“Pope Francis delivers tough message to Big Business”

From CNN Money:

Business leaders often think they are “exempt” from the rules. Technology is not the answer. And consumers, through “moral” purchasing actions, can play a vital role in holding companies accountable.

Pope Francis’ encyclical on climate change, released to the world Thursday, includes large sections devoted to the roles of business and technology. Here are some of the key passages:

Profits: “We need to reject a magical conception of the market, which would suggest that problems can be solved simply by an increase in the profits of companies or individuals. Is it realistic to hope that those who are obsessed with maximizing profits will stop to reflect on the environmental damage which they will leave behind for future generations?”

“In a word, businesses profit by calculating and paying only a fraction of the costs involved. Yet only when ‘the economic and social costs of using up shared environmental resources are recognized with transparency and fully borne by those who incur them, not by other peoples or future generations,’ can those actions be considered ethical.”

Pope Francis: ‘Revolution’ needed to combat climate change

The bailout: “Saving banks at any cost, making the public pay the price, foregoing a firm commitment to reviewing and reforming the entire system, only reaffirms the absolute power of a financial system, a power which has no future and will only give rise to new crises after a slow, costly and only apparent recovery.”

more at CNN Money.

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