"The marketplace by itself cannot resolve every problem, however much we are asked to believe this dogma of neoliberal faith," the pope wrote.
He added that free-market capitalism "reproduces itself" by resorting to the magic theories of "spillover" or "trickle" as the only solution to societal problems.
The pope said this "spillover" does not "resolve the inequality that gives rise to new forms of violence threatening the fabric of society."
The encyclical, called "Fratelli Tutti," or "Brothers All," reiterated the pope's vision for a more communal society, which extends to the use of private property.
"The Christian tradition has never recognized the right to private property as absolute or inviolable and has stressed the social purpose of all forms of private property," the pope wrote.
He also touched on racism, calling it a "virus that quickly mutates and instead of disappearing goes into hiding and lurks in waiting."
The pope also questioned why it took so long for the Catholic Church to unequivocally to condemn slavery.
I was raised Catholic and I always feel a little guilty (ain't that a surprise) when I see Pope Francis saying good stuff because I feel like he's answering some of the criticisms that made me leave, but then it's like, you never know what the next pope will be like and I still don't have faith in the institution of the church, and I don't really believe in any of it anyway. Idk it's hard to express. I guess it's like seeing a shitty ex actually try to work on their flaws and be a better person, it's like, "That's great, I'm really happy for you and I'm proud of you - but just to be clear we're still never getting back together."