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The Economy of Francis - of both saint and pope

English Spanish Tony Magliano Profile

The world – and especially the poor – needs a national and global economy that justly and fairly works for everyone.

The hungry, homeless, unemployed, underemployed, refugees, and all destitute fellow human beings desperately need, and deserve a just and fair sharing of the wealth. But instead, most economies are designed to overwhelmingly benefit the rich while throwing crumbs to the needy and simultaneously wreaking havoc upon the earth.

For example, while oil, gas and coal companies – which are dangerously contributing to climate change – continue to receive billions of dollars in annual taxpayer subsidies from the U.S. government and other wealthy nations (see:, and while huge U.S. tax cuts which have overwhelmingly benefitted rich individuals and huge corporations remain in place, the U.S. federal minimum wage of $7.25 hasn’t been raised in over 10 years.

And this was before COVID. Now millions of people are not only unemployed, they are also uninsured. Furthermore, the World Bank is warning that the number of people in extreme poverty – defined as those struggling to survive on less than $1.90 a day – was estimated to increase by at least an additional 88 million people before the end of 2020 (see: And in the midst of this crisis, billionaires are raking in new financial fortunes (see:, while countless workers continue to be mere disposable cogs in the corporate wheel – even during the pandemic (see:

Into all this national and global injustice enters Pope Francis. God knows our Holy Father has been doing everything he can to inspire the world to undo the immoral unjust economic status quo and create economic systems that work for all – especially the poor.

His most recent effort is the very creative initiative dubbed “The Economy of Francesco.”

In a beautifully prophetic letter to young economists and entrepreneurs around the world, Pope Francis extended an invitation to participate in an international gathering designed to lay the foundation of a “pact to change the current economy and give a soul to the economy of tomorrow” (see:

And they came!

More than 2,000 young economists and entrepreneurs from 120 countries, along with farsighted experts, kicked-off “The Economy of Francesco” (Nov. 19-21, 2020) with a virtual global online conference centered in the historic Basilica of St. Francis in Assisi, Italy (see: 

Using the “Economy of Francesco” conference video (see: would be an inspiring way to imagine and begin implementing a world which works for everyone. Consider using it in parish, high school, college, campus ministry and various faith group settings.

In their final statement, the young professional participants of the “Economy of Francesco” conference present to world powers and financial institutions a 12-point human-centered proposal outlining a fresh economic way forward away from greed and death, toward life and dignity for all (see:

They end with this very moving final point: “We young people can no longer tolerate resources being taken away from schools, health care, our present and our future to build weapons and fuel wars needed to sell them. We would like to tell our children that the world at war is finished forever.”

May the people of God say Amen to that!

In concluding his invitation letter, Pope Francis wrote “The name of this event – ‘Economy of Francesco’ – clearly refers to the Saint of Assisi and to the Gospel that he lived. ... For me, who took his name, he is a constant source of inspiration.”

May St. Francis and Pope Francis be an ongoing source of inspiration to each of us that with God’s grace, we can together build a world where all God’s people have a place at the table of plenty!

Tony Magliano
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Comments from readers

David Wilson - 01/29/2021 08:07 AM
“God shapes the world by prayer. The more praying there is in the world the better the world will be, the mightier the forces against evil.” … St. Teresa of Calcutta Unfortunately, this article doesn't mention Jesus Christ, Redeemer of the world, the Holy Spirit, Holy Mary, Mother of God, or St. Joseph. Having studied the Bible from Genesis to Revelation, I'm positive Robin Hood is never mentioned. Hearts are moved by preaching the Gospel of Jesus Christ, which is not even suggested in the article. How is this Catholic?
Maria - 01/25/2021 02:48 PM
Apoyo el comentario del Señor Art Acuña En este país el que quiere estudiar y superarse existen lo medios para hacerlo. Es muy rico no tener que sacrificarse estudiando para luego tener una educación y ganarse la vida con el sudor de la frente como lo dice la biblia ,recibir dinero del gobierno es crear una sociedad de vagos . El que tiene aspiraciones si no tiene nada se empieza desde abajo y así se valoran las cosas . Es edificar una sociedad con dignidad humana .
HECTOR GONZALEZ - 01/25/2021 09:45 AM
Some people think that if you make the smallest criticism of present economic life among humans you are a socialist. Socialism is for them a bad word to avoid. The Pope travelled all Africa, Middle East and Orient World and his personal experience is that we need to build a human world filled with solidarity. It is not socialism, is solidarity. Solidarity is a perfect word for a follower of Jesus. As Christian we should work for Solidarity among humans. Be not afraid. It is not Socialism, is Solidarity among humans on planet earth.
Art Acuña - 01/25/2021 08:46 AM
It appears to me that His Holiness' message is the message of Karl Marx: a one-world government to administer to world's resources and wealth. This hasn't worked so well for the USSR, Cuba, Venezuela, and China. There is, undoubtedly, greed in capitalism but it is up to all of us, as individuals, to combat our selfishness by supporting companies that are more humane (i.e. less greedy). Pope Francis's economy would penalize the desire to excel and create opportunities and jobs. Capitalism has done more for raising the world's standard of living than socialism, which is the philosophy of envy. Socialism has never created anything except misery. Capitalism is flawed but can be improved; socialism is destructive and there is no way to improve that.


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