Loading
Impoverished notion of economics at core of worldwide financial breakdown, explains Pontiff

.- The global economic crisis has shown not only the fragility of the system but also the flawed assumption that the market is capable of correcting itself, said the Pope on Friday. He added that economic questions should always maintain an appreciation for the human dimension.

Pope Benedict XVI spoke with participants in the 16th Plenary Session of the Pontifical Academy of Social Sciences to inaugurate their five-day conference themed, "Crisis in a Global Economy. Re-planning the Journey."

Observing that "the worldwide financial breakdown has ... demonstrated the fragility of the present economic system and the institutions linked to it," the Holy Father explained that the crisis "has also shown the error of the assumption that the market is capable of regulating itself, apart from public intervention and the support of internalized moral standards."

At the root of this assumption, he continued, is "an impoverished notion of economic life as a sort of self-calibrating mechanism driven by self-interest and profit-seeking."

Within this perspective, "the essentially ethical nature of economics as an activity of and for human beings" is overlooked.

"Rather than a spiral of production and consumption in view of narrowly-defined human needs, economic life should properly be seen as an exercise of human responsibility, intrinsically oriented towards the promotion of the dignity of the person, the pursuit of the common good and the integral development – political, cultural and spiritual – of individuals, families and societies."

The Pope went on to say that "an appreciation of this fuller human dimension calls, in turn, for precisely the kind of cross-disciplinary research and reflection which the present session of the Academy has now undertaken."

Among the principles involved in the "re-planning of the journey," he said, there must be a place for "the promotion of the common good, grounded in respect for the dignity of the human person and acknowledged as the primary goal of production and trade systems, political institutions and social welfare."

It is important, he added in conclusion, that "economic decisions and policies must be directed towards 'charity in truth' ... For without truth, without trust and love for what is true, there is no social conscience and responsibility, and social action ends up serving private interests and the logic of power, resulting in social fragmentation."


Ads by AdsLiveMedia(What's this?)

* The number of messages that can be online is limited. CNA reserves the right to edit messages for content and tone. Comments and opinions expressed by users do not necessarily reflect the opinions or beliefs of CNA. CNA will not publish comments with abusive language, insults or links to other pages

RESOURCES »

Ads by Google (What's this?)

Featured Videos

Pilgrimage from Czech Republic to Assisi and Rome for intentions
Pilgrimage from Czech Republic to Assisi and Rome for intentions
Testimony of young Indian who met Pope in Korea
Preparations of the Closing Mass of 6th Asian Youth Day
Missionary of Charity, Korea
Testimony of Christian Love during Pope's Visit to Korea
Religious Sisters in South Korea react to Pope Francis kissing a baby
Warm atmosphere during Holy Mass at Daejeon World Cup Stadium
Images inside Pope Francis flight to South Korea
The tombs of the early Christians
Missionaries of Africa, called "the White Fathers"
Italian youth give testimony after mission to Peru
Interview with Iraqi Ambassador to the Holy See on the persecution of Christians
New book 'The Vatican unknown'
A Look at India from Rome
3D Church mapping
#PAUSEforPeace Initiative
Dedicating art to San Juan de la Cruz
A state without territory elects new government
The renewal of the Legionaries of Christ
Presentation of the book "The Pastor"
Aug
30

Liturgical Calendar

August 30, 2014

Saturday of the Twenty-first Week in Ordinary Time

All readings:
Today »
This year »

Catholic Daily

Gospel of the Day

Mt 25:14-30

Gospel
Date
08/30/14
08/29/14
08/28/14

Daily Readings


First Reading:: 1 Cor 1: 26-31
Gospel:: Mt 25: 14-30

Saint of the Day

St. Jeanne Jugan »

Saint
Date
08/30/14
08/28/14

Homily of the Day

Mt 25:14-30

Homily
Date
08/30/14
08/29/14
08/28/14

Ads by AdsLiveMedia.com

Ads by AdsLiveMedia.com
     HTML
Text only
Headlines
  

Follow us: