Japan’s next PM says free markets no panacea

Japan’s premier-in-waiting Yukio Hatoyama said Friday that free markets alone cannot solve the world’s problems, calling for a balance between regulation and free-wheeling capitalism.

“We are now realising that there is a problem with the simple idea that everybody can be happy by leaving everything to the market,” Hatoyama told a meeting of the World Economic Forum here.

“There is a role by governments that cannot be justified by market fundamentalism. But strict regulations are not always good. A balance between the market and regulations is required,” he said.

AFP