Vatican Report. CG: The church has been playing an increasingly vocal role in urging nations and businesses to forge economic policies that put authentic human development at the center. The teachings …More
Vatican Report.
CG: The church has been playing an increasingly vocal role in urging nations and businesses to forge economic policies that put authentic human development at the center. The teachings of Pope Benedict and others have taken on added importance because they are aimed at the root causes of the global financial crisis. On today’s Vatican Report we’ll look at how the pope and the church have been offering the business world a new ethical foundation for creating healthier, functioning economies. I’m Carol Glatz
JT: And I’m John Thavis. Pope Benedict made a huge breakthrough in Catholic social teaching when he published his encyclical Caritas in Veritate. The letter, which the pope began writing before financial
markets imploded in 2008, was purposely delayed so as to better respond to the crisis that was unfolding worldwide. The encyclical’s audience was meant to be more than just bookish theologians: it was also aimed at financiers and lawmakers and used economic, not just theological, arguments to make many of its points.
CG: The encyclical has inspired new thinking and some new projects by Vatican and church agencies that deal with economic issues around the world. Catholic experts are using it to open discussion on topics like corporate responsibility, environmental concerns and the profit motive. We saw this at a recent Synod of Bishops, when African bishops spoke about corporate exploitation of local resources. What Pope Benedict has called for is rather dramatic: a whole new way of understanding business, which recognizes that a company’s stakeholders include not only investors, but also employees, those who produce the raw materials and people who live in the communities where products originate.
JT: Just last week, the Pontifical Council for Justice and Peace co-sponsored a meeting here at the Vatican with the University of St. Thomas, Minnesota. Scholars in Catholic Social Teaching and experts in business came together to talk about practical and concrete ways corporations and industries could implement this new kind of “papal economic theory.” Many of the speakers were successful business people, offering living proof that a company based on values of respect, self-giving, and the common good not only benefits the people working there, but also reaps rewards for the economy.
CG: What’s interesting is the church now sees it has new mission territory in corporate boardrooms. One of the speakers at the Vatican meeting was a French nun with an extensive background in business; she now ministers to a French petroleum company in Nigeria helping managers and CEOs hash out policies that respect the local people. She said the company has a duty to give something back in a way that doesn’t make the local people dependent on handouts, but builds them into future players and producers in the local, national and world economies.
JT: Meanwhile, the pope has taken steps to improve the transparency of Vatican finances. He recently instituted a new agency to monitor all Vatican financial operations and make sure they meet international norms against money-laundering. And he signed a new law for Vatican City that defined financial crimes like corruption, market manipulation and fraud. Violators will face penalties, including possible jail time. Church officials say the pope is determined to show that when it comes to financial ethics, the Vatican is willing to practice what it preaches. I’m John Thavis
CG: and I’m Carol Glatz, Catholic News Service.
CG: The church has been playing an increasingly vocal role in urging nations and businesses to forge economic policies that put authentic human development at the center. The teachings of Pope Benedict and others have taken on added importance because they are aimed at the root causes of the global financial crisis. On today’s Vatican Report we’ll look at how the pope and the church have been offering the business world a new ethical foundation for creating healthier, functioning economies. I’m Carol Glatz
JT: And I’m John Thavis. Pope Benedict made a huge breakthrough in Catholic social teaching when he published his encyclical Caritas in Veritate. The letter, which the pope began writing before financial
markets imploded in 2008, was purposely delayed so as to better respond to the crisis that was unfolding worldwide. The encyclical’s audience was meant to be more than just bookish theologians: it was also aimed at financiers and lawmakers and used economic, not just theological, arguments to make many of its points.
CG: The encyclical has inspired new thinking and some new projects by Vatican and church agencies that deal with economic issues around the world. Catholic experts are using it to open discussion on topics like corporate responsibility, environmental concerns and the profit motive. We saw this at a recent Synod of Bishops, when African bishops spoke about corporate exploitation of local resources. What Pope Benedict has called for is rather dramatic: a whole new way of understanding business, which recognizes that a company’s stakeholders include not only investors, but also employees, those who produce the raw materials and people who live in the communities where products originate.
JT: Just last week, the Pontifical Council for Justice and Peace co-sponsored a meeting here at the Vatican with the University of St. Thomas, Minnesota. Scholars in Catholic Social Teaching and experts in business came together to talk about practical and concrete ways corporations and industries could implement this new kind of “papal economic theory.” Many of the speakers were successful business people, offering living proof that a company based on values of respect, self-giving, and the common good not only benefits the people working there, but also reaps rewards for the economy.
CG: What’s interesting is the church now sees it has new mission territory in corporate boardrooms. One of the speakers at the Vatican meeting was a French nun with an extensive background in business; she now ministers to a French petroleum company in Nigeria helping managers and CEOs hash out policies that respect the local people. She said the company has a duty to give something back in a way that doesn’t make the local people dependent on handouts, but builds them into future players and producers in the local, national and world economies.
JT: Meanwhile, the pope has taken steps to improve the transparency of Vatican finances. He recently instituted a new agency to monitor all Vatican financial operations and make sure they meet international norms against money-laundering. And he signed a new law for Vatican City that defined financial crimes like corruption, market manipulation and fraud. Violators will face penalties, including possible jail time. Church officials say the pope is determined to show that when it comes to financial ethics, the Vatican is willing to practice what it preaches. I’m John Thavis
CG: and I’m Carol Glatz, Catholic News Service.