A Vatican document called for the gradual creation of a world political authority with broad powers to regulate financial markets and rein in the "inequalities and distortions of capitalist development."(Full article here)
The document said the current global financial crisis has revealed "selfishness, collective greed and the hoarding of goods on a great scale." A supranational authority, it said, is needed to place the common good at the center of international economic activity.
The 41-page text was titled, "Toward Reforming the International Financial and Monetary Systems in the Context of Global Public Authority." Prepared by the Pontifical Council for Justice and Peace, it was released Oct. 24 in several languages, including a provisional translation in English.
Monday, October 24, 2011
The Vatican and Economics
We have a new statement by the Vatican on world economics. Is this the Pope's idea, or the Vatican pontifical council's idea?