Pope Benedict XVI speaks about economic system, United Nations, charity and abortion

Pope Benedict XVI on Tuesday called for a radical rethinking of the global economy. He criticized a growing divide between rich and poor and urging the establishment of a “world political authority” to oversee the economy and work for the “common good.”

Benedict XVI also criticized the current economic system, “where the pernicious effects of sin are evident,” and urged financiers in particular to “rediscover the genuinely ethical foundation of their activity,” The New York Times  reports.

The pope called for reforming the United Nations and establishing a "true world political authority" with "real teeth" to manage the global economy with God-centered ethics.

In his third encyclical, a major teaching, released as the G-8 summit begins in Italy, the pope says such an authority is urgently needed to end the current worldwide financial crisis. It should "revive" damaged economies, reach toward "disarmament, food security and peace," protect the environment and "regulate migration."

Benedict writes: "The market is not, and must not become, the place where the strong subdue the weak,"  The USA Today  reports.

In his encyclical, Benedict calls for charity guided by truth. "Charity demands justice: recognition and respect for the legitimate rights of individuals and peoples," he says, The Washington Post reports.

The pope also used the encyclical to accuse governments and non-governmental organisations of working "actively" to spread abortion and promote sterilisation in poor countries and, in some cases, "not even informing the women involved", guardian.co.uk. reports.