In 1985, long before the current economic crisis, an address was delivered in Rome on capitalism and ethics. “It is becoming an increasingly obvious fact,” said the speaker, “… that the development of economic systems which concentrate on the common good depends on a determinate ethical system…Conversely, it has also become obvious that the decline of such discipline, can also cause the laws of the market to collapse.”
The speaker was Joseph Cardinal Ratzinger, who has since become pope.
Benedict XVI is not (and has never claimed to be) an economics specialist; but his speech did reveal an instinctive wisdom about the capriciousness of our global economy.
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The Times – July 13, 2009 – Brian Griffiths: Pope Benedict is the man on the money
The best analysis yet of the global economic crisis tells how people, not just rules, must change
Brian Griffiths – Lord Griffiths of Fforestfach, trustee of the Archbishop of Canterbury’s Lambeth Trust and Vice-Chairman of Goldman Sachs International