Upcoming social encyclical to explain values and limitations of market economy, Pope says

Vatican City, Jun 14, 2009 / 05:28 am

On Saturday Pope Benedict XVI explained that his upcoming encyclical will not be a massive criticism deeming the market economy to be responsible for the current global financial crisis. Rather, it will be a presentation of the values that have to be “promoted and defended tirelessly” to achieve “human coexistence in freedom and solidarity.”

Pope Benedict made his comments while receiving participants in the international congress “Values and news for a new model of development,” organized by the Vatican Foundation “Centesimus Annus.”

The foundation was named after the last social encyclical of Pope John Paul II.

In his brief message, Pope Benedict revealed that his upcoming encyclical “Veritas in Caritate,” expected for June 29, will be dedicated to “the extensive issue of the economy and labor.”

“The financial crisis that has hit the most developed countries and the emerging economies as well as the underdeveloped countries shows in a very evident manner how much it is needed to rethink some of the economic-financial paradigms that have been predominant in the last years,” the Pope said.

In his message the Holy Father stressed how important it is to find and identify “values and rules under which the financial world should move to a new development model, more aware of the demands of solidarity and respectful to human dignity.”

The Pope also said that the present time requires a “deeper reflection regarding the interdependence among institutions, society and the market.”

Specifically regarding the role of market economy, Pope Benedict said he would follow the core ideas laid down by Pope John Paul II in Centesimus Annus. There, John Paul discussed the goodness of the market economy when it is understood as “an economic system which recognizes the fundamental and positive role of business, the market, private property and the resulting responsibility for the means of production, as well as free human creativity in the economic sector.”

Pope Benedict noted that John Paul II said the market economy can only be recognized as a way for economic and social progress if it is “oriented toward the common good.”