A look back at papal criticism of a system that “considers profit as the key motive for economic progress.”|”
Nothing in Pope Paul’s “On the Development of Peoples” has provoked more comment than §37, on demography. Running a respectable second, however, is § 26, on liberal capitalism, together with a few related sentences in §§33 and 58. The Communist press was jubilant over what it called the Pope’s anticapitalism. Typical was the headline over the encyclical story in Rome’s Communist daily, L’Unita: “The Crisis of Capitalist Society in the Social Encyclical of Paul VI.” On the other hand, the business-minded press was perplexed and critical. Under the title “A Blessing for Secular Error,” the Wall Street Journal dismissed the encyclical as an “entirely worldly analysis.” It did not believe that the Pope’s “warmed-Marxism” would be of much help underdeveloped countries.
Such reactions, revealing an egregious ignorance of the Church’s social