12.08.10 - New financial system needed to curb greed
Publish date:
Nov 26, 2012
Summary:
Theologians, anti-poverty advocates and economists met in Brazil to develop principles for a new global economic system
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Theologians, anti-poverty advocates and economists meeting in Brazil to develop principles for a new global economic system have issued a declaration naming over-consumption and greed as key factors to be addressed in seeking a more just distribution of the world’s resources.
The statement was issued Friday at the conclusion of the "Global Ecumenical Conference on a New Economic and Financial Architecture" in Guarulhos, a suburb of São Paulo. Sixty delegates met from 29 September to 5 October at the conference organized by the World Communion of Reformed Churches (WCRC) in partnership with the World Council of Churches (WCC) and the Council for World Mission (CWM).
Social inclusion, gender justice, care for the environment and concrete actions to overcome greed are named as criteria for a new economic and financial architecture.
“Governments and international institutions should replace GDP growth as the primary indicator of economic progress by other indicators, including growth of decent work, indicators of quality as well as quantity of health and education, and measures of environmental sustainability,” reads the document.
The statement recommends a series of actions including the formation of an ecumenical school of governance, economics and management and setting up a global commission initiated by the ecumenical movement to forward the work of the Commission of Experts on Reforms of the International Monetary and Financial System, chaired by Prof. Joseph Stiglitz.
The affirmation of communication rights to advance the empowerment of communities in developing alternatives to the current financial and economic structures was among the proposed list of actions.
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