Acton Institute Powerblog

A Micro-Lending Prelate

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Zenit reports a new initiative by Cardinal Crescenzio Sepe of Naples, Italy: “he is donating a year’s stipend and part of his personal savings to initiate a diocesan bank that will offer micro-credits to the poor.”

I like two things about this project. First, the cardinal is putting his own money to work, furnishing a good example of personal commitment to assist those in need. Second, he is doing so in a thoughtful and creative way, not “throwing money” at a problem. One of his comments: “[F]ar from being a practice of pure welfare, the micro-credit will be the way to make the creativity and ingenuity of our people emerge again.” Bravo, Your Eminence.

A sour note in his remarks is this: “We thought that the globalization of markets would bring us further well-being, wealth for all, and instead we globalized poverty.” This seems to imply that, on balance, globalization has led to impoverishment rather than economic progress—a dubious proposition.

Kevin Schmiesing Kevin Schmiesing, Ph.D., is a research fellow for the research department at the Acton Institute. He is a frequent writer on Catholic social thought and economics, is the author of American Catholic Intellectuals, 1895-1955 (Edwin Mellen Press, 2002) and is most recently the author of Within the Market Strife: American Catholic Economic Thought from Rerum Novarum to Vatican II (Lexington Books, 2004). Dr. Schmiesing holds a Ph.D. in American history from the University of Pennsylvania, and a B.A. in history from Franciscan University ofSteubenville. Author of Within the Market Strife and American Catholic Intellectuals, 1895—1955 (2002), he serves as Book Review Editor for the Journal of Markets & Morality. He is also executive director of CatholicHistory.net.

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