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Vatican calls for a new world economic order

Says focus must be the common good

By Victor L. Simpson
Associated Press / October 25, 2011

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The Vatican called Monday for radical reform of the world’s financial systems, including the creation of a global political authority to manage the economy. A proposal by the Pontifical Council for Justice and Peace calls for a new world economic order based on ethics and the “achievement of a universal common good.’’ It follows Pope Benedict XVI’s 2009 economic encyclical that denounced a profit-at-all-cost mentality as responsible for the global financial meltdown.

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