11.10.24 - Vatican Urges Economic Reforms
Summary:
Vatican calls for global economy
The Vatican called on Monday for sweeping reforms of the world economy and the creation of a ethical, global authority to regulate financial markets as demonstrations against corporate greed continued to spring up in major cities across the globe.
An 18-page document from the Vatican's Justice and Peace department said the financial downturn had revealed behaviours like "selfishness, collective greed and hoarding of goods on a great scale," adding that world economics needed an "ethic of solidarity" among rich and poor nations.
Urging Wall Street powerbrokers to examine the impact of their decisions on humanity, the Vatican called on those who wanted to change economic structures to "not be afraid to propose new ideas, even if they might destabilise pre-existing balances of power that prevail over the weakest."
The document was released as "Occupy Wall Street" protests this month sparked similar anti-capitalist movements around the world with demonstrators angry over government bailouts of big banks, corporate bonuses, and economic inequality.
The Vatican document was likely to be welcomed by the demonstrators who critics say lack clear objectives.
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