QUADRAGESIMO ANNO. The encyclical of Pope Pius XI, dated May 13, 1931, published on the fortieth anniversary of Pope Leo XIII’s Rerum Novarum. Its theme is a strong condemnation of the control of international finance and credit by a small number of financiers who thus supply “so to speak, the life blood to the entire economic body…so that no one can breathe against their will.” As a result the State “has become a slave, bound over to the service of human passion and greed.”
Also attacking socialism, Pope Pius roundly and strongly condemns international finance capitalism, which has only strengthened its stranglehold on the world economy since 1931.
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