Imagine an economy that grows while creating opportunities for all through a fair distribution of income. This is inclusive growth. The October international convention of the Centesimus Annus Pro Pontifice Foundation addressed how inclusive growth can eradicate poverty while promoting sustainable development and peace – an interesting theme against the background of rising economic inequality accelerated by the pandemic, and the rising cost of living which are having serious effects on human and social well-being.

Pope Francis has been a leading proposer for a different economic model that creates opportunities for all. In his address to the delegates of the convention, he quotes St Paul VI in Populorum Progressio, that “development cannot be restricted to economic growth alone”, but to be authentic it must “foster the development of each person and of the whole person”.

The key point here, Pope Francis says, is that the “gaze” of business should not be turned only on oneself in the pursuit of the maximisation of profit, but to look at the broader objective which allows a dignified life through work. The growth of wealth on its own increases inequality and creates new forms of poverty, moral and spiritual besides physical.

Two years ago, Pope Francis was invited to be the moral guide to the Council for Inclusive Capitalism, a movement of 27 leaders of business that represent more than USD10.5 trillion in assets and 200 million employees in over 163 countries. These business leaders felt that there are moral and market imperatives to remodel capitalism into a significant form of good to society.

The rush towards profit has had grave consequences on the world through overexploitation, the creation of social misery and political marginalisation, besides making governments succumb to the demands of business. This new council seeks new ways of pursuing profit that lead to a more inclusive and sustainable economy. Business itself is now considering ways on how it can acquire a social soul.

The rush towards profit has had grave consequences on the world through overexploitation, the creation of social misery and political marginalisation, besides making governments succumb to the demands of business

This implies that policymakers and business have to view inclusion as a reinforcer of growth – an opportunity that generates overall well-being besides economic gain. This requires a concerted effort among leaders of government, business, workers and the social sector to promote a change in the existing economic model.

Imagine an economy designed to cater for the needs of the community, with human-centred investments; a market-oriented economy which is transformed into a social force considering the long-term implications of decision-making, necessitating long-term responsibility and accountability.

Sustainability is the key word; sustainability that considers the economic and social conditions that create work without prejudice of colour, race and religion; opening up opportunities for creativity and innovation; generating respect for human dignity; and all this by keeping posterity in mind.

Pope Francis concluded his address to the foundation’s members by making reference again to the “conversion of each person’s gaze” –  with humility, seeing in other persons a human being – a brother and sister – and not an economic factor, a labourer or a consumer with whom to do business. “Only with this gaze will we be able to fight against the evils of the current speculation that fuel the winds of war. Never looking down on anyone is the style of every peacemaker.”

 

jfxzahra@surgeadvisory.com