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Benedict called for a whole new financial order
-- "a profoundly new way of understanding business enterprise"
-- that respects the dignity of workers and looks out for the common good by prioritizing ethics and social responsibility over dividend returns. "Above all, the intention to do good must not be considered incompatible with the effective capacity to produce goods," he wrote. "Financiers must rediscover the genuinely ethical foundation of their activity so as to not abuse the sophisticated instruments which can serve to betray the interests of savers." Kirk Hanson, a business ethics professor at Santa Clara University, said the encyclical is likely to spark debate over capitalism and social justice. "When a group of U.S. Catholic bishops issued a similar statement during the Reagan years, it sparked a nationwide debate about the fairness of our capitalist system," said Hanson, who chaired the hearings leading up to the bishops' statement. Benedict stressed he wasn't opposed to a globalized economy, saying that if done correctly it has an unprecedented potential to redistribute wealth around the globe. But he warned that if badly directed and if the problems aren't fixed, globalization can increase poverty and inequality and trigger the type of crisis under way. Benedict has written two previous encyclicals in his four years as pope: "God is Love" in 2006 and "Saved by Hope" in 2007.
[Associated
Press;
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