Home
/
RELIGION & LIBERTY ONLINE
/
Samuel Gregg: The Vatican’s Calls for Global Financial Reform
Samuel Gregg: The Vatican’s Calls for Global Financial Reform
Mar 18, 2025 3:46 AM

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:

… a world authority could pit the economic interests of Catholics in developed countries against those in developing nations, creating challenges for how the Church presents its teachings about economic issues to Catholics throughout the world. Many countries throughout Latin America, Africa, and Asia are in a fundamentally different economic and geopolitical place from those of the ailing EU. The Church must thus deepen its appreciation of how the global operation of economic factors such parative advantage, incentives, and tradeoffs has different impacts upon Catholics living in very dissimilar economic circumstances. But this also has implications for the Church’s position concerning the economic functions to be assumed by a world authority. Such responsibilities, for example, could primarily concern promoting greater economic integration through removing obstacles to trade. This, however, would be patible with the Note’s theme that a world authority’s economic functions should be focused upon securing greater control over the pace of change through international regulations that, if implemented, would significantly impede the free movement of people, goods, and capital.

Read “The Vatican’s Calls for Global Financial Reform” by Samuel Gregg on the website of Foreign Affairs.

Comments
Welcome to mreligion comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
RELIGION & LIBERTY ONLINE
Vouchers: the progressive policy loved by the right and hated by the left
Growing up, I attended a private, Christian school until 4th grade, when my mother couldn’t afford it any more and my brothers and I switched to a blue collar, suburban public school. Academically, I experienced a clear difference. The worst contrast was in math, where I learned basically nothing for three years. The only subject that was probably better at the public school was science, but I’m not even certain about that. Class sizes were larger too. None of this...
Defending fundamental rights
Life, liberty, and the pursuit of happiness are fundamental rights “asserted in the face of oppression and paid for in blood,” argues Declan Ganley. They “have been the cornerstone not only of American democracy but of western civilization.” In a new article for Prospect Magazine, the chairman & CEO of Rivada Networks says that the West “needs to defend [these] shared values.” He argues that these fundamental rights are now under attack: We live in an age where universal values...
The truth about Cuba’s health care system
When Fidel Castro died last week many on the political left embarrassed themselves by praising the despot. A prime example is Canadian Prime Minister Justin Trudeau who was excoriated for saying that Castro was a “legendary revolutionary and orator” who made “significant improvements” to the healthcare system of his country. There are few modern myths the have been debunked as frequently yet have been accepted as incredulously as the idea that Cuba has a superior (or even adequate) health care...
Lessons from Poverty, Inc.
“An underlying theme in basic economics says, ‘offering a product for free can destroy the local economy’” writes Luis Miranda. Miranda recently watched Poverty, Inc and since seeing the award winning Acton Institute documentary he has shared some of its lessons in an article at The Indian Economist. He begins by explaining how often times aid can harm its recipient more than help them. A farmer in Rwanda goes out of business because he pete against an American church sending...
Financial deregulation expands opportunity
The Dodd-Frank Act became law in 2010, adding more regulation to a banking industry that was already heavily regulated. The main purpose of this 2,300 page act was to give consumers protection against big profit seeking banks but the unintended consequences prove to be much greater. The regulation was supposed to help the little guy but as Acton Director of Research Samuel Gregg writes at The Stream, it actually hurts the little guy. President-elect Donald Trump claims that he wants...
An 89-year-old’s plea for a job shows the dignity of work
Joe Bartley An 89-year-old Englishman has taken out an ad seeking a part-time job, so that he can experience the dignity and independence of work – and get off of public assistance. Joe Bartley, a World War II veteran, caught the UK’s attention after he placed the following advertisement in his hometown newspaper, the Herald Express: Senior citizen 89 seeks employment in Paignton area. 20hrs+ per week. Still able to clean, light gardening, DIY and anything. I have references. Old...
Global elites put Christianity in the crosshairs
Global governance ideology is the intellectual stepchild of Marxist materialist thought, says Robert F. Gorman in this week’s Acton Commentary. The term global governance refers to the political dimension of globalization. Here the question is to what degree governance will be centralized and controlled by international institutions in ways that threaten to diminish national and local governmental capacity. Global governance advocates tend to prefer both transnational regulation of markets and the creation of new human rights norms marked by increased...
Kyriarchy and Kuyper
Courtesy Adrian Vermeule at Mirror of Justice, I ran across a word new to me: Kyriarchy. Given the context and my admittedly limited Greek-language skills, I was able to work out the gist of the idea. As Vermeule puts it, “On November 20, the Feast of Christ the King, a coronation ceremony took place at the Church of Divine Mercy in Krakow. The President of Poland and the Catholic Bishops officially crowned Jesus Christ the King of Poland.” Vermeule goes...
What’s next for religious freedom?
Olivier Douliery/Getty Images In a new article for the Catholic Herald, Philip Booth outlines the next battle in the fight for religious freedom. The professor of finance, public policy, and ethics at St. Mary’s University, Twickenham, writes that “liberal elites are paying the prices for sidelining” this important freedom. He argues that while there are definitely threats to religious liberty in the United States, the rights to religious liberty and freedom of association are in far more danger in Europe....
Profits and an ‘economy of mutuality’
“Money is often seen as intrinsically bad or perhaps a necessary evil in the world,” says Tom Nelson. “However, we must not forget the important role money plays in wealth creation and in facilitating the efficient exchange of goods and services.” Money and the trade it makes possible further mon good and greatly enhance our ability to love our neighbors — both local and global. Christian philosopher Dallas Willard reminded us, “Business is an amazingly effective means of delivering God’s...
Related Classification
Copyright 2023-2025 - www.mreligion.com All Rights Reserved