Pope Leo XIV, the first American to lead the Catholic Church, was inaugurated at the Vatican before a crowd of more than 250,000 people and numerous global leaders. In his opening address, he drew heavily on Pope Leo XIII’s 1891 encyclical, Rerum Novarum, which redefined labor rights during the industrial revolution. He emphasized his mission to apply Catholic social teaching to today’s fast-changing economic and technological world, including issues like inequality, automation, and artificial intelligence.
Pope Leo XIV promised to revive the Church’s role in providing ethical guidance on the complex challenges posed by the digital and financial revolutions. His approach is seen as a potential unifier of faith, ethics, and markets, in contrast to Pope Francis’ more populist style. He warned that the Church must take action to defend human dignity and justice amid today’s technological advances.
The new pope referenced the legacy of Leo XIII’s social doctrine, which helped shape early US antitrust laws such as the Sherman Act of 1890. Experts like Ettore Gotti Tedeschi, former president of the Vatican Bank, expect Leo XIV to bring similar influence to today’s global markets and high-tech industries. Leo XIV acknowledged that AI and digital capitalism require a renewed ethical framework deeply rooted in Christian thought. He called on the Church to evangelize modern financial centers like Wall Street and Silicon Valley, much as early Christians did with pagan rulers.
Previous popes also addressed these challenges. Benedict XVI’s 2009 encyclical Caritas in Veritate, co-written with Gotti Tedeschi, called for new development models in the era of globalization and digital dominance. Pope Francis advanced this work by exploring the moral consequences of AI, including the idea of “algoethics” and the social power dynamics involved. Francis spoke at the 2024 G7 summit, calling AI a gift from God that needs urgent ethical oversight.
Leo XIV’s American roots have raised expectations that he can help solve the Vatican’s financial difficulties. Donations to St. Peter’s Pence, a key funding source supported largely by US Catholics, have declined by around 50 percent in the last ten years. Church leaders hope Leo XIV can restore trust and renew this important revenue stream by reaffirming Catholic values and engaging American Catholic communities.
Early signs show the pope is both socially conscious and rooted in traditional Church doctrine. Observers are watching to see if his symbolic gestures and policy initiatives will translate into lasting influence on economics, AI governance, and Church leadership. His pontificate could open a new chapter for how the Catholic Church engages with global markets and technological change.