- Pope Francis followed Warren Buffett in arguing that free markets can’t address growing inequality.
- The pontiff said in a letter to the Catholic Church’s bishops over the weekend that “magic theories” such as trickle-down economics wouldn’t solve all society’s problems.
- Buffett argued earlier this year that markets rewarded some skills but not others, exacerbating inequality in the absence of government intervention.
- “It isn’t some diabolical plot or anything,” the billionaire investor told Yahoo Finance, adding, “It’s because of the market system.”
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Pope Francis echoed Warren Buffett in blaming unfettered capitalism for rising inequality in a letter to the Catholic Church’s bishops titled “Fratelli Tutti” over the weekend.
“The marketplace, by itself, cannot resolve every problem, however much we are asked to believe this dogma of neoliberal faith,” the