Put people’s well-being ahead of profits
Re: “Without profits, our society just won’t work,” oct. 30
William Watson, who teaches economics at Mcgill University, give us his opinion as to why unfettered capitalism is necessary for our collective well-being.
He gives credence to the oft-repeated comment of the late U.S. president Harry Truman: “If you laid all the economists in this country end-to-end, they would wind up pointing in all different directions.”
I expect the students exposed to Watson have a very different view of the amount of “good” our current economic system provides, as we see corporations that have prospered in North America effectively turning their operations over to China and India in their quest for profits — notwithstanding they built their successful businesses in Canada and the U.S.
The quest for (obscene) profits that has resulted in job losses and the withdrawal of investment in manufacturing facilities, has deprived North America of the opportunity to compete globally.
Most of Western Europe operates successfully in social democracies — ones that put their citizens’ well-being ahead of the corporate globalization.
Pity that isn’t happening in Canada or the U.S. Les Atchison Cobble Hill