Pope Francis has launched a partnership between the Vatican and some of the world’s largest companies, nonprofits and government agencies to reform capitalism.

The Council for Inclusive Capitalism with the Vatican is led by Guardians for Inclusive Capitalism, a group of officials representing such entities as the Bank of America, BP, Dupont, the Ford Foundation, Mastercard, Merck, the Rockefeller Foundation, Salesforce, Visa and the State of California.

Under the Pope’s guidance, these “guardians” aim to “reform capitalism into a powerful force for the good of humanity” and create a “more inclusive, sustainable and trusted form of capitalism.” Too bad they’ve missed the reality that capitalism doesn’t need reforming and is already the most inclusive economic system in the world.

Under capitalism anyone can start a business and pursue their dreams, subject to basic laws governing fraud, theft and contracts. People are free to negotiate wage rates and set prices to compete in the marketplace. Entrepreneurs are free to invest capital, innovate with new technology, trade globally and hire the best employees. If schools are rotten or banks discriminate racially, entrepreneurs can launch competing operations.