"Aggressive Competition" turfs airline

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We are told of fables about the virtues of competition in a market economy and how it can make us prosperous. While this fable is almost true, it is exaggerated. In the midst of these fables, we are told not to mix business with politics and yet in reality we cannot afford to separate the two. While examples abound on the intrinsic relationship between business and politics, here is a very good example of how politics actually determines business success or failure. Business must be embedded within the political and even social system and learn to co-exist within these frameworks contrary to calls for a stand alone market controlled by the “invisible hand”. Even the “invisible hand” needs an environment within which to operate from. The demise of Harmony is just one example of the many losers in the market game. Many losers are unfortunately invisible and these are the ordinary people.
I am not saying the market economy is entirely bad, but that it is not as perfect as we are made to believe. I believe in it and I think it will always have its failures but the main thing is to have it under society’s control so that it works for its good and not for a few individuals who want to exploit the rest of us. The inevitable market failures should be those that members of society could identify with and are willing to absorb because they are derived from general consensus.

Picture courtesy of Toronto Star