America Magazine Vatican Issues Major Document on Global Financial Reform.
A Vatican document called for the gradual creation of a “world political authority” with broad powers to regulate financial markets and rein in the “inequalities and distortions of capitalist development.” The document said the current global financial crisis has revealed “selfishness, collective greed and the hoarding of goods on a great scale.” A supranational authority, it said, is needed to place the common good at the center of international economic activity.
The full document is here.
Sadly, most Catholic conservatives, especially in America, will probably respond to this by saying that the Vatican doesn’t know anything about economics and should stick to issues it understands like abortion and same-sex marriage. This has been the response to many a Vatican pronouncement that conflicts with laissez-faire capitalism.
If people like George Weigel, Paul Ryan, John Boehner, etc actually take this seriously, I would be very happy. But I would also be very surprised.