In the midst of the release of his expected encyclical, Pope Benedict is calling for a new world economic order; a model that is “more attentive to the demands of solidarity and more respectful of human dignity.” Professor Philip Booth, editorial and program director of the Institute for Economic Affairs, and speaker at Acton University, was interviewed by The Catholic Herald, a UK paper, about the Pope’s upcoming encyclical:
…it would be dangerous to follow a path of greater socialization and greater regulation of the economy and financial sector. This is a model that has been tried and which is failing.
But what is essential is ethical renewal in all aspects of life-including in the financial sector. Trying to deal with problems such as the lack of ethics in economic life with more regulation is like trying to deal with promiscuity through sex education lessons – it is the wrong instrument.
Kishore Jayabalan, director of Istituto Acton in Rome and an AU lecturer, was also interviewed by The Herald.
The Pope’s challenge to all of us is that we make the best possible use of our freedom and gifts, which will require a bit more intellectual and spiritual fortitude than we’ve seen from most of our political and business leaders recently.
Pope Benedict’s encyclical is expected to be released on June 29. The Acton Institute will be commenting on the encyclical once it is released and we encourage everybody to return to the PowerBlog and our website for more commentary.