Monday, October 24, 2011

On the Financial Crisis in the World: The Baha'i perspective can be heard in the Vatican's proposal

VATICAN CITY (AP) — The Vatican called Monday for radical reform of the world's financial systems, including the creation of a global political authority to manage the economy.

A proposal by the Pontifical Council for Justice and Peace calls for a new world economic order based on ethics and the "achievement of a universal common good." It follows Pope Benedict XVI's 2009 economic encyclical that denounced a profit-at-all-cost mentality as responsible for the global financial meltdown.

The proposal acknowledges, however, that a "long road still needs to be traveled before arriving at the creation of a public authority with universal jurisdiction" and suggests the reform process begin with the United Nations as a point of reference.
Tom called my attention to the news story above. The significance of the current financial crisis in the world has been a subject Baha'is have addressed repeatedly.  -gw
Dr. Augusto Lopez-Claros, an international economist and a member of the Baha’i community, gave a lunch-time talk at the BIC, examining the global financial crisis and its implications for global governance. The crisis in the financial system, which experienced fifty years of economic growth, has led to widespread questioning of the sustainability of our economic system. In an article for the Financial Times (11 March 2009), economist Amartya Sen argued that the question is "not so much about the end of capitalism as about the nature of capitalism and the need for change." Sen highlighted that Adam Smith talked about the importance of "broader values for the choice of behavior, as well as the importance of institutions." Dr. Lopez-Claros went on to address weaknesses in the financial sector; new challenges arising from the crisis; current mechanisms for international cooperation, and future prospects for global governance.

Posted via email from Baha'i Views

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