Pope Francis Says “Trickle-Down” Economics Are Failing Us All



For more data – including cool graphs – please explore our stats dashboard here.

A Week Of #GoodNews

  • At least half the world’s countries have included social protection policies to ensure basic income security and access to health care as part of their response to the COVID-19 crisis, according to the World Economic Forum.
  • United Kingdom residents would be happy to pay higher taxes for a fairer, more caring and gender-equal society following the COVID-19 pandemic, according to a new survey, reports Al Jazeera. “This is an idea whose time has come,” said Mary-Ann Stephenson, director of the Women’s Budget Group, a think-tank, which published the report. “People don’t want to return to business as usual.” Stephenson said the pandemic could be a catalyst for reform, similar in its effect to the introduction of the UK’s welfare system after World War II.
  • McKinsey has produced a large report assessing the viability of universal basic income, and among many takeaways is that following the largest UBI pilot to date, in Finland, average life satisfaction among the group was 7.3 out of 10, compared with 6.8 in the control group.
  • Stephen Khan, editor of The Conversation, an influential South African publication, has called for basic income support to be introduced in his country. “COVID-19 exposed a huge gap at the heart of South Africa’s social security system,” he writes. “Unemployment protection needs to expand to cover all workers, regardless of their prior employment status. Income support should also be connected to labour activation strategies. Until this happens, in the absence of social insurance for workers in the informal sector, we support the campaign led by a coalition of civil society organisations for basic income support.”
  • Pat Duffy, Co-Founder of The Giving Block, appeared on the Whole Whale podcast talking about how to build a cryptocurrency donation campaign. “Accepting crypto donations opens up new and younger pools of donors,” he said. At GoodDollar we agree. The 39-minute podcast is well worth a listen.


The World Bank calculates that national lockdowns and the ensuing economic catastrophe will push an additional 100 million people into extreme poverty – defined as subsisting on less than $1.90 a day – this year, wiping out three years of progress (The Economist).


On Sunday Pope Francis said free market, “trickle-down” economic policies have failed to produce adequate social benefits, according to Reuters. He added that “the destructive effects of the empire of money” must be confronted.


Real-world adoption of cryptocurrency is on the up and up in the emerging markets, as fiat money struggles: the number of monthly crypto transfers to and from Africa has passed the 600,000 mark, reports South Africa’s Tech Central.

And Finally … 

Yoni Assia, Co-Founder and CEO of eToro – main sponsors of GoodDollar – is one of the big draws of the LA Blockchain Summit, which runs from October 6. GoodDollar’s Strategy and Go-To-Market Lead, Anna Stone, is also appearing at the free-to-watch event on Wednesday, while on the same day Product Lead Tomer Bariach will feature at Democracy4all, discussing Blockchain For Governance.

Back to Blog