Published on Tuesday, January 1, 2013 by Common Dreamm
Calls for a new economic model, ethical regulations for markets
- Craig Brown, staff writer
Benedict XVI from the window of his studio overlooking St. Peter’s
Square at the Vatican, Tuesday, Jan. 1, 2013. The Pope slammed
capitalism and economic inequality in his annual message of peace. (AP
Photo/Andrew Medichini)Pope Benedict XVI said in his New Year’s peace message today that the world was under threat from unbridled capitalism.
The pope said
“hotbeds of tension and confrontation caused by the growing inequality
between rich and poor and the prevalence of a selfish and
individualistic mentality also expressed by unregulated financial
The 85-year-old Catholic Church leader spoke at a New Year’s Day Mass
in the Vatican, then greeted a crowd of tens of thousands outside St
Peter’s Basilica. The Catholic Church marks its World Day of Peace on
New Year’s Day with events around the world.
The pope said economic models that seek
maximum profit and consumption and encourage competition at all costs
had failed to look after the basic needs of manyThousands of peace marchers carrying rainbow banners released balloons in cold St Peter’s Square as the pope spoke.
A longer version of the Pope’s annual message was sent to heads of
state, government and non-governmental organizations on December 14th.
that in that message “the Pope called for a new economic model and
ethical regulations for markets, saying the global financial crisis was
proof that capitalism does not protect the weakest members of society.”
The pope said economic models that seek maximum profit and
consumption and encourage competition at all costs had failed to look
after the basic needs of many and could sow social unrest.
“It is alarming to see hotbeds of tension and conflict caused by
growing instances of inequality between rich and poor, by the prevalence
of a selfish and individualistic mindset which also finds expression in
an unregulated financial capitalism.”
The pope said people, groups and institutions were needed to foster
human creativity, to draw lessons from the crisis and to create a new
Pope Benedict Slams Capitalism, Economic Inequality | Common Dreams.