In a recent article titled, “Pope Urges Legitimate Redistribution of Wealth” , it’s written that, “Pope Francis called Friday for governments to redistribute wealth and benefits to the poor in a new spirit of generosity to help curb the “economy of exclusion” that is taking hold today.”
With deep respect, rather than calling for greater government control over world economies, the Pope should consider the following ideas laid out in Congressional Resolution H.RES.422, which promotes Capitalism as the superior economic model.
The practice of the fundamental principles of capitalism has resulted in increased wealth;
The practice of capitalism has simultaneously fostered personal dignity and independence and extensive voluntary cooperation;
The practice of capitalism has resulted in enormous reductions in the costs of goods and services, increased upward economic mobility, increased wages, and increased competition, and thereby the quality of goods;
The practice of capitalism has resulted in wider diffusion of knowledge and education;
The practice of capitalism has resulted in dramatic extensions of life-spans and improvements in the quality of life;
The practice of capitalism has resulted in the spread of democratically accountable forms of government and the rule of law; and
Capitalism has historically been and continues to be misunderstood.
In support of these ideas, one only has to consider that the vast majority of the wealth in the world, particularly in the United States, is deployed in the service of the common individual. As an example, Walmart is a company worth about 300 billion dollars. This amount of wealth is generating nearly 500 billion dollars in economic activity PER YEAR, employes over 2 million people worldwide and makes less than 3.4% profit. Walmart’s wealth is redistributed to the poor through its business operations, where arguably EVERY human economic essential need can be obtained at rock bottom prices. Capitalism is the driving force behind this massive, perpetual redistribution of wealth at Walmart, just as it is at businesses from Apple Computer to McDonalds.
Rather than look to the U.N. “to promote development goals that attack the root causes of poverty and hunger, protect the environment and ensure dignified labor for all,” the Pope should call upon governments of the world to step aside and let Capitalism redistribute wealth to the poor and everyone else.
Michael Malgeri is the creator of the “Johnny Profit” series of children’s books, which teaches young people about capitalism. He authored H.R.422, a Congressional Resolution that creates awareness of the superiority of Capitalism as an economic model. His website is www.Kids4biz.com