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When Pope Benedict issued his encyclical Caritas in Veritate (Love in Truth) in July, he addressed it to “the bishops, priests and deacons, men and women religious, the lay faithful and all people of good will”. That list puts Catholics first, but it gets around to a wider audience by the end. Maybe because of that sequence, most of the discussion about the document has been in Catholic circles.

But in the pope’s back yard, i.e. in Italy, the message has attracted a wider audience. In a rare reaction from a non-Christian organisation, the Italian Muslim association Comunità Religiosa Islamica (CO.RE.IS.) Italiana has welcomed the encyclical and drawn parallels between its outlook and that of Islamic economic and social thinking. CO.RE.IS presented its reaction on the occasion of the Ecumenical Day of Christian-Islamic Dialogue in Italy on Tuesday. Following are some excerpts:

“The recent financial crisis, that witnessed an almost worldwide economic crash, should constitute a further confirmation of the impossibility of establishing a presumed society of wellbeing only upon market rules, excluding any transcendence, any metaphysical and religious perspective, as the pontiff has well expressed it … Just like the market cannot find in itself the meta-principles that would discipline it according to nature and to the function that God has entrusted to man on earth, money and capital cannot constitute a value in themselves, regardless of the finality of actions and of the realities that underlie their use…

“Islamic ethics, from its origins, develops the common principles of the Abrahamic civilisation as a whole aimed at providing ‘joint satisfaction in material and spiritual needs’. For example, the Islamic ban on loans with interest (ribâ) also existed in ancient Christianity. As early as the 4th and 5th centuries, the Fathers of the Church, both Greeks and Latins, ardently opposed it based on both the Old Testament and the Gospel… “In the centuries that have passed, the West has wished to forget the economic principles present in religions, basically considering them to be, in modern times, a heritage of archaic thought. However, it is not about ‘turning back’ to some anachronistic and ideal restoration, but to consider, as Benedict XVI has done in his appeal, the real contribution that a religious sensibility can concretely offer in fields such as the economy.” (Photo: CO.RE.IS Vice President Imam Yahya Pallavicini/CO.RE.IS)

CO.RE.IS says it is not using Caritas in Veritate to call for Islamic law in Western countries, but for an appreciation of religious views also inherent in Islam:

Pope Benedict has pronounced himself pleased with the discussion about business ethics sparked by his encyclical “Charity in Truth” published in July. In a short question-and-answer session (here in the original Italian) with journalists en route to the Czech Republic over the weekend, he commented on reactions to the document:

“I’m very pleased by the broad discussion. That was my goal, to promote and motivate a discussion about these problems and not to allow things to go along as they are but to find new models for a responsible economy both in individual countries and for all of humanity. (Photo: Pope Benedict speaking on the plane, 26 Sept 2009/Max Rossi)

“Today it really seems visible to me that ethics is not something exterior to the economy, a technical issue that  could function on its own, but it’s an interior prinicple of the economy itself which cannot function if it does not take account of the human values of solidarity and reciprocal responsibility. Integrating ethics into the construction of the economy itself is the great challenge of this moment, and I hope to have made a contribution to this challenge with the encyclical.

Pope Benedict’s encyclical “Charity in Truth” proposed a sweeping reform of the world economic system from one based on the profit motive to one based on solidarity and concern for the common good. Like other such documents in the Roman Catholic Church’s social teaching tradition, the encyclical delivers a strong critique of unbridled capitalism. This can be uncomfortable for Catholics who champion free enterprise and some conservative Catholic writers reacted quickly and critically. One of them, George Weigel, wrote the encyclical “resembles a duck-billed platypus.” (Image: Charity in Truth/Ignatius Press)

We wanted to hear the views of a Catholic executive, one who’s involved in business rather than reacting from the sidelines. So I called Frank Keating, president and chief executive officer of the American Council of Life Insurers (ACLI). The former Republican governor of Oklahoma (1995-2003) is a former chairman of the National Catholic Review Board, which he said “sought to identify and correct the horror of sexual abuse on the part of the clergy.” He is a Knight of Malta and a Knight of the Holy Sepulchre.

DB: What’s your overall reaction to the encyclical?

FK:“I haven’t read the 30,000 words but I think what the pope is proposing is not inconsistent with other papal messages. The common denominator to all of them is the worth of the individual, the dignity of every human person. So Benedict XVI focuses on the right to life, he speaks against euthanasia, he speaks against the evil of abortion, he speaks against cloning. But at the same time he talks about duties and responsibilities to the vulnerable because the vulnerable are dignified human beings as well as those who are rich and powerful.

Japanese Prime Minister Taro Aso, a member of Japan’s tiny Roman Catholic minority, had a chance toenjoy some time away from political trouble at home when he met with Pope Benedict on Tuesday.

As his first stop during a trip to attend July 8-10 summit of G8 leaders in Italy, Aso went to the Vatican, gave the pope a Sony digital video camera and discussed the global economic crisis with him. (Photo: Prime Minister Aso presents video camera to Pope Benedict, 7 July 2009/Danilo Schiavella)

His visit was timely in that respect — Benedict published an encyclical on economic and social issues today, calling for a bold reform of the world economic order to overcome the financial crisis and redirect the focus of business to the welfare of all people.

Pope Benedict issued an ambitious call to reform the way the world works on Tuesday shortly before its most powerful leaders meet at the G8 summit in Italy. His latest encyclical, entitled “Charity in Truth,” presents a long list of steps he thinks are needed to overcome the financial crisis and shift economic activity from the profit motive to a goal of solidarity of all people.

Following are some of his proposals. The italics are from the original text. Do you think they are realistic food for thought or idealistic notions with no hope of being put into practice?

“There is urgent need of a true world political authority. .. to manage the global economy; to revive economies hit by the crisis; to avoid any deterioration of the present crisis and the greater imbalances that would result; to bring about integral and timely disarmament, food security and peace; to guarantee the protection of the environment and to regulate migration… such an authority would need to be universally recognized and to be vested with the effective power to ensure security for all, regard for justice, and respect for rights.” The economy needs ethics in order to function correctly – not any ethics whatsoever, but an ethics which is people-centred…” “Financiers must rediscover the genuinely ethical foundation of their activity, so as not to abuse the sophisticated instruments which can serve to betray the interests of savers. Right intention, transparency, and the search for positive results are mutually compatible and must never be detached from one another.” “Without doubt, one of the greatest risks for businesses is that they are almost exclusively answerable to their investors, thereby limiting their social value… 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… 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.” “One possible approach to development aid would be to apply effectively what is known as fiscal subsidiarity, allowing citizens to decide how to allocate a portion of the taxes they pay to the State.”

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