Pope Francis challenged business leaders assembled in Davos yesterday to put their wealth at the service of humanity instead of leaving most of the world's population in poverty and insecurity.
In a message to more than 2 500 participants at the annual World Economic Forum (WEF), the pontiff urged industrialists and bankers to promote inclusive prosperity, but stopped short of chiding them for excesses laid bare by the global financial crisis.
"I ask you to ensure that humanity is served by wealth and not ruled by it," Pope Francis said in the message read at the opening ceremony by Cardinal Peter Turkson, the president of the Pontifical Council for Peace and Justice.
The Argentinian pope, who has identified strongly with the poor since his election last year and who has severely criticised capitalism, acknowledged that business had helped lift millions out of poverty.
"The growth of equality demands something more than economic growth, even though it presupposes it. It demands first of all 'a transcendent vision of the person'," he said.
"It also calls for decisions, mechanisms and processes directed to a better distribution of wealth, the creation of sources of employment and an integral promotion of the poor which goes beyond a simple welfare mentality."
Rising income disparity and attendant social unrest were flagged as the biggest threat to the world in the WEF's annual "Global Risks 2014" report last week.
Inequality has been widening since the 1980s, but the issue has risen up the agenda since the financial crisis that erupted in 2008.
A new generation of young people coming of age in the 2010s, who lack jobs and hope of social improvement, is fuelling pent-up frustration, with a wave of protests, from Thailand to Brazil.
The richest 85 people in the world have as much wealth as the bottom half of the world's population, or about 3.5 billion people, according to a report from the charity Oxfam this week.
Oxfam said there was a need for some economic inequality to reward those with talent, skills and ambition, but the extreme situation was "damaging and worrying". - Reuters
via The Mercury (South Africa)
(c) 2014 Independent Newspapers (Pty) Limited. All rights strictly reserved. Provided by Syndigate.info, an Albawaba.com company
Original headline: Pope's message |to the Davos elite
Most Popular Stories
- U.S. Families 'Extraordinarily Vulnerable': Yellen
- Hillary Clinton to Address CHCI Conference
- Larry Ellison Steps Down as Oracle CEO
- Alibaba Prices IPO at $68 a Share
- Veterans to Get Training as Solar Panel Installers
- Apple Locks Itself Out of Devices
- Hispanics Doubt Marco Rubio's Chances
- Wildfires Rage in California
- John Cantlie Delivers ISIS Message to Save Life
- Alibaba: Today China, Tomorrow the World