Introduction

The United States is currently undergoing one of the worst economic downturns in modern times. With foreclosures skyrocketing, bank liquidity evaporating, unemployment rising, and consumer confidence near zero, we as a nation are on the brink of potential economic catastrophe. In today’s economy, the reverberations of America’s downturn are felt across the globe. All countries, developed and developing, have been adversely affected by the current crisis.

In an attempt to take steps towards solving this financial crisis, the G20 met in London this April. The Group of Twenty Finance Ministers and Central Bank Governors is a global forum of countries that “promotes open and constructive discussion between industrial and emerging-market countries on key issues related to global economic stability” (1). Members include the world’s 19 largest economies and the European Union, rotating in accordance with the current Central Bank President. These countries work closely with many global financial and aid based organizations such as the International Monetary Fund (IMF) and the World Bank.

The partnerships cultivated between the members and lending agencies strive to create a global plan for recovery. This plan “must have at its heart the needs and jobs of hard-working families, not just in developed countries but in emerging markets and the poorest countries of the world too; and must reflect the interests, not just of today’s population, but of future generations too”(2). Within these set parameters, member countries and aid organizations alike seek to create the most efficient recovery tactics while maintaining their commitments to long term global economic development.

The goals and parameters set by the G20 summit claim to have the best interests for all persons of current and future generations, yet from a Catholic Social Thought standpoint, these guidelines and plans for reform may not suffice. In accordance with selected teachings on the topic of Catholic Social Thought, more specifically, the Universal Destination of Goods and its inherent characteristics, the G20’s plans to solve the global economic crisis seem to fall short. The G20’s response to the Emerging Markets is one of the sectors where economic response differs from catholic teachings.

One of the most pressing issues that the G20 addresses is the Emerging-Market economic reform. This paper will focus on the G20’s policies and procedures on Emerging-Market reform, specifically Sub-Saharan Africa, and these implications within the framework of Catholic Social Thought and the Universal Destination of Goods.

Social Analysis

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