In "Charity in Truth," Benedict denounced the profit-at-all-cost mentality of the globalized economy and lamented that greed had brought about the worst economic downturn since the Great Depression.
"Profit is useful if it serves as a means toward an end," he wrote. "Once profit becomes the exclusive goal, if it is produced by improper means and without the common good as its ultimate end, it risks destroying wealth and creating poverty."
The document, in the works for two years and repeatedly delayed to incorporate the fallout from the crisis, was released one day before leaders of the Group of Eight industrialized nations meet to coordinate efforts to deal with the global meltdown.
The release was clearly designed to give world leaders a strong moral imperative to correct errors of the past, "which wreaked such havoc on the real economy," and make a more socially just and responsible world financial order.
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