Originally Published in Madras Courier
Editorial Note
Capitalism and free market systems yield suboptimal results if their underpinnings are unethical and immoral.
Since the advent of civilisations, markets have represented the most effective social technology. They were developed by humanity to meet human needs and tackle evolving socioeconomic challenges. From barter to maritime trade, economic principles of scarcity and choice have been addressed through value exchanges in physical markets. Historically, markets functioned as tools to generate wealth and foster human prosperity; they were typically regulated by centralised systems under monarchical rule.