Acton Institute Powerblog

Why Attitudes About Competition Matter

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In an excerpt from the splendid PovertyCure series, Michael Fairbanks offers a helpful bit on why our attitudes about competition matter for economic development:

I can predict the future of a developing nation better than any IMF team of economists by asking one question: “Do you believe in competition?” When I go to Venezuela and I say, “do you believe in competition?,” they say “competition means the rich get richer and the poor get poorer.” They say “competition is the unnecessary duplication of effort because you have two firms doing the same thing.” They say “competition is a quaint North American concept that doesn’t apply here.”

But when I go to Silicon Valley and I say,“What do you think about the word competition?,” they say, “Well, I love competition, because even when I lose, I learn something. And my success is due to the fact that I speeded up my failures, and the only way to fail was to compete, and figure out where I wasn’t good enough.”

As Hayek put it, competition is a discovery procedure. If we neglect, distort, or downplay that process, we can expect the outcomes of discovery — the fruits of our sacrifice and service — to digress accordingly.

PovertyCure DVD Series

PovertyCure DVD Series

Join host Michael Matheson Miller on a journey around the world to explore the foundations of human flourishing, and learn how people are moving toward partnerships and pursuing entrepreneurial solutions to poverty rooted in the creative capacity of the human person made in the image of God. Meet religious and political leaders, entrepreneurs, missionaries, and renowned development experts, and discover the powerful resources Christianity brings to the pursuit of human flourishing.

Visit the official PovertyCure website for more information.

Joseph Sunde Joseph Sunde is a writer and project coordinator for the Acton Institute, serving as editor of the Letters to the Exiles blog and content manager of the Oikonomia channel at Patheos.com. He is the founder of Remnant Culture and was a longtime contributor to AEI's Values & Capitalism project. His work has appeared in venues such as The Federalist, First Things, The City, The Christian Post, The Stream, Charisma News, Juicy Ecumenism, Ethika Politika, Mission:Work, Made to Flourish, and the Center for Faith and Work. Joseph resides in Minneapolis, Minnesota with his wife and four children.

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