Whakataukī | Proverb

"He aha te mea nui o te ao? He tāngata, he tāngata, he tāngata"

What is the most important thing in the world? It is people, it is people, it is people.

This whakataukī reminds us that people - not profit - should be at the center of our economic systems. Different economic models have different values and priorities. Let's explore three approaches and think critically about which serves communities best!

āš–ļø Economic Systems Comparison

Unit 4: Three Approaches to Organizing Society

šŸ“‹ Learning Objectives:

  • Compare capitalism, socialism, and Kaupapa Māori economics
  • Analyze values underlying each system
  • Evaluate benefits and limitations
  • Consider alternatives to current systems
šŸ’° Capitalism
Core Value:

Individual profit, competition, private ownership

Who Owns:

Private individuals and corporations own businesses, land, resources

Goal:

Maximize profit for owners/shareholders

Strengths:

Innovation, efficiency, individual freedom, economic growth

Weaknesses:

Wealth inequality, environmental harm, exploitation of workers, prioritizes profit over people

NZ Example:

Large corporations owning rental properties, driving up housing costs while families struggle

šŸ¤ Socialism
Core Value:

Collective wellbeing, equality, shared ownership

Who Owns:

Community or government owns major industries and resources

Goal:

Meet everyone's needs fairly, reduce inequality

Strengths:

Greater equality, universal healthcare/education, protection of workers' rights

Weaknesses:

Can lack innovation, potential for government corruption, may reduce individual freedom

NZ Example:

Public healthcare system (free doctor visits for kids), government housing programs

šŸŒŗ Kaupapa Māori Economics
Core Value:

Kaitiakitanga, whanaungatanga, intergenerational wellbeing, connection to whenua

Who Owns:

Collective tribal ownership, focused on whānau, hapū, iwi prosperity

Goal:

Sustain resources for future generations, support community, maintain cultural values

Strengths:

Environmental sustainability, strong communities, cultural preservation, long-term thinking (7 generations)

Weaknesses:

Challenging within capitalist system, requires community consensus (slower decisions)

NZ Example:

Ngāi Tahu fishing quotas managed for sustainability, iwi trusts investing in education and housing for whānau

šŸ’­ Critical Thinking Questions

1. Which system prioritizes people's wellbeing? Which prioritizes profit? Explain.

2. Why might Kaupapa Māori economics be better for environmental sustainability?

3. Could NZ combine elements from all three systems? What would that look like?

šŸŒ Real-World Application

Research a Current Issue: Choose ONE issue affecting NZ (housing crisis, child poverty, climate change). How would EACH economic system approach solving it?

Issue chosen:

Capitalist solution:

Socialist solution:

Kaupapa Māori solution:

Which approach do you think works best? Why?