61 Now in this matter one standard should hold true for all. What applies to national economies and to highly developed nations must also apply to trade relations between rich and poor nations. Indeed, competition should not be eliminated from trade transactions; but it must be kept within limits so that it operates justly and fairly, and thus becomes a truly human endeavor. Now in trade relations between the developing and the highly developed economies there is a great disparity in their overall situation and in their freedom of action. In order that international trade be human and moral, social justice requires that it restore to the participants a certain equality of opportunity. To be sure, this equality will not be attained at once, but we must begin to work toward it now by injecting a certain amount of equality into discussions and price talks. Here again international agreements on a broad scale can help a great deal. They could establish general norms for regulating prices, promoting production facilities, and favoring certain infant industries. Isn't it plain to everyone that such attempts to establish greater justice in international trade would be of great benefit to the developing nations, and that they would produce lasting results?
Source: Populorum Progressio (Vatican.va)