Capitalism is the best economic system ever devised. That doesn't make it perfect.

(Image credit: Bryan Thomas/Getty Images)

published 5 October 2015

Is the pope a commie? When Pope Francis dared criticize the excesses of capitalism during his first visit to the U.S., he was denounced in some quarters as a naïve, cloistered cleric — a Che Guevara in religious robes. On Fox News, Francis was called "a communist" and "Marxist" who should "stay home" because "he doesn't like capitalism," while in his Washington Post column George Will sniffed at the pope's "woolly sentiments," "shrill" tone, and "sanctimony." Francis provoked these denunciations by saying climate change was a real problem that needed to be addressed, and by reminding us that the ultimate purpose of capitalism, and of politics, is to serve "the common good." He also praised business as "a noble profession" and praised capitalism for lifting so many people "out of extreme poverty." This is hardly radical stuff; Christianity and free-market fundamentalism are very different faiths. But in the partisan derangement that grips this country, suggesting that the profit motive must be tempered by moral concerns makes you one of Them.

For a demonstration of capitalism free of any moral concerns, consider the example of drug company CEO Martin Shkreli. Shkreli just jacked up by more than 5,000 percent the price of a decades-old drug that AIDS and cancer patients have been taking to fight off a potentially fatal parasitic infection. His company "needed to turn a profit on this drug," Shkreli shrugged. Volkswagen, meanwhile, admitted it had secretly engineered 11 million cars to pass emissions tests in the lab but belch dirty exhaust on the road. Is capitalism the best economic system ever devised? No doubt about it. Does believing that the profit motive sometimes must be restrained make you a radical left-winger? Only in America.

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William Falk is editor-in-chief of The Week, and has held that role since the magazine's first issue in 2001. He has previously been a reporter, columnist, and editor at the Gannett Westchester Newspapers and at Newsday, where he was part of two reporting teams that won Pulitzer Prizes.

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