In reply to Pope Francis’s recent criticism of free market capitalism, AEI’s Mark Perry provides a provocative response.
Not only do free markets do more to reduce world poverty than the Catholic Church, says Perry, one single company—Walmart—had done more for the global poor than the Vatican:
I would argue that free market capitalism, American style, has done more to reduce world poverty than any anti-poverty efforts of the Catholic Church and the Vatican. In fact, I would even argue that just one free-market capitalist corporation – Walmart – might even do as much, or more, to alleviate poverty by providing everyday low prices and jobs for hundreds of thousands of low-income people than the anti-poverty efforts of the Catholic Church in the countries where Walmart operates (US, Mexico, Guatemala, Nicaragua, Brazil, Argentina, Chile, India, China, and nine African countries). In addition to reducing poverty with low-cost groceries, clothing and household goods, Walmart improves the lives of underserved individuals and communities with $1.4 billion in charitable giving every year, which is almost $4 million every day!
Let’s clarify that what Perry is referring to is material poverty. Most Christians would point out that alleviating spiritual poverty is as necessary, and even more important, than reducing material poverty. On that scale the Catholic Church would contend that it is doing a great amount of good (as I’m sure Perry would agree).
But does Perry have a point about global material poverty? Does Walmart provide more financial benefit to the global poor than the Catholic Church?