NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Business

Richard Wagstaff: Is capitalism acting responsibly for New Zealand?

By Richard Wagstaff
NZ Herald·
17 Jul, 2018 06:00 AM4 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

Acting Prime Minister Winston Peters. Photo / File

Acting Prime Minister Winston Peters. Photo / File

COMMENT: "Capitalism must regain its responsible, its human, face". Those are the words of Winston Peters when he announced the new Government.

Winston has always shown a great ability to read the electorate, and his words were chosen carefully.

He knows that this challenge is at the core of the Government's political mandate, and is the common ground that binds the supporters of all three Government political parties.

So what is responsible capitalism?

In New Zealand I think it's about a commitment to egalitarianism. Ensuring we live in a nation where anybody has the chance to do well regardless of where they come from.

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.

Where people have the freedom and opportunity to live well, own a home, raise a family, to have a stable and happy life.

I think it's this outlook that makes issues such as the affordability of housing, child poverty, our health system or the wage gap with Australia such burning topics for us.

The policy that makes that happen is where the rubber hits the road. Part of the answer is funding social services like health, part of it is redistribution through the tax and social security system, some of it is intervention to fix market failure like Kiwibuild will.

Advertisement
Advertise with NZME.

There is only so much re-distribution any Government can do before it realises it is faster and fairer to fix the economic and social problems causing inequality. That's making an economy that works smarter from the start – instead of the Government having to constantly clean up the mess.

Nowhere is this more important than with Fair Pay Agreements and equal pay. Both of these represent the coalface of a major structural social and economic problem: the loss of billions of dollars a year from working people's share of economic gain.

Over the last thirty years the end of sector bargaining with its consequent erosion of working people's bargaining power, and a wilful refusal to address the gender pay gap has led to a massive transfer of wealth from working people's pockets to corporate bottom lines, and to the trust funds of offshore shareholders.

This systematic disempowerment of working people in New Zealand has been one the keystones of the neoliberalism that Peters, the union movement, and so many others have railed against for so long.

Discover more

Business

Prominent businessman censured, fined $28K

17 Jul 12:38 AM
Business

$250m 41-level Indigo Hotel for Auckland

17 Jul 02:44 AM
Business

From tour guide to $600k Shark Tank mogul

17 Jul 02:10 AM
Business

Trustpower plans further automation

17 Jul 04:18 AM

It can be seen in the way our middle class is diminishing at a startling rate, in the fact that forty percent of children in poverty live in households with paid work, in the way Australian incomes have surged away from ours.

And the squeeze is still on. Just ask the couriers who are contracted below minimum wage to do 14 hour days and bear the risks of doing business themselves, the bus drivers having their incomes contracted out from under them, the double income professional couples who can't afford a home or to start a family.

This needs to be fixed. It's not sustainable. It is harming our people and it is hobbling our economy.

That's why the behaviour of business lobby groups campaigning and complaining over these changes is so disturbing. The games they are playing in misrepresenting basic changes that need to be made are incredibly harmful and irresponsible.

Even the people they claim to represent see the need for change. The Chairman of Mainfreight for example, has said "As a business, we are pleased with the youthfulness and energy of New Zealand's new Government. Given the problems they face, we are impressed with the speed at which they are coming to grips, and we wish them well."

And at the same time as these lobby groups are attacking pay equity and sector bargaining their own members are endorsing it. Business New Zealand members such as ANZ, Lion Breweries, and Westpac have publicly backed pay equity.

Advertisement
Advertise with NZME.

As the elected representatives of hundreds of thousands of working people, the union movement is working with government and business to solve really big issues.

Issues that have far-reaching consequences for the sort of economy we have and the kind of society it provides for.

We need business to take this seriously, and to represent responsible capitalism. We need business to work with us to do what's right for New Zealanders. Because ultimately, that will be what's right for their members too.

- Richard Wagstaff is the President of the Council of Trade Unions.

Save

    Share this article

Latest from Business

Premium
Shares

Market close: Geopolitical tensions keep NZ market flat, US Fed decision looms

18 Jun 06:09 AM
Premium
Business

Fringe Benefit Tax: Should you be paying it if your business owns a ute?

18 Jun 06:00 AM
New Zealand

'Life-changing': International flights return to Hamilton Airport

18 Jun 05:23 AM

Audi offers a sporty spin on city driving with the A3 Sportback and S3 Sportback

sponsored
Advertisement
Advertise with NZME.

Latest from Business

Premium
Market close: Geopolitical tensions keep NZ market flat, US Fed decision looms

Market close: Geopolitical tensions keep NZ market flat, US Fed decision looms

18 Jun 06:09 AM

The S&P/NZX 50 Index closed down 0.10%, falling to 12,627.32.

Premium
Fringe Benefit Tax: Should you be paying it if your business owns a ute?

Fringe Benefit Tax: Should you be paying it if your business owns a ute?

18 Jun 06:00 AM
'Life-changing': International flights return to Hamilton Airport

'Life-changing': International flights return to Hamilton Airport

18 Jun 05:23 AM
Premium
Liam Dann: 'Brick wall' – why tomorrow’s GDP data won’t tell the real story

Liam Dann: 'Brick wall' – why tomorrow’s GDP data won’t tell the real story

18 Jun 05:17 AM
Gold demand soars amid global turmoil
sponsored

Gold demand soars amid global turmoil

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP