Times Colonist

Put people’s well-being ahead of profits

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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

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