Pope Benedict XVI [has] called for a radical rethinking of the global economy, criticizing a growing divide between rich and poor and urging the establishment of a true world political authority" to oversee the economy and work for the "common good." He criticized the current economic system, "where the pernicious effects of sin are evident," and urged financiers in particular to "rediscover the genuinely ethical foundation of their activity." He also called for "greater social responsibility" on the part of business. "Once profit becomes the exclusive goal, if it is produced by improper means and without the common good as its ultimate end, it risks destroying wealth and creating poverty," Benedict wrote in his new encyclical, which the Vatican released on [July 7]. More than two years in the making, "Caritas in Veritate," or "Charity in Truth," is Benedict's third encyclical since he became pope in 2005. Filled with terms like "globalization," "market economy," "outsourcing," "labor unions" and "alternative energy," it is not surprising that the Italian media reported that the Vatican was having difficulty translating the 144-page document into Latin. In many ways, the document is a puzzling cross between an anti-globalization tract and a government white paper, another signal that the Vatican does not comfortably fit into traditional political categories of right and left. Benedict also called for a reform of the United Nations so there could be a unified "global political body" that allowed the less powerful of the earth to have a voice, and he called on rich nations to help less fortunate ones.

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