The encyclical was signed, but is not released yet, and the debate continues: Michael Novak responds to Fr. Reese's article.
What exactly is in Benedict XVI’s new encyclical on the economy and labor issues is not yet known. Catholic leftists and progressives, though, are already trembling with excitement. Three glaring errors have already appeared in these heavily panting anticipations.
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In brief, nearly all the leftish critiques of American and other forms of capitalism are empirically false. They do not fit the actual facts. But these three—greed, unregulated markets, and the idea that capitalism makes the poor of the world worse off—are especially tiresome, and very far from reality.
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