Economic crisis shows market needs morality, regulation, pope says

VATICAN CITY (CNS) -- The ongoing global economic crisis has demonstrated that the free market is not capable of regulating itself in a way that promotes the common good, Pope Benedict XVI said.

The assumption that the economy can go along happily without government intervention and moral standards "is based on an impoverished notion of economic life as a sort of self-calibrating mechanism," the pope told members of the Pontifical Academy of Social Sciences.

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