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Affluent Christian Investor | October 22, 2017

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Is Jorge Bergoglio, The New Pope Francis, A Capitalist?

I remember when Cardinal Ratzinger was announced as Pope. It happened while I was on live TV, on CNBC with Larry Kudlow. They cut away from me and the other pundits to a live correspondent, who announced that the former Cardinal Ratzinger had decided to call himself Benedict XVI.

Larry said something like “I wonder what the significance of that is.” I turned my head away from the camera and said to my wife “It means he’s not giving up on Europe.” I wondered whether to try to get the attention of the line producer to inform him that I had something to say about the choice of name, but decided not to. I was there as an market pundit, not a church pundit (if there even is such a thing). But I’d always regretted not saying something, because subsequent events really did show that Pope Benedict XVI had in fact, chosen that name partly to evoke the memory of Saint Benedict who could reasonably lay hold to the claim that he was the father of Europe. His Benedictine monks, through great learning, and with great courage preserved the learning of the ancient world, mixed with piety, and used it to lay the foundation of what eventually became Europe.

So today, while on an investment committee conference call, when the white smoke appeared and shortly thereafter we learned that an Argentinian Cardinal named Jorge Bergoglio had been elected and had chosen for himself the name Pope Francis, I decided that this time I was going to share my first thought with friends and colleagues on the call. Here it is: the Pope will probably move the Church culturally to the right, and more likely move it economically to the left.

In other words, the age old answer to the question, “Is the Pope Catholic?” is, “Yes.” But the answer to the question, “Is the Pope capitalist?” is, “Probably not.”

First, there’s the basic biographical particulars: He’s a Jesuit from South America, Argentina in particular. Both facts on their own represent intellectual and ideological milieus which are decidedly unconducive to creating appreciation for the virtues of the market system. The movement known as ‘liberation theology’ , which splices Marxist economic theory onto Christian vocabulary, has strong roots both among Jesuits and Argentinians. This is not to say that Cardinal Bergoglio was in any sense a liberation theologian, let alone a Marxist. He resisted that tendency, and was often criticized by the hard left. Then again, entering fully into liberation theology would have been a bridge too far, outside of the good graces of the Church entirely. But one can be a fierce critic of the market system and still remain within orthodox Roman Catholicism.

And that appears to be the case with Cardinal Bergoglio. Although he’s been criticized by the hard left, his biographer, Sergio Rubin (who no doubt is a very happy man right now), says that such complaints should be put in context:

This kind of demonization is unfair, says Rubin, who wrote Bergoglio’s authorized biography, “The Jesuit.”

“Is Bergoglio a progressive — a liberation theologist even? No. He’s no third-world priest. Does he criticize the International Monetary Fund, and neoliberalism? Yes.

Neo-liberalism is a term used by the left to describe the modern school of economics which attempts to move the world towards free-markets (classical liberalism) and away from various forms of central control. But the Argentine political debate tends to take place between two statist camps: Peronism on the ‘right’ and Marxism on the left.

According to the Catholic Herald the former Cardinal’s ideological orientation is more from the anti-market right than from the anti-market left:

“Where do his political sympathies lie? Certainly not on the Left. Those who know him best would consider him on the moderate Right, close to that strand of popular Peronism which is hostile to liberal capitalism. In the economic crisis of 2001-2002, when Argentina defaulted on its debt, people came out on to the streets and supermarkets were looted, Bergoglio was quick to denounce the neo-liberal banking system which had left Argentina with an unpayable debt.”

The liberal National Catholic Reporter says that “Bergoglio has supported the social justice ethos of Latin American Catholicism, including a robust defense of the poor…” and approvingly quotes him as saying,

“We live in the most unequal part of the world, which has grown the most yet reduced misery the least. The unjust distribution of goods persists, creating a situation of social sin that cries out to Heaven and limits the possibilities of a fuller life for so many of our brothers.”

The former Cardinal placed a strong emphasis on the distribution of wealth, not the creation of it. Spiritually he places emphasis on identification with the poor and the spiritual benefits of living a life of poverty. His decision to choose the name Francis squares well with that. Conflicting press reports claim that he either chose the name to honor Francis Xavier, the founder of his order, or to honor Saint Francis. I think probably the latter is true. Francis built a monastic movement on vows of poverty, recruiting men, many of them wealthy nobles, to imitate Jesus’ life without property. Resisting the Albigensian heresy which held that poverty is morally obligatory and that private property is immoral, the Franciscans stayed within orthodox Church teaching. Nevertheless, Francis has become a revered figure among the Catholic left partly because of his practice of voluntary poverty.

There is nothing remotely untoward in St. Francis’ simple lifestyle. There is nothing remotely untoward in Cardinal Bergoglio’s simple life, cooking his own food, living in a modest home, using public transit, spending time in the slums. In fact, both men are wonderfully admirable for this choice.

But let’s not ignore the fact that the poor profoundly benefit when the economy grows; more so, even than when the church offers them a soup kitchen to visit. Neither the rightist Peron, nor the current leftist administration of Argentina has done much good for the poor. A century ago it was one of the world’s more prosperous countries, but it’s repeated rejection of both classical liberalism and (later) neo-liberalism, caused its prosperity to plummet compared with much of the rest of the world.

It is no coincidence that Argentina’s score of 47 on the Index of Economic Freedom (placing it as a miserable 160th of the freest counties in the world) accompanies its terrible poverty. Even mild attempts at ‘austerity’ were criticized by the Cardinal and much of the Argentine Church, but when austerity was abandoned and the currency devalued and debt reneged upon, the lot of Argentina’s poor became even poorer.

In his Te Deum homily, Cardinal Bergoglio told the story of Zaccheus from the Gospels:


Article originally published on

Jerry Bowyer is a Forbes contributor, contributing editor of, and Senior Fellow in Business Economics at The Center for Cultural Leadership.

Jerry has compiled an impressive record as a leading thinker in finance and economics. He worked as an auditor and a tax consultant with Arthur Anderson, as Vice President of the Beechwood Company which is the family office associated with Federated Investors, and has consulted in various privatization efforts for Allegheny County, Pennsylvania. He founded the influential economic think tank, the Allegheny Institute, and has lectured extensively at universities, businesses and civic groups.

Jerry has been a member of three investment committees, among which is Benchmark Financial, Pittsburgh’s largest financial services firm. Jerry had been a regular commentator on Fox Business News and Fox News. He was formerly a CNBC Contributor, has guest-hosted “The Kudlow Report”, and has written for, National Review Online, and The Wall Street Journal, as well as many other publications. He is the author of The Bush Boom and more recently The Free Market Capitalist’s Survival Guide, published by HarperCollins. Jerry is the President of Bowyer Research.

Jerry consulted extensively with the Bush White House on matters pertaining to the recent economic crisis. He has been quoted in the New York Times, The Wall Street Journal, Forbes Magazine, The International Herald Tribune and various local newspapers. He has been a contributing editor of National Review Online, The New York Sun and Townhall Magazine. Jerry has hosted daily radio and TV programs and was one of the founding members of WQED’s On-Q Friday Roundtable. He has guest-hosted the Bill Bennett radio program as well as radio programs in Chicago, Dallas and Los Angeles.

Jerry is the former host of WorldView, a nationally syndicated Sunday-morning political talk show created on the model of Meet The Press. On WorldView, Jerry interviewed distinguished guests including the Vice President, Treasury Secretary, HUD Secretary, former Secretary of Sate Condoleezza Rice, former Presidential Advisor Carl Rove, former Attorney General Edwin Meese and publisher Steve Forbes.

Jerry has taught social ethics at Ottawa Theological Hall, public policy at Saint Vincent’s College, and guest lectured at Carnegie Mellon’s graduate Heinz School of Public Policy. In 1997 Jerry gave the commencement address at his alma mater, Robert Morris University. He was the youngest speaker in the history of the school, and the school received more requests for transcripts of Jerry’s speech than at any other time in its 120-year history.

Jerry lives in Pennsylvania with his wife, Susan, and the youngest five of their seven children.


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