The Pope on the "grave deviations and failures" of capitalism

On the eve of the G8 summit in Italy, the pontiff issued his third and highly anticipated encyclical, Charity in Truth. The Pope called for a “true world political authority” to “manage the global economy; to revive economies hit by the crisis; to avoid any deterioration of the present crisis and the greater imbalances that would result.” More philosophically, he emphasized that “financiers must rediscover the genuinely ethical foundation of their activity so as to not abuse the sophisticated instruments which can serve to betray the interests of savers.’’ In addition to his comments on market forces, he criticized some international aid agencies for encouraging abortion and the use of contraception.

Financial Times