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Thought To Ponder Regulation - which is based on force and fear - undermines the moral base of business dealings. It becomes cheaper to bribe a building inspector than to meet his standards of construction. A fly-by-night securities operator can quickly meet all the S.E.C. requirements, gain the inference of respectability, and proceed to fleece the public. In an unregulated economy, the operator would have had to spend a number of years in reputable dealings before he could earn a position of trust sufficient to induce a number of investors to place fund with him. Protection of the consumer by regulation is thus illusory. |
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[ Economy ]
Bahamianisation and Economic Growth
29 December 2003
By Larry Smith and Rick Lowe, with assistance from Ralph Massey and Joan Thompson.
This document is an independent discussion paper drafted in early 2003 for The Bahamas Financial Services Consultative Forum. The goal was to marshal ideas and stimulate debate with a view to developing effective policy proposals for the government. The original paper was prepared by Larry Smith and Rick Lowe with assistance from Ralph Massey and Joan Thompson. An edited version was produced by Larry Smith for the press. Right-Click here to download the complete article, in Adobe PDF format, to your hard drive. (Windows users) Viewing this downloadable file requires the use of the free Adobe Acrobat Reader. If you do not have the free Adobe Acrobat Reader on your system, you may download it from the Adobe Web site.
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