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ethical dimension to global capitalism?

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An ethical dimension to global capitalism? Is that an oxymoron?

Pope Benedict XVI denounced the profit-at-all-cost mentality that he says is behind Europe’s current economic crisis as he arrived in hard-hit Spain on Thursday, and said morals and ethics must play a greater role in formulating economic policy in the future.  http://www.theblaze.com/stories/pope-demands-greater-morals-ethics-in-global-economic-policy/

“The economy doesn’t function with market self-regulation [read deregulation of markets] but needs an ethical reason to work for mankind,” he told reporters traveling aboard the papal plane. “Man must be at the center of the economy, and the economy cannot be measured only by maximization of profit but rather according to the common good.” [Emphasis added]  http://www.theblaze.com/stories/pope-demands-greater-morals-ethics-in-global-economic-policy/

The thing is, he has been saying that for some time. In July 2009:

The pope today called for a “profoundly new way” of organising global finance and business, calling for a new social and ethical dimension to capitalism and arguing the case for a new world political authority to help champion “the common good”.  http://www.guardian.co.uk/world/2009/jul/07/pope-capitalism-abortion

and again:

Pope Benedict XVI today called for reforming the United Nations and establishing a “true world political authority” with “real teeth” to manage the global economy with God-centered ethics.

In his third encyclical, a major teaching, released as the G-8 summit begins in Italy, the pope says such an authority is urgently needed to end the current worldwide financial crisis. It should “revive” damaged economies, reach toward “disarmament, food security and peace,” protect the environment and “regulate migration.”

Benedict writes, “The market is not, and must not become, the place where the strong subdue the weak.”

The encyclical, Caritas in Veritate (Charity in Truth) is a theologically dense explication of Catholic social teaching that draws heavily from earlier popes, particularly PaulVI’s critique of capitalism 42 years ago. And echoing his predecessor John Paul II, Benedict says, “every economic decision has a moral consequence.” http://www.usatoday.com/news/religion/2009-07-07-pope-encyclical_N.htm

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