April 29th 2006


  Buy Issue 2730
Qty:

Articles from this issue:

COVER STORY: Taking stock of the wheat scandal

EDITORIAL: Watering Australia: a national priority

BORDER PROTECTION: Why Australia needs naval, air force bases in Torres Strait

NATIONAL SECURITY: Lives endangered by latest intelligence leaks

ENVIRONMENTALISM: How the Great Barrier Reef is mismanaged

STRAWS IN THE WIND: Labor misses the bus / All is vanity / Kosovo's mafia / When the bills come in / Open season on Christianity

REGIONAL ECONOMIC POLICY: The end of international economic cooperation? (Part 2)

PERU: Latest Latin American country to turn left

SCHOOLS: The choice so few parents can afford

MEDIA: ABC's Easter assault on Christianity

THE WEST AND ISLAM: No alternative but to defend our values

Social cost of unfettered capitalism (letter)

Robert Manne's media critique defended (letter)

Why have a Department of Foreign Affairs? (letter)

CINEMA: Caped crusader for the know-nothing left: V for Vendetta

Books promotion page
FONT SIZE:

Social cost of unfettered capitalism (letter)


by Suryan R. Chandrasegaran

News Weekly, April 29, 2006
Sir,

I read with surprise Mr Greg Byrne's recent letter, "Capitalism raises living standards" (News Weekly, March 18, 2006).

First, I would encourage Greg Byrne to start reading more widely, especially any major Australian newspaper. He would discover a range of examples of market failure.

Just to pick one example, Macquarie Bank's CEO is being paid $31 million a year (or almost 100 times John Howard's pay as Prime Minister, and approximately 620 times the pay of the average Australian worker).

Second, Greg Byrne's letter also alludes to another failure of free market capitalism: the increasing gap between the shrinking number of "haves" and the growing class of "have-nots".

Like Peter Westmore, I do not have a swimming pool or plasma screen TV. I shall shortly lose my broadband internet access. Most of Australia's population do not - and will probably never be able to - possess all of those three things in their lifetime without going into unsustainable debt.

Most young Australians find the current housing prices (set by the free market) form an impenetrable barrier preventing them from becoming home-owners.

The above examples are not aberrations or accidents - they are results of the normal functioning of an unfettered free market system, which emphasises principles which are generally immoral: survival of the fittest, abuse of market power to increase profit, greed as the supreme virtue, taking advantage of the weak (whether it be unskilled workers, single-income families or minority shareholders) to maximise personal profits, besides many others.

When every Australian owns a swimming pool and plasma TV and has broadband internet access, I believe Greg Byrne's comments might have some validity.

Until then, I would encourage all News Weekly readers to work towards building a fairer economic system which benefits all Australians rather than just a select few.

Suryan R. Chandrasegaran,
B.Ec., LLB., M.Tax,
Leongatha, Vic.




























Join email list

Join e-newsletter list


Your cart has 0 items



Subscribe to NewsWeekly

Research Papers



Trending articles

COVER STORY Don't grieve dumped TPP; rather, thank Trump

ENVIRONMENT U.S. Congress to investigate shonky climate report

COVER STORY Money flows freely to fuel anti-coal campaign

ENVIRONMENT Ignore claims that Antarctic ice sheet will melt away

EDITORIAL What future has Senator Cory Bernardi?

EDITORIAL Commission report demonstrates old saying about statistics

ELECTRICITY Green policies threaten energy security and jobs



News and views from around the world

Scientists criticise "hottest year on record" hype (James Varney)

States, territories slash school funding by $100 million (Stephanie Balogh)

Confirm Judge Gorsuch to the Supreme Court (Stephen Mosher)

Rescuing Governor Ahok (Bob Lowry)

Future shock: What happens when robots take our jobs? (Adam Creighton)

President Trump: Protect religious freedom (Ryan Anderson)

China to crack down further on "cult" activities (Ben Blanchard)

Polish president rules out gay marriage (Radio Poland)

U.S. state legislatures sign 334 laws in five years to restrict abortion (Micaiah Bilger)

Clinton, Trump and the politics of the English language (Ben Reinhard)



























© Copyright NewsWeekly.com.au 2017
Last Modified:
March 16, 2017, 10:40 am