Pope calls for a “global authority” on economy
June 22, 2010 2 Comments
by Philip Pullella | Reuters
VATICAN CITY — Pope Benedict called on Tuesday for a “world political authority” to manage the global economy and for more government regulation of national economies to pull the world out of the current crisis and avoid a repeat. The pope made his call for a re-think of the way the world economy was run in a new encyclical which touched on a number of social issues but whose main connecting thread was how the current crisis has affected both rich and poor nations.
Parts of the encyclical, titled “Charity in Truth,” seemed bound to upset free marketers because of its underlying rejection of unbridled capitalism and unregulated market forces, which he said had led to “thoroughly destructive” abuse of the system and “grave deviations and failures.”
An encyclical is the highest form of papal writing and gives the clearest indication to the world’s 1.1 billion Catholics — and to non-Catholics — of what the pope and the Vatican think about specific social and moral issues.
The pope said every economic decision had a moral consequence and called for “forms of redistribution” of wealth overseen by governments to help those most affected by crises.
Benedict said “there is an urgent need of a true world political authority” whose task would be “to manage the global economy; to revive economies hit by the crisis; to avoid any deterioration of the present crisis and the greater imbalances that would result.” Read more.