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Pope Francis' Economics 101

2014-02-02

From the get go, the poor and economic inequality have been pillars of Pope Francis' pontificate. His comments have been  praised by some and highly criticized by others. But experts like Chris Lowney say finding solutions to economic disparity, is much more complicated than right or wrong.

CHRIS LOWNEY
Pope Francis: Why He Leads the Way he Leads
"One of the big problems we have, at least in the United States is that we fall into very simplistic black and white discussions about economy.”

For years Lowney was Managing Director at J.P Morgan in New York, Tokyo, Singapore and London. As the author of Pope Francis: Why He Leads the Way he Leads, he says when it comes to the free market, people make the mistake of focusing just on the good or the bad.

CHRIS LOWNEY
Pope Francis: Why He Leads the Way he Leads
"You think the free markets, financial markets are wonderful and the cure to every problem in the world. Or you think that free markets, financial markets are satanic and nothing good comes out of them.”

Lowney says he has seen families rise out of poverty because of the free market. On the other hand, he has also seen its brutality and indifference.

CHRIS LOWNEY
Pope Francis: Why He Leads the Way he Leads
"A market doesn´t care about the fact that you're an old person and don't have enough to live or the market doesn't care that you don't have the skills to keep up and have a good job.”

He welcomes the Pope's message of helping the poor and marginalized, adding that in less than a year, he has managed to shake up the conversation.

CHRIS LOWNEY
Pope Francis: Why He Leads the Way he Leads
"If the Pope can on the one hand keep us focused on the poor the people who have the least and then on the other hand make us think about solutions without drifting into our very simplistic ideas, I think that would be an incredibe accomplishment.”

From the homeless to presidents, the Pope's comments have reached everyone. Only time will tell, if his words will have a direct effect.


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