In the journal Foreign Affairs, Acton Research Director Samuel Gregg offers an analysis of the Vatican’s recent pronouncements on economic policy, most notably the document issued in October titled “Towards Reforming the International Financial and Monetary Systems in the Context of Global Public Authority” (also called “The Note”). The Church, Gregg said, “wanted to attract the attention of world leaders as they assembled to discuss ongoing turmoil in financial markets at the G-20 Summit in Cannes and to add its voice to those arguing for capital controls (such as the “Tobin tax”) to discourage international financial speculation.” But, he argues, advocating a world economic authority could work against the interests of developing nations, including those heavily Catholic:

Read more on Samuel Gregg: The Vatican’s Calls for Global Financial Reform…

Last week in Rome the Acton Institute presented a promotional video for the PovertyCure initiative before an international audience of businessmen, scholars, journalists, graduate students and missionaries in attendance at the Institute’s May 18 development economics conference: “Family-Enterprise, Market Economies, and Poverty: The Asian Transformation.” The Acton Institute is one of many partners in this new initiative made up of a network of individuals and organizations looking for free-enterprise solutions to poverty.

Read more on Rev. Sirico: Change thinking on poverty…

Over at the Comment site, I review Dambisa Moyo’s How the West was Lost: Fifty Years of Economic Folly—and the Stark Choices Ahead. In “War of the Worldviews,” I note that the strongest elements of Moyo’s work are related to her analysis of the causes and the trends of global economic power. “Faced with the combined might of the Rest,” writes Moyo, “the West is forced to grapple with a relentless onslaught of challengers from all corners of the globe. And all these countries are growing in confidence, gaining in competence, and jockeying for a frontline position in the world’s economic race.”

Read more on The West and the Rest…

Wrapping up our recap of last year’s Acton Lecture Series, today we present two additional lectures for your enjoyment.

The first was delivered in April of 2010 by Acton President Rev. Robert A. Sirico, and was entitled “Does Social Justice Require Socialism?” In this lecture, Sirico examined the increasing calls for government intervention in financial market regulation, health care, education reform, and economic stimulus in the name of “social justice”.

Read more on Acton Lecture Series 2010: Sirico & Ballor…

For those PowerBlog readers in the Chicago area, I’ll be in town next Tuesday for a luncheon where I’ll be discussing the topic, “How Ideology Destroys Biblical Ecumenism.”

The event is sponsored by the Chicago-based ministry ACT 3 and will be held at St. Paul United Church of Christ, 118 S. First Street, Bloomingdale, IL. The event will begin at 11:45am (Tuesday, November 9) and you can register for the luncheon at the ACT 3 website.

Read more on Chicago Event: How Ideology Destroys Biblical Ecumenism…

I’ve been meaning to write something on the “locavore” phenomenon, but nothing has quite coalesced yet. But in the meantime, in last Fridays’s NYT, Stephen Budiansky does a good job exploding the do-gooderism of the locavore legalists. Here’s a key paragraph:

Read more on Glocalization and Locavore Legalism…

In this week’s Acton Commentary, “Lutheran World Federation Misses the Mark on Work and Wealth,” I reflect on the recently concluded general assembly of the Lutheran World Federation, held in Stuttgart. The theme of the meeting was “Give us today our daily bread,” but as I note, the assembly’s discussion of hunger, poverty, and economics lacked the proper integration of the value, dignity, and importance of work.

As I contend, work is the regular means God has provided for the maintenance of our physical needs. And work that is connected to the larger human community becomes increasingly oriented toward the service of others and productive of civilization. Lester DeKoster defines civilization in just this way, as

goods and services to hand when we need them. There are countless workers, just like ourselves—including ourselves—whose work creates the harvest that provides each of us with far more than we could ever provide for ourselves.

These words come from DeKoster’s little classic, Work: The Meaning of Your Life—A Christian Perspective, newly available in an updated second edition.

The omission of considering work in relationship to the development of wealth, globalization, and civilization is endemic to the larger mainline ecumenical movement, which I examine in greater length in my book, Ecumenical Babel: Confusing Economic Ideology and the Church’s Social Witness. In that book I look especially at the outcome of the previous LWF gathering in 2004.

The trend observable in LWF recent history looks to continue unabated. The newly appointed LWF general secretary, Rev. Martin Junge of Chile, has the pursuit of “economic justice,” conceived largely of opposition to globalization, as a high priority. (Full story after the break).
Read more on Work, Globalization, and Civilization…

Last week’s Acton Commentary, “Unity or Unanimity at Reformed Council?” was picked up by a number of news outlets, including the Detroit News and the Holland Sentinel. The latter paper published a response to the piece by Jeffrey Japinga, “Intersection of economics and faith is valid subject for church council.”

Read more on Confessing the Wrong Side…

Cardus’ Robert Joustra rightly pillories “fair trade” along with the logic of foreign aid in a challenging article, “Fair Trade and Dead Aid: ‘My Voice Can’t Compete with an Electric Guitar.’”

Read more on Critiquing Fair Trade and Dead Aid…

In his new encyclical, Caritas in Veritate, Pope Benedict XVI calls for an international political authority, “so that the concept of the family of nations can acquire real teeth.” He tasks it with issues like human rights, ensuring access to necessities including food and water, and managing the global economy. What might an effective international governing body look like?

Read more on International Governance in Caritas in Veritate and The Road to Serfdom…