[I]t is obvious that not only is wealth concentrated in our times but an immense power and despotic economic dictatorship is consolidated in the hands of a few, who often are not owners but only the trustees and managing directors of invested funds which they administer according to their own arbitrary will and pleasure.This dictatorship is being most forcibly exercised by those who, since they hold the money and completely control it, control credit also and rule the lending of money. Hence they regulate the flow, so to speak, of the life-blood whereby the entire economic system lives, and have so firmly in their grasp the soul, as it were, of economic life that no one can breathe against their will.This concentration of power and might, the characteristic mark, as it were, of contemporary economic life, is the fruit that the unlimited freedom of struggle among competitors has of its own nature produced, and which lets only the strongest survive; and this is often the same as saying, those who fight the most violently, those who give least heed to their conscience.This accumulation of might and of power generates in turn three kinds of conflict. First, there is the struggle for economic supremacy itself; then there is the bitter fight to gain supremacy over the State in order to use in economic struggles its resources and authority; finally there is conflict between States themselves, not only because countries employ their power and shape their policies to promote every economic advantage of their citizens, but also because they seek to decide political controversies that arise among nations through the use of their economic supremacy and strength.The ultimate consequences of the individualist spirit in economic life are those which you yourselves, Venerable Brethren and Beloved Children, see and deplore: Free competition has destroyed itself; economic dictatorship has supplanted the free market; unbridled ambition for power has likewise succeeded greed for gain; all economic life has become tragically hard, inexorable, and cruel.To these are to be added the grave evils that have resulted from an intermingling and shameful confusion of the functions and duties of public authority with those of the economic sphere - such as, one of the worst, the virtual degradation of the majesty of the State, which although it ought to sit on high like a queen and supreme arbitress, free from all partiality and intent upon the one common good and justice, is become a slave, surrendered and delivered to the passions and greed of men. And as to international relations, two different streams have issued from the one fountain-head: On the one hand, economic nationalism or even economic imperialism; on the other, a no less deadly and accursed internationalism of finance or international imperialism whose country is where profit is....Certainly there is the greatest need now of such valiant soldiers of Christ who will work with all their strength to keep the human family safe from the dire ruin into which it would be plunged were the teachings of the Gospel to be flouted, and that order of things permitted to prevail which tramples underfoot no less the laws of nature than those of God. The Church of Christ, built upon an unshakable rock, has nothing to fear for herself, as she knows for a certainty that the gates of hell shall never prevail against her. Rather, she knows full well, through the experience of many centuries, that she is wont to come forth from the most violent storms stronger than ever and adorned with new triumphs. Yet her maternal heart cannot but be moved by the countless evils with which so many thousands would be afflicted during storms of this kind, and above all by the consequent enormous injury to spiritual life which would work eternal ruin to so many souls redeemed by the Blood of Jesus Christ.To ward off such great evils from human society nothing, therefore, is to be left untried; to this end may all our labors turn, to this all our energies, to this our fervent and unremitting prayers to God! For with the assistance of Divine Grace the fate of the human family rests in our hands.
Pius XI
Quadragesimo Anno
May 1931
