I am pretty sure the editors of the Wall Street Journal would be disinclined to endorse Pope Francis' call for international regulation of markets via state action, to promote impact investment. Yet, that is just what he called for yesterday in speaking to a meeting at the Vatican on the theme "Investing in the Poor," which was organized, in part, by the University of Notre Dame. The pope said:
Advances in technology have increased the speed of financial transactions, but in the long run this is significant only to the extent that it better serves the common good. In this regard, speculation on food prices is a scandal which seriously compromises access to food on the part of the poorest members of our human family. It is urgent that governments throughout the world commit themselves to developing an international framework capable of promoting a market of high impact investments, and thus to combating an economy which excludes and discards.
No spinning that is there. I am sure our libertarian friends think this pope just keeps wandering down the road to serfdom.
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