The Christmas period is always a good time for reflection, also about the economy. It is the time to assert once more (because such an assertion needs to be made constantly) that the economy is there to serve society and not the other way round.

It is always useful to remember Peter Drucker’s statement that the purpose of a business is to create and keep a customer. Paraphrasing it, I would say that the purpose of a business is to service its customers as that would be the only way of creating them and keeping them. Profit is required for a business to sustain itself but making a profit is not the ultimate aim of a business enterprise.

This is the micro perspective of the economy. We can then extend it to the macro perspective, which requires an economy to be fair and sustainable and inclusive, with no one left behind. It is only at this stage that one can state that the economy is truly there to serve society.

This means having an economic policy that fights against the structural causes of poverty, against inequality and unemployment, against the denial of social and labour rights and the lack of a home, and facing up to the effects of the domination of money. Above all, it means subjecting the market to the needs of the common good and not the other way round.

Does Christmas mean anything to those who cannot afford it?

Allowing the market to operate does not have to lead to uncontrolled consumerism. Neither does it have to lead to a situation where even human life becomes a tradable good. The market needs to have its parameters within which it has to act and which it cannot transcend. The market has to be viewed as the framework within which goods and services are traded for the benefit of all.

I have had business people telling me that the only loyalty they believe in is loyalty to the bottom line. Is this really the only sense of loyalty that the business sector can offer to society? Is an economy sustainable when such values prevail?

If Christmas is really meant to be a time of giving, are we really giving enough? Or do we give just enough to keep our consciences quiet? Let us face it, given that we have grown accustomed to spending sprees at this time of the year, does Christmas mean anything to those who cannot afford it?

People are getting excluded from the benefits of a growing economy and this does not seem to bother many people. Within such a context, we cannot ignore the impact of the economy on our environment. Environmental concerns have really become a top priority this year and the effects of climate change cannot be set aside anymore, as if they do not exist.

The damage to the environment is being caused by economic policies that have little or no concern for future generations. Such policies are not sustainable in the long term and are unfair for the generations yet to come.

Greta Thunberg’s words to the world’s leaders, “You have stolen my dreams” will continue to ring out loud for years to come.

It is, therefore, essential that on reflecting about the economy at this time of year, we appreciate the need to place the common good at the top of our priority list.