In his much anticipated third encyclical, Caritas in Veritate (Love in Truth), Pope Benedict XVI does not focus on specific systems of economics—he is not attempting to shore up anyone’s political agenda. He is rather concerned with morality and the theological foundation of culture. The context is, of course, a global economic crisis—a crisis that’s taken place in a moral vacuum, where the love of truth has been abandoned in favor of a crude materialism. The pope urges that this crisis e “an opportunity for discernment, in which to shape a new vision for the future.”

Yet his encyclical contains no talk of seeking a third way between markets and socialism. People seeking a blueprint for the political restructuring of the world economy won’t find it here. But if they look to this document as a means for the moral reconstruction of the world’s cultures and societies, which in turn influence economic events, they will find much to reflect upon.

Caritas in Veritate is an eloquent restatement of old truths casually dismissed in modern times. The pope is pointing to a path neglected in all the talk of economic stimulus, namely a global embrace of truth-filled charity.

Benedict rightly attributes the crisis itself to “badly managed and largely speculative financial dealing.” But he resists the current fashion of blaming all existing world problems on the market economy. “The Church,” he writes, “has always held that economic action is not to be regarded as something opposed to society.” The market is rather shaped by culture. “Economy and finance ... can be used badly when those at the helm are motivated by purely selfish ends. Instruments that are good in themselves can thereby be transformed into harmful ones. But it is man’s darkened reason that produces these consequences, not the instrument per se. Therefore it is not the instrument that must be called to account, but individuals, their moral conscience and their personal and social responsibility.”

The pope does not reject globalization: “Blind opposition would be a mistaken and prejudiced attitude, incapable of recognizing the positive aspects of the process, with the consequent risk of missing the chance to take advantage of its many opportunities for development.” He says that “the world-wide diffusions of prosperity should not ... be held up by projects that are protectionist.” More, not less, trade is needed: “the principal form of assistance needed by developing countries is that of allowing and encouraging the gradual penetration of their products into international markets.”

Benedict constantly returns to two practical applications of the principle of truth in charity. First, this principle takes us beyond earthly demands of justice, defined by rights and duties, and introduces essential moral priorities of generosity, mercy munion—priorities that provide salvific and theological value. Second, truth in charity is always focused on mon good, defined as an extension of the good of individuals who live in society and have broad social responsibilities. As for issues of population, he can’t be clearer: “To consider population increase as the primary cause of underdevelopment is mistaken, even from an economic point of view.”

Caritas in Veritate is a reminder that we cannot understand ourselves as a munity if we do not understand ourselves as something more than the sum or our material parts; if we do not understand our capacity for sin; and if we do not understand the principle munion rooted in the gratuitousness of God’s grace. Simply put, to this pope’s mind, there is no just or moral system without just and moral people.