Pope Benedict on Friday 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....
In it 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," he said.
The pope said people, groups and institutions were needed to foster human creativity, to draw lessons from the crisis and to create a new economic model.The Huffington Post
Pope Calls For New Economic Model, More Ethical Markets
Philip Pullella | Reuters