Globalisation: 1931 and 2020

 From Quadragesimo Anno (1931):

105. In the first place, it 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.
106. 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.
107. 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.

My italics added.  There is an interesting point raised here, given that the discussion of Quadragesimo Anno, and the earlier Rerum Novarum, focusses so much on the principle of ownership and the relationship between capital and ownership and between labour and ownership. Is there an ethical objection to be raised to this divorce of capital from ownership of an enterprise? Is not this the true sense of the term usury - a use of capital to gain profit without any ownership or labour that is ordered towards the creation of wealth?

From Fratelli Tutti (2020):

12. “Opening up to the world” is an expression that has been co-opted by the economic and financial sector and is now used exclusively of openness to foreign interests or to the freedom of economic powers to invest without obstacles or complications in all countries. Local conflicts and disregard for the common good are exploited by the global economy in order to impose a single cultural model. This culture unifies the world, but divides persons and nations, for “as society becomes ever more globalized, it makes us neighbours, but does not make us brothers”. We are more alone than ever in an increasingly massified world that promotes individual interests and weakens the communitarian dimension of life. Indeed, there are markets where individuals become mere consumers or bystanders. As a rule, the advance of this kind of globalism strengthens the identity of the more powerful, who can protect themselves, but it tends to diminish the identity of the weaker and poorer regions, making them more vulnerable and dependent. In this way, political life becomes increasingly fragile in the face of transnational economic powers that operate with the principle of “divide and conquer”.