No, true. As I cited in Centesimus Annus …
vatican.va/holy_father/john_paul_ii/encyclicals/documents/hf_jp-ii_enc_01051991_centesimus-annus_en.html
A workman’s wages should be sufficient to enable him to support himself, his wife and his children. “If through necessity or fear of a worse evil the workman accepts harder conditions because an employer or contractor will afford no better, he is made the victim of force and injustice”.25
Would that these words, written at a time when
what has been called “unbridled capitalism” was pressing forward, should not have to be repeated today with the same severity. Unfortunately, even today one finds instances of contracts between employers and employees which lack reference to the most elementary justice regarding the employment of children or women, working hours, the hygienic condition of the work-place and fair pay; and this is the case despite the International Declarations and Conventions on the subject26 and the internal laws of States. The Pope attributed to the “public authority” the “strict duty” of providing properly for the welfare of the workers, because a failure to do so violates justice; indeed, he did not hesitate to speak of “distributive justice”.
US Bishops Conference reaffirm this from the prior encyclical of Pope Leo XIII:
Since 1891, when Pope Leo XIII issued Rerum novarum (On capital and labor, the Church has seen a few blockbuster encyclicals. Pope Benedict XVI may be about to issue another one for the ages with the forthcoming Caritas in veritate (Charity in truth).
Rerum novarum addressed the condition of labor and the challenges of the Industrial Revolution’s widespread exploitation of workers. It resounded in the United States as it upheld the rights of employees to organize and
rejected communism and unbridled capitalism.
The Church teaches that unbridled capitalism is a form of liberalism, and therefore evil:
But, at the same time, there is an opposite tendency to liberalism and individualism with no limits: they assert their autonomy as individuals and their desire for economic well-being, and they want to get rich at all costs,
adopting a culture of unbridled capitalism with a total rejection of religious authority and tradition.
vatican.va/roman_curia/pontifical_councils/cultr/documents/rc_pc_cultr_01121996_doc_iv-1996-stu_en.html
Pope Pope Pius XI condemns unrestricted Capitalism in Quadragesima Anno #88 calling it a poisoned spring which destroys society.
Just as the unity of human society cannot be founded on an opposition of classes, so also the right ordering of economic life cannot be left to a free competition of forces. For from this source, as from a poisoned spring, have originated and spread all the errors of individualist economic teaching. Destroying through forgetfulness or ignorance the social and moral character of economic life, it held that economic life must be considered and treated altogether free and independent of public authority, because in the market, i.e., in the free struggle of competitors, it would have a principle of self-direction which governs it much more perfectly than would the intervention of any created intellect. But free competition, while justified and certainly useful provided it is kept within certain limits, clearly cannot direct economic life-a truth which the outcome of application in practice of the tenets of this evil individualist spirit has more than sufficiently demonstrated.
Here’s Pope Benedict’s encyclical, Caritas in Veritate condemning unbridled capitalism as being “thoroughly destructive”:
In the list of areas where the pernicious effects of sin are evident, the economy has been included for some time now. We have a clear proof of this at the present time. The conviction that man is self-sufficient and can successfully eliminate the evil present in history by his own action alone has led him to confuse happiness and salvation with immanent forms of material prosperity and social action. Then,
the conviction that the economy must be autonomous, that it must be shielded from “influences” of a moral character, has led man to abuse the economic process in a thoroughly destructive way. In the long term, these convictions have led to economic, social and political systems that trample upon personal and social freedom, and are therefore unable to deliver the justice that they promise. As I said in my Encyclical Letter Spe Salvi, history is thereby deprived of Christian hope[86], deprived of a powerful social resource at the service of integral human development, sought in freedom and in justice.
vatican.va/holy_father/benedict_xvi/encyclicals/documents/hf_ben-xvi_enc_20090629_caritas-in-veritate_en.html
Here, Pope John Paul II condemns unbridled capitalism again, equating it to the evils of socialism.
ADDRESS OF HIS HOLINESS JOHN PAUL II
TO THE PARTICIPANTS IN THE COLLOQUIUM
ON “CAPITALISM AND ETHICS”
vatican.va/holy_father/john_paul_ii/speeches/1992/january/documents/hf_jp-ii_spe_19920114_capitalism-ethics_en.html
To view this exhibition is to feel ourselves invited to consider the effects on the daily life of millions of people of two extreme responses to society’s need for economic and social organization, two far-reaching aspects of the problem of “Capitalism and Ethics”: on the one hand,
an unbridled capitalism which puts the quest for power and profit and the cult of an often soulless efficiency above all other considerations; and, on the other hand, the dangerous - and eventually disastrous - illusion that there can be a materialistic, and essentially atheistic, ideological solution to social problems.