Giuseppe Toniolo was beatified on April 29, 2012, the first economist to be raised to the honors of the altar. A prophet of Rerum Novarum -- Pope Leo XIII's encyclical considered the foundation of modern Catholic social teaching -- Toniolo (1845-1918) called for "a capitalist economy epitomized by the lending of capital to the enterpriser [to] be replaced with a human economy par excellence, so that capital may become a follower and ally of the industrious man."

In today's globalized economy, Toniolo's lesson and prophecy need a universal hearing. They offer solid foundations for the science and practice of economics and the urgent renewal of a fragile global system in favor of the poor and the common good.