Pope Pius XI further emphasized the fundamental opposition between Communism and Christianity, and made it clear that no Catholic could subscribe even to moderate Socialism. The reason is that Socialism is founded on a doctrine of human society which is bounded by time and takes no account of any objective other than that of material well-being. Since, therefore, it proposes a form of social organization which aims solely at production, it places too severe a restraint on human liberty, at the same time flouting the true notion of social authority.
Pius XI was not unaware of the fact that in the forty years that had supervened since the publication of the Leonine encyclical the historical scene had altered considerably. It was clear, for example, that unregulated competition had succumbed to its own inherent tendencies to the point of practically destroying itself. It had given rise to a great accumulation of wealth, and, in the process, concentrated a despotic economic power in the hands of a few "who for the most part are not the owners, but only the trustees and directors of invested funds, which they administer at their own good pleasure.'' (l4)