Economy of Francesco Covenant: ‘Building an economy of the Gospel’


Young economists and Pope Francis advocate an alliance to improve the global economic system to improve the lives of all people, as a result of the three-day “Economy of Francesco” event in Assisi.

By Devin Watkins

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

The statement marks the culmination of the work of the three-day event and responds to the Pope’s invitation to young economists, entrepreneurs and change-makers to step up and make a difference in the world.

Create a better economy

In the alliance, the young people recognize the “responsibility of our generation” and commit themselves to giving their lives so that “the economy of today and tomorrow becomes a gospel economy”.

Francesco Covenant’s Economics then begins with a list of ways in which the world economy should be transformed through its exposure to the gospel of Christ.

An “economy of peace and not war” is to emerge that opposes the proliferation of arms, preserves creation and is at the service of the human person, family and life.

In an ideal economy, no one should be left behind, and safe, decent work should be available and protected for all.

In this model, finance becomes a “friend and ally of the real economy and work, not against it”.

Peoples’ values ​​and cultures should be respected, while poverty and inequality should be reduced.

The economy should therefore be “based on an ethic of the human person and be open to transcendence” and create “prosperity for all”, spreading joy instead of just wealth.

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

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Full text of the covenant

We, young economists, entrepreneurs and changemakers,
summoned here to Assisi from all parts of the world,
aware of the responsibility resting on our generation,
we are committed today individually and all together
to give our lives so that the economy of today and tomorrow becomes a gospel economy, and therefore:

an economy of peace and not of war,
an economy opposed to the proliferation of weapons, especially the most destructive ones,
an economy that cares about creation and does not abuse it,
an economy at the service of the human person, family and life that respects every woman, man and child, the elderly and especially the weakest and most vulnerable,
an economy where caring replaces rejection and indifference,
an economy that leaves no one behind to build a society where the bricks rejected by the dominant mentality become cornerstones,
an economy that recognizes and protects safe and decent work for all,
an economy in which finance is a friend and ally of the real economy and work, not against it,
an economy that values ​​and protects the cultures and traditions of peoples, all living beings and the natural resources of the earth,
an economy that fights poverty in all its forms, reduces inequality and knows how to say with Jesus and Francis: “Blessed are the poor”,
an economy guided by an ethics of the human person and open to transcendence,
an economy that creates prosperity for all, that creates joy and not just wealth, for happiness that is not shared is incomplete.

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

Assisi, September 24, 2022

The economists, entrepreneurs, changemakers, students and workers



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