26 However, certain concepts have somehow arisen out of these new conditions and insinuated themselves into the fabric of human society. These concepts present profit as the chief spur to economic progress, free competition as the guiding norm of economics, and private ownership of the means of production as an absolute right, having no limits nor concomitant social obligations This unbridled liberalism paves the way for a particular type of tyranny, rightly condemned by Our predecessor Pius XI, for it results in the "international imperialism of money."(26) Such improper manipulations of economic forces can never be condemned enough; let it be said once again that economics is supposed to be in the service of man. (27) But if it is true that a type of capitalism, as it is commonly called, has given rise to hardships, unjust practices, and fratricidal conflicts that persist to this day, it would be a mistake to attribute these evils to the rise of industrialization itself, for they really derive from the pernicious economic concepts that grew up along with it. We must in all fairness acknowledge the vital role played by labor systemization and industrial organization in the task of development.
Source: Populorum Progressio (Vatican.va)