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

By Devin Watkins

As the Economy of Francesco entered its final day on Saturday, Pope Francis joined thousands of young people from around the world to undersign a Covenant, represented by a young woman from Thailand, Lily Ralyn Satidtanasarn.

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

Creating a better economy

In the Covenant, the young people recognize the “responsibility that rests on our generation” and they commit themselves to spending their lives so that “the economy of today and tomorrow becomes an economy of the Gospel”.

The Economy of Francesco Covenant then launches into a list of ways the global economy should be changed through its contact with the Gospel of Christ.

An “economy of peace and not of war” should emerge, which is opposed to arms proliferation, provides the care for creation, and is at the service of human person, family, and life.

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

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

The values and cultures of peoples should be respected, while poverty and inequality should be reduced.

The economy should therefore be guided by “an ethics of the human person and open to transcendence” and must create “wealth for all," spreading joy instead of only riches.

“We believe in this economy,” reads the Covenant. “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.”

Full text of the Covenant

We, young economists, entrepreneurs, and changemakers,
called here to Assisi from every part of the world,
aware of the responsibility that rests on our generation,
commit ourselves today, individually and all collectively
to spending 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 arms, especially the most destructive,
an economy that cares for creation and does not misuse it,
an economy at the service of the human person, the family and life, respectful of every woman, man, and child, the elderly, and especially those most frail and vulnerable,
an economy where care replaces rejection and indifference,
an economy that leaves no one behind, in order to build a society in which the stones rejected by the dominant mentality become cornerstones,
an economy that recognizes and protects secure and dignified work for everyone,
an economy where finance is a friend and ally of the real economy and of labour and not against them,
an economy that values and safeguards the cultures and traditions of peoples, all living things 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 wealth for all, that engenders joy and not just riches, 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, 24 September 2022

The economists, entrepreneurs, changemakers, students, and workers