I find it interesting that depending on the commentator Pope Francis’ words on capitalism are being spun in two totally contradictory ways. On the one hand much of the news media is reporting that the Pope is attacking what they are calling “unfettered capitalism.” This quite likely stems from comments made by the Pope proclaiming that “the unfettered pursuit of money” is the “dung of the devil.” For most people reporting on this, and possibly also the Pope, the unfettered pursuit of money and unfettered capitalism are synonymous. “Unfettered” implies uncontrolled, unconstrained by rules, anything goes, and that is not “unfettered capitalism.” Unfettered capitalism clearly does not imply and unfettered pursuit of money. So-called unfettered capitalism involves the pursuit of money, yes, but this pursuit is certainly not uncontrolled or even unregulated. Use of force or fraud, either on an individual basis or through the political process, in this pursuit is strictly prohibited. So pursuit of money by means of taxpayer subsidies, regulations to keep out competition, deception of customers, etc. are all prohibited and ultimately regulated the pursuit of money. Unfettered capitalism, based on property rights and free exchange, implies that the only way a person is allowed to pursue money for himself is by providing goods and services that others desire–sounds pretty Christian to me.

Others, for example Fox News contributor and Catholic Priest, Father Jonathan Morris, claims that the Pope is referring to “crony capitalism” which holds in common with “unfettered capitalism” only one thing–the word capitalism. While unfettered capitalism imposes a strict moral constraint against the use of force wielded through the political process in order to obtain money, crony capitalism completely legitimizes it and depends on it. The use of politically wielded force is at the heart of the economic system. Under crony capitalism there is a marriage of business and state interests such that the government uses its power to tax, subsidize and regulate in order to reward some and penalize others.

So who is right? Is Pope Francis referring to “unfettered capitalism” in his comments about socio-economics or its opposite, crony capitalism? I will answer that with a question–who the heck knows?