The Pope yesterday condemned the “grave deviations and failures” of capitalism that have been exposed by the financial crisis, calling on the eve of a summit of rich nations for a “true world political authority” to oversee a return to ethical values.
Benedict XVI made his call for stronger government regulation in his third and eagerly awaited encyclical, Charity in Truth, which the Vatican chose to issue ahead of today’s Group of Eight nations summit in Italy.
His attack on unbridled capitalism and unregulated market forces was accompanied by a critique of some international aid agencies, which he accused of encouraging abortion and imposing contraception.
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