On the Defense of the Market Economy

Alito B. Delos Santos, T-III

Val. Ed. Dept. Head (Designate)
Lala National High School
Maranding, Lala Lanao del Norte

As a teacher in Understanding Culture, Society and Politics subject, I

cannot help talking about the Market Economy. I warned my students for
several occasions already, that when discussing certain issues—political,
economic, social, etc. I would promote or defend a particular idea or
principle first before giving my criticism. So, here is my defense of the
Market Economy using Benjamin Franklin’s own statement, to wit: “Be
willing to set aside your own interests in the short run, but be assured this
will actually further your interests in the long run.”

To explain this, I have to talk about a common family dynamic in our

country, as an illustration. In a poor family, let us say, of seven children, the
parents would usually choose, almost unconsciously, the best of their
children academically and focus their money resources for his or her
education. Of course, at first glance, it would appear that the parents simply
favored their most intelligent child thus “neglecting” their less bright kids.
However, at a closer look, sending the most promising child to a higher
education, in the long run, actually promotes not only the self-interest of the
parents or of the chosen child, but also the self-interests of the other
children—in fact, the whole family. For when the “favored” child finishes his
or her studies, he or she would be in a better position to find a good job,
help his or her parents and siblings financially, and eventually, extricate the
entire family out of poverty.

In the same way, although the Market Economy seems only to favor
the wealthy, the intelligent, and the strong over the poor, the less intelligent,
and the weak, actually in the long run this process will eventually serve
everybody. Moreover, there are many moneymakers in the world today who
are truly philanthropists. They provide financial support to people who are
hungry, homeless, sick, etc. They also help a countless number of poor
people to find decent work, thus promoting their dignity and general well-
being. Many of them also become great activists in the conservation
movement—restoring our natural resources, etc.

China’s Father of modern economic reform, Deng Xiaopeng, thus

made sense when he remarked, “To be rich is glorious.” On another
occasion he said, “We must allow some people to get rich first.” By allowing
some people to get ahead of us, more and more people, if not all, in the
long run, will be healed from the disease of poverty that has afflicted
millions among us. It maybe true today that markets generate an unjust
distribution of income and well-being but this is only temporary for in the
future, more and more people, if not all of us, will attain a more dignified life
because of the Market Economy.