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Vatican calls for global economy oversight

Vatican calls for global economy oversight

The Vatican is calling for global oversight of world economy and overhaul of financial systems according to Laurie Goodstein, in The New York Times:

In a report issued by the Pontifical Council for Justice and Peace, the Vatican argued that “politics — which is responsible for the common good” must be given primacy over the economy and finance, and that existing institutions like the International Monetary Fund had not been responding adequately to global economic problems.

The document grows out of the Roman Catholic Church’s concerns about economic instability and widening inequality of income and wealth around the world, issues that transcend the power of national governments to address on their own.

“The time has come to conceive of institutions with universal competence, now that vital goods shared by the entire human family are at stake, goods which the individual states cannot promote and protect by themselves,” Cardinal Peter Kodwo Appiah Turkson, the president of the pontifical council, said as he presented the report on Monday. “That is what pushed us.”

The document is a reminder that the Catholic Church, without getting involved in policymaking, still seeks to shape its principles. “To function correctly the economy needs ethics; and not just of any kind, but one that is people-centered,” the document states, paraphrasing an encyclical that Pope Benedict XVI issued in 2009 calling for greater social responsibility in the economy.

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Adam Wood

Jeffrey Tucker, a devout Catholic, gives an excellent commentary on the Vatican statement here.

The Vatican's suggestions here rest on the same fallacy that has caused most of the problems and sins of the Roman Church: the idea that a select group of especially endowed men can or should wield power over other people's lives.

Sane liberal religious people understand that the Vatican's imposition of authority in matters liturgical, theological, and sexual is barely tolerable. Now they are suggesting that a similar approach (employing secular people with potentially less spiritual/religious conscience, or perhaps none at all) would be good for the economic life of the world.

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Shane

Typical Vatican answer to a problem - Elect a "pope" for the World Economy. I doubt many will go for it.

Shane Scott-Hamblen+

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