Vatican meeting emphasizes ‘common good’ in reforming global finance

By Kristina Millare

Vatican City, Nov 15, 2024 / 10:05 am

The Pontifical Academy for Life delved into discussions about the global financial system through the lens of the social doctrine of the Catholic Church and the various crises that have impacted the world. This discourse took place at a meeting titled “Common Good: Theory and Practice” on Thursday evening in Vatican City.

The event was inaugurated by Archbishop Vincenzo Paglia, president of the Pontifical Academy for Life, who introduced the esteemed guest panelists Prime Minister of Barbados Mia Mottley and Mariana Mazzucato, a professor of economics of innovation and public value at University College London.

The participants came together to explore the intricate and interconnected effects of war, technology, health crises, and the environment on politics and the global economy.

Throughout the two-hour dialogue, both women emphasized the significance of Catholic social teaching, which includes principles such as solidarity, the call to family, community, and participation, and the preferential option for the poor and vulnerable. These principles provide clear objectives for shaping policies that ultimately aim to serve and protect people.

Mazzucato, who is also the founder-director of the Institute for Innovation and Public Purpose, highlighted the distinction between the traditional economic theory of “public goods” and the Catholic notion of the common good. She emphasized that in order to enhance the current “global financial architecture,” it is essential to first consider the dignity of every individual.

“The way we communicate, respect, and value each other plays a crucial role in how we approach our goals,” she stated.