What Rerum Novarum ("Of Capital and Labor" - Leo XIII) says about socialism:
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Socialists set aside the parent and set up State supervision, acting against natural justice and destroying the structure of the home.
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The main tenet of socialism is the community of goods.
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Community of goods must be utterly rejected.
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Community of goods injures those it would seem meant to benefit, is directly contrary to the natural rights of mankind, and would introduce confusion and disorder into the commonweal.
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Socialists are emphatically unjust.
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They would rob the lawful possessor, distort the functions of the State, and create utter confusion in the community.
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They endeavor to transfer the possessions of individuals to the community at large.
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By doing this, they strike at the interests of every wage-earner, depriving them of the liberty of disposing of their wages and thereby all hope and possibility of increasing resources or bettering their condition.
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They work on the poor man's envy of the rich.
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They are striving to do away with private property, contending individual possessions should become common property administered by the State or municipal bodies.
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They hold that transferring property to the community will set things right.
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Their contentions are clearly powerless to end the controversy.
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If their ideas were carried into effect, the working man himself would be among the first to suffer.
https://www.vatican.va/content/leo-xiii/en/encyclicals/documents/hf_l-xiii_enc_15051891_rerum-novarum.html