“Capitalism Alive And Flourishing”

Press, Volume CX, Issue 32395, 7 September 1970, Page 15

“Capitalism Alive And Flourishing”

(New Zealand Press Association)

AUCKLAND, September 6.

Capitalism is alive and well and flourishing in New Zealand, acording to the Minister of Finance (Mr Muldoon). In his view, true capitalism had been the greatest single factor in the growth and prosperity of New Zealand since its earliest days,” he said.

“1 believe in capitalism,” said Mr Muldoon, who was guest speaker at the golden jubilee dinner of Cain Steel Industries, Ltd. “I believe that the greatest incentive to development and advancement is the burning urge of the individual to do better for himself, for his family, and incidentally for the country generally. “Clearly, in today’s complex world there must be certain guidelines, certain rules, restrictions more than the vigorous entrepreneur would like,” said Mr Muldoon, “but there must never be more than can be borne without stultifying effort and initiative.

co-operation and concern for the underdog or for the man who is in trouble,” he said. In a tribute to the founder of Cain Steel Industries, he said: “George Cain is something of a pioneer, a harddriving enthusiast for something he believes in. His work in the production and promotion of spiral-welded pipes remains an industrial classic in the history of. this country’s industry.”

“That a business of this size can be built by one man during his working lifetime indicates that pure capitalism in its best sense still flourishes in New Zealand,” he said.

The other great principle that had made New Zealand had been the pioneering principle of helping one another, said Mr Muldoon. “This comes through from our earliest days when it was so necessary—not a form of socialism from a European class-struggle textbook, but