Henry will be working on his next
encyclical over the weekend … something about mutual obligation, dole
bludgers, tax evaders and politicians telling porkies might fit the bill. The
Archbishop could discuss subjects such as that to great good effect, but rules
of engagement in markets? … gimme a break Your
Grace.

My eyebrow raising is sparked by the
Archbishop of Brisbane’s comments reported in today’s Oz: “…Civilised society
is not an extension of the corporate world. The corporate world should exist to
serve the interest and wellbeing of a caring society. Weekends and leisure time
are not optional extras. They must be preserved for the wellbeing of
individuals, families and the whole community and, ultimately, for the health of
the economy.”

Read Henry’s views on yesterday’s
economic news, including the market shake-up,
here.

On a more serious note, Ray Block
writes on the “tortoise” of the Asian region – India. “With
agriculture still supporting 60% of the workforce and a sectoral GDP
output of only 2%, much of which is in small family holdings, the
contrast between the old agrarian world and the modern town economy could not be
greater.”

“Manufacturing is growing at an
annual rate of over 11% a year, and services at an annual rate of almost
10%, based on the June quarter 2005, with the economy as a whole
expected to rise by 7.3% in 2005-06. If sustained, the economy would
double itself in ten years, which is impressive even by Chinese standards. If
China is the hare in the race of the
hare and the tortoise, the tortoise is slowly catching
up.”

Read the full article
here.

Peter Fray

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