From: "Mario Goveia" <[email protected]>
"Stick to religion and helping the
poor, and stay the hell away from economics."
From: George Pinto
I am surprised Aiyar writes an article without quoting the
actual piece he takes exception to.
Thu, 6 Aug 2009 01:27:22 -0400
From: "Bosco D'Mello" <[email protected]>
Oops!! Looks like Aiyar-ji did a number on Mario-G!! Best advice is
gratuituous advice from Mario-G!! Fulfilled his daily quota, all without
reading any facts!!
Mario responds:
Ooops! Looks like Bosco has stepped in cow-cakes again:-))
He apparently knows about as much about the Vatican's attitude towards
economics as he does about medical waiting lists in Canada:-))
I wonder what part of my comments above did Bosco fail to understand?
http://www.nytimes.com/2009/07/08/world/europe/08pope.html
Pope Benedict XVI on Tuesday 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.”
***The Church has the competence to criticise any social or economic or
political systems. The Church does not give economic or political
solutions, but can guide them. The common good is the key criterion for all
economic activity. An international authority is needed to protect the weak
nations.
And,
http://www.indiancatholic.in/news/storydetails.php/12752-1-6-Pope%E2%80%99s-Encyclical-creates-fear-in-outsourcing-industry-in-India
> According to Raman Roy, a pioneer in outsourcing industry in India the
> recent encyclical by the Pope seems to be questioning the adverse effect
> of Outsourcing in the world market and the economies of the western
> countries.
The Pope writes in the Encyclical, “The so-called outsourcing of
production can weaken the company’s sense of responsibility towards the
stakeholders — namely the workers, the suppliers, the consumers, the
natural environment and broader society — in favour of the shareholders,
who are not tied to a specific geographical area and who, therefore, enjoy
extraordinary mobility.”
***Benedict XVI is not against outsourcing, but is appealing to
responsibility towards all the stakeholders over mere profitability of
shareholders...
And:
http://www.cathnews.com/article.aspx?aeid=14970
The Caritas in Veritate encyclical, overdue by a couple of months
reportedly due to difficulties encountered in translating to Latin,
underscores the "need for a system with three subjects: the market, the
State and civil society," to "civilising of the economy", the Vatican
Information Service said, quoting from the text.
The encyclical is Benedict's third. Filled with terms like
"globalisation," "market economy," "outsourcing," "labour unions" and
"alternative energy,", the New York Times reported, "it is not surprising
that the Italian media reported that the Vatican was having difficulty
translating the 144 page document into Latin."
***Benedict XVI could not write on economic issues without using the terms
"globalisation", market economy", "outsourcing", "labour union" or
"alternative energy" so as to continue the Social Teaching of the Church
started by Leo XIII on May, 15, 1891, and continued by all the successive
Popes till Paul VI with his enc.Populorum Progressio on March 26, 1967,
which has been deepened and applied to the modern changed situation in his
enc.Caritas in Veritate.
Regards.
Fr.Ivo
See CV, no.40: "Today's international economic scene, marked by grave
deviations and failures, requires a profoundly new way of understanding
business enterprise. Old models are disappearing, but promising new ones are
taking shape on the horizon. Without doubt, one of the greatest risks for
businesses is that they are almost exclusively answerable to their
investors, thereby limiting their social value. Owing to their growth in
scale and the need for more and more capital, it is becoming increasingly
rare for business enterprises to be in the hands of a stable director who
feels responsible in the long term, not just the short term, for the life
and the results of his company, and it is becoming increasingly rare for
businesses to depend on a single territory. Moreover, the so-called
outsourcing of production can weaken the company's sense of responsibility
towards the stakeholders — namely the workers, the suppliers, the consumers,
the natural environment and broader society — in favour of the shareholders,
who are not tied to a specific geographical area and who therefore enjoy
extraordinary mobility. Today's international capital market offers great
freedom of action. Yet there is also increasing awareness of the need for
greater social responsibility on the part of business. Even if the ethical
considerations that currently inform debate on the social responsibility of
the corporate world are not all acceptable from the perspective of the
Church's social doctrine, there is nevertheless a growing conviction that
business management cannot concern itself only with the interests of the
proprietors, but must also assume responsibility for all the other
stakeholders who contribute to the life of the business: the workers, the
clients, the suppliers of various elements of production, the community of
reference. In recent years a new cosmopolitan class of managers has emerged,
who are often answerable only to the shareholders generally consisting of
anonymous funds which de facto determine their remuneration. By contrast,
though, many far-sighted managers today are becoming increasingly aware of
the profound links between their enterprise and the territory or territories
in which it operates. Paul VI invited people to give serious attention to
the damage that can be caused to one's home country by the transfer abroad
of capital purely for personal advantage[95]. John Paul II taught that
investment always has moral, as well as economic significance[96]. All
this — it should be stressed — is still valid today, despite the fact that
the capital market has been significantly liberalized, and modern
technological thinking can suggest that investment is merely a technical
act, not a human and ethical one. There is no reason to deny that a certain
amount of capital can do good, if invested abroad rather than at home. Yet
the requirements of justice must be safeguarded, with due consideration for
the way in which the capital was generated and the harm to individuals that
will result if it is not used where it was produced[97]. What should be
avoided is a speculative use of financial resources that yields to the
temptation of seeking only short-term profit, without regard for the
long-term sustainability of the enterprise, its benefit to the real economy
and attention to the advancement, in suitable and appropriate ways, of
further economic initiatives in countries in need of development. It is true
that the export of investments and skills can benefit the populations of the
receiving country. Labour and technical knowledge are a universal good. Yet
it is not right to export these things merely for the sake of obtaining
advantageous conditions, or worse, for purposes of exploitation, without
making a real contribution to local society by helping to bring about a
robust productive and social system, an essential factor for stable
development".
