Pope Benedict XVI on Tuesday condemned the “grave deviations and failures” of capitalism exposed by the financial crisis and issued a strong call for a “true world political authority” to oversee a return to ethics in the global economy, the FT reported. The pontiff’s call for stronger government regulation was made in his third and eagerly awaited encyclical, Charity in Truth, which the Vatican chose to issue on the eve of the G8 summit of rich nations being held in Italy.

This entry was posted by Stacy-Marie Ishmael on Wednesday, July 8th, 2009 at 4:10 and is filed under Capital markets, People. Tagged with capitalism, Pope Benedict XVI, Vatican. Edit this entry.