Why free markets and capitalism are good for the South Pacific
Too often in the South Pacific we hear free markets being described as ‘predatory’ and as an enemy of everyday people. Capitalism is seen as driving greed and benefiting only ‘elites’ or those with political or economic connections.
But amid these perceptions it is worth stepping back and examining, realistically, some of the benefits of the free market system in the South Pacific. This can be done by considering three broad points.
Firstly, self-interest is part of human nature. The desire to think, to choose, to be industrious, and to acquire skill and opportunity are what drives people to do better for themselves and their families. Some call this ‘greed’ but ‘self-interest’ is more suitable because it includes decent people seeking to earn a living. Like it or not, the world revolves on individuals pursing their separate interests.