In defence of 'Greed'

The common story now making the rounds is that Wall Street's "greed" is at the root of the financial crisis and that this "greed" needs to be reined in.

Republican presidential candidate John McCain has promised to put an end to, "unbridled greed that [has] caused a crisis on Wall Street," while Democrat Barack Obama claims that the financial crisis is a "direct result of greed that has dominated Washington and Wall Street for years."

However, "greed" (or less derisively and more accurately "self-interest") is not the problem or the reason for the crisis. Wall Street, Bay Street, Main Street, my street and every other street in North America is built on individuals and businesses.

Self-interested individuals and businesses are the backbone of our economy, vital to economic progress and society's well-being, and ought to be celebrated rather than be demonized... [snip]

economist Milton Friedman said it best:

"The world runs on individuals pursuing their separate interests. ... the record of history is absolutely crystal clear: that there is no alternative way so far discovered of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by a free enterprise system."

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