updated 7/7/2009 7:14:39 AM ET 2009-07-07T11:14:39

Pope Benedict XVI has called for a new world financial order guided by ethics, dignity and the search for the common good in the third encyclical of his pontificate.

In "Charity in Truth," Benedict denounces the profit-at-all-cost mentality of the globalized economy and laments that such greed has brought about the worst economic downturn since the Great Depression.

The document, in the works for two years, was released Tuesday, one day before leaders of the Group of Eight industrialized nations meet to coordinate efforts to emerge from the financial crisis. The release was clearly designed to give world leaders a strong moral imperative to correct the errors of the past and make a more socially just and responsible world financial order.

More on Vatican | G-8

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