmental support for unemployed workers should be designed in such a way that it does "not affect the culture of work," because "work gives dignity to people."

In remarks last June to managing directors and employees of major companies and banks, Francis said that businesses should focus on challenges related to the environment, the "poorest and the discarded," as well as young people.

The pope urged them to put the environment at the center of their attention and said, "We are living in a time of serious environmental crisis that depends on many individuals and factors, among which are the economic and business choices of past and present."

"It is no longer enough merely to comply with the laws of states, which are proceeding too slowly: we need to innovate by anticipating the future, with courageous and forward-looking choices that can be imitated. The innovation of the entrepreneur nowadays must first and foremost be innovation in caring for our common home," Francis said.

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He also urged them to "not forget the poorest and the discarded," saying: "A 'circular economy has become a key term, calling for reusing and recycling waste. Yet while we recycle materials and their waste, we have not yet learned – allow me to use the expression – to 'recycle' and not discard people and workers, especially the most vulnerable, to whom the culture of waste often applies."

"It is important that you be wary of a certain 'meritocracy' that is used to legitimize the exclusion of the poor, who are judged as undeserving, even to the point of viewing poverty itself as their fault," the pope added. "The challenge is to include the poor in businesses, to make them resources for the benefit of all. This is possible. I dream of a world in which the discarded can become the protagonists of change, yet it seems to me that Jesus has already accomplished that, don't you think?"

Francis' remarks also encouraged businesses to extend opportunities to young people, who he said "are often among the poor of our time: poor in resources, opportunities and a future. Paradoxically, this occurs both where there are many of them, yet lacking in means, and where there are fewer and fewer of them – such as in Italy, because children are not being born here – yet with available means." 

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"We do not learn any job without 'corporate hospitality,' which means generously welcoming young people when they lack the required experience and skills, for every job is learned only by doing it," the pope said. "I encourage you, then, to be generous, to welcome young people into your businesses, giving them a glimpse of the future so that an entire generation does not lose hope."

In remarks to Italian family businesses in October 2024, Francis said, "The Church is the family of God, and looks kindly on everything that is family. First individuals and then the family: no! First the family and, within the family, the people."

"In your case, you are characterized by the delicate balance between family and work, which is expressed in entrepreneurial courage and responsibility. It is good, it is constructive when courage and responsibility go together," he said.

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"Like the mission of the Church, your activity is generally rooted in a territory, which you are called upon to enrich, both with the witness of family bonds and the seriousness of your professional commitment," he said. "May the gift of faith increasingly guide your presence in local realities, and strengthen your participation in the fortunes of humanity. Let us not forget that everything is connected, nothing is isolated."

Francis said that the family businesses should "keep going, to feel that you are part, in the Church, of a larger family and a great undertaking, which is service to the Kingdom of God and to its justice."

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"I therefore invite you to enlarge your heart and broaden your outlook, to nurture listening, at home and in business, between different generations – this is important, listening between different generations; grandparents with grandchildren, this is very important," the pope said. "Believe in the vocation of your children – whatever it may be – and open doors and windows to those who wish to travel a stretch of the road with you." 

"Let us remember the parable of the talents: none of what has been entrusted to you should be 'buried'! Do not be afraid, and keep going with confidence," Francis said.