CRISIS IN A GLOBAL ECONOMY—REPLANNING THE JOURNEY

This was the title of a meeting at the Vatican early last month of some of the world’s leading social scientists and experts in economics and finance. The cause of the current crisis was the mistake made by financiers and regulators that the market, left to its own devices, would weed out poor debt. Many at the meeting considered the crisis ‘to be moral rather than economic’, in that the financial sector sought to serve itself, not the common good, by seeking higher profits. Speakers discussed the innocent victims of this financial failure—the developing world. As the economy is now global, regulation needs to be global.

Fr Kevin