Francesco’s Covenant Economy: ‘Building a Gospel Economy’

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Young economists and Pope Francis endorse an alliance to improve the global economic system to improve lives for all, following Francesco’s three-day economics event in Assisi.

By Devin Watkins

As Francesco’s economy entered its final day on Saturday, Pope Francis joined thousands of young people around the world to sign a covenant, represented by a young Thai woman, Lily Ralyn Satidtanasarn.

The declaration marks the culmination of the proceedings of the 3-day event and responds to the Pope’s invitation to young economists, entrepreneurs and change-makers to commit themselves to making a difference in the world.

Create a better economy

In the Alliance, young people recognize the “responsibility that rests with our generation” and pledge to dedicate their lives so that “the economy of today and tomorrow becomes an economy of the Gospel”.

Francesco Covenant’s Economics then launches into a list of ways in which the world economy should be changed by its contact with the gospel of Christ.

An “economy of peace and not of war” should see the light of day, which opposes the proliferation of weapons, which watches over creation and which is at the service of the human person, of the family and of life.

No one should be left behind in an ideal economy, and safe and dignified work should be available and protected for all.

Finance, in this model, becomes “friend and ally of the real economy and labor, and not against them”.

The values ​​and cultures of peoples must be respected, while poverty and inequalities must be reduced.

The economy must therefore be guided by “an ethic of the human person and open to transcendence” and must create “wealth for all”, spreading joy instead of just wealth.

“We believe in this economy,” reads the Pact. “It’s not a utopia, because we are already building it. And some of us, on particularly bright mornings, have already glimpsed the beginning of the promised land.

Full text of the Covenant

We, young economists, entrepreneurs and agents of change,
called here in Assisi from all parts of the world,
aware of the responsibility incumbent on our generation,
let us commit ourselves today, individually and all collectively
to spend our lives so that the economy of today and tomorrow becomes an economy of the Gospel, and therefore:

an economy of peace and not of war,
an economy that opposes the proliferation of weapons, especially the most destructive,
an economy concerned with creation and which does not abuse it,
an economy at the service of the human person, the family and life, respectful of every woman, man and child, of the elderly, and in particular of the most fragile and vulnerable,
an economy where care replaces rejection and indifference,
an economy that leaves no one behind, to build a society where the stones rejected by the dominant mentality become the cornerstones,
an economy that recognizes and protects safe and dignified work for all,
an economy where finance is a friend and ally of the real economy and labor and not against them,
an economy that values ​​and preserves the cultures and traditions of peoples, all living beings and the Earth’s natural resources,
an economy that fights poverty in all its forms, reduces inequalities and knows how to say with Jesus and Francis: “Blessed are the poor”,
an economy guided by an ethic of the human person and open to transcendence,
an economy that creates wealth for all, that generates joy and not just wealth, because happiness that is not shared is incomplete.

We believe in this economy. It is not a utopia, because we are already building it. And some of us, on particularly bright mornings, have already glimpsed the beginning of the promised land.

Assisi, September 24, 2022

Economists, entrepreneurs, agents of change, students and workers

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