Pope Francis is backing a new movement to redefine capitalism as a force for good

Pope Francis is backing a new movement to redefine capitalism as a force for good

Quartz - Latest stories·2020-12-09 16:02

Capitalism has been condemned for many of the world’s evils, from massive income inequality to climate change. But self-interest wasn’t the core idea of the economic system first codified by Adam Smith in the 18th century. Avarice became coupled with capitalism in the 1980s, fueled largely by Nobel prize-winning economist Milton Friedman’s theory that the singular goal of businesses is to maximize profits for shareholders. In short, it was the argument that “greed is good.”

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