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Market capitalism has failed in pandemic, needs reform: Pope

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ROME: Pope Francis says the coronavirus pandemic has proven that the “magic theories" of market capitalism have failed and that the world needs a new type of politics that promotes dialogue and solidarity and rejects war at all costs.Francis on Sunday laid out his vision for a post-COVID world by uniting the core elements of his social teachings into a new encyclical, “Fratelli Tutti" (Brothers All), which was released on the feast day of his namesake, the peace-loving St.

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