Thanawala notes that the 1991 Papal Encyclical, Centesimus Annus, emphasizes the role of justice in the economic and social order of the global economy and that it calls for effective international agencies that would oversee and direct the economy to the common good in relation to the whole human family. He focuses on challenging questions posed by the call relating, for example, to the significance of having a just world economy and the role of existing institutions in its promotion. He initiates a discussion relating to such issues and then reviews the views expressed in some of the Papal Encyclicals on relevant economic issues. Some problems relating to international development are discussed, and a discussion on some aspects of economic justice together with some welfare implications of economic theory is presented. He then describes attributes of an international monetary regime, followed by a presentation of a selective set of empirical observations.