On Monday October 24, 2011, the Roman Catholic Church (Vatican) proposed the need for a global financial oversight system, due to the failure of government oversight. The Vatican claims that the International Monetary Fund and other international economic oversight institutions have failed in response to the issue and there is a need for a more active international institution that can better address economic problems; this institution should have the ability to surpass the government’s authority in regard to the economy. According to the Vatican, the failure of states to stabilize their economy is due to the interconnectedness of all state economies (globalization); globalization is also the reason they provide for the success of a more powerful international institution for economic oversight.
The Vatican presents a liberal concept of the International system; they believe that cooperation will occur and this International institution can hold more power than a sovereign state. Yet, what the Vatican overestimates is the willingness of a sovereign state to give away authority over their economy. One can say that International Monetary Fund has not succeeded in the international economic oversight because it is not sovereign and therefore has no method of enforcement. The Vatican’s request inferred that the new institution could potentially change the balance of power and destabilize powerful nations. The change in balance of power would only occur if this new institution held more power than sovereign nations, which would mean the cooperation of sovereign states.
My view towards the international system is of a realist; I believe that sovereign nations hold the most power and they’re main objective is to have the most power, economically, technologically, militaristically, etc. There is no sovereign state that would be willing to give up some of its power without a guaranteed benefit. The idea that one international system has the authority of the world’s economy, scares the powerful nations; like the Vatican pointed out, they could potentially lose the large amount of power they have obtained. Having power ensures the survival of the state, which is a government’s main priority. Everything a nation does is to protect itself first. Therefore, the Vatican’s proposal would eventually end up failing in its purpose. Whatever the new institution were to propose, they would have no form of enforcing these regulations on every sovereign state and each government would still continue to have more power than the institution.
Word Count:395
First of all, of any organization that utilizes globalization, it’s the Catholic Church. It is understandable that the Vatican would suggest an overarching economic hierarchy for the international trade system, because it mirrors the organization of the Catholic Church itself. It works for them, however, because money isn’t the issue, faith is subjective, and Church doctrine claims power will always and forever be in the hands of the Pope. I agree with the realistic viewpoint on their master plan of a unified economy for the global sector—it just won’t pan out well. Sharing is not something that countries do easily and never without personal interest in mind. There is no way to force countries into an agreement such as this and truthfully no incentive for the real hegemons of the world.
ReplyDeleteI find the idea of the Vatican offering international economic solutions very interesting. As Emily pointed out, the Vatican is quite the expert as using global resources to its advantage. Much of the Vatican’s immense wealth comes from centuries of private donations and investments. The Vatican City is technically a nation but its economy and workings are certainly unique; I am skeptical of the Roman Catholic Church’s ability to dispense economic advice. As the other bloggers stated, any sovereign nation, even in our globalized economy, will be very unwilling to relinquish autonomy in any sector. If the Vatican is not convinced that independent bodies would refuse to surrender power, it should reflect on its own history. The papacy’s struggles for European dominance in the Middle Ages and Renaissance reveal an institution grappling for influence in every realm: political, religious, economic, etc.
ReplyDeleteThe idea that the Vatican proposes works well, only for Vatican. It is unique in that faith is something that does not hit a recession, the country of the Holy See deals with the least number of issues that most countries must deal with. The Holy See survives on private donations from individuals and corporations and has accumulated financials gains over centuries. The Vatican still commands the social policies that countries have adopted but has little influence over the economic policies. As sovereign nations are enduring through debt, I don’t think many nations will relinquish their rights to form a World Economic Council.
ReplyDeleteThe idea of the Vatican proposing anything is half-witted to say the least. As several bloggers pointed out, the only reason for the Vatican has for suggesting any kind of international system is to better their own position. I believe that no religious institution should be taken seriously when it comes to suggesting global economic regulation. The idea of an international institution having the ability to surpass the government’s authority in regard to economic issues is preposterous. I understand that the Vatican has good intention in proposing this idea but I don’t think they are in position to make these kinds of suggestions.
ReplyDelete