2017-01-26 10:35:00

Pope's term 'cooperative globalization' call to rethink economic responsibility

(Vatican Radio)  Instead of rampant business expansion which tramples on the world’s poor, Pope Francis has often criticized conventional economics for fostering unfairness and inequality.

In a recent address to The Global Foundation, the Holy Father called for a ‘more fraternal and cooperative globalization'.

To find out more about the idea of cooperative globalization, Devin Watkins spoke to Fr. Séamus Finn, OMI, who is Ethical Advisor for the OIP Investment Trust, which provides faith-consistent investing advice for the financial resources of Catholic organizations.

Listen to the full interview:

"Cooperative globalization," Fr. Finn said, "is maybe a new term that is probably challenging, because globalization seemed to suggest that we had a sense we were all inhabiting the same planet and that we needed to be responsable... and to cooperate on issues like trade, finance, education."

But the Pope's term adds the adjective 'cooperative' to globalization, indicating that the two are not synonymous. 

Fr. Finn said, "It's a reminder that, as much as [...] countries want to find a solution for their country and their area, they also have to pay attention to the fact that we need a solution that deals with the reality of a globally-integrated financial system and to populations all over the world that are migrating."

He said the term 'cooperative globalization' means "that we need to take a second look, trying to understand the concepts of human dignity and human rights and our responsibility to one another, and to find solutions that are constructive going forward."

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