MONEY THOUGHTS: Fretting, living, saving, investing, giving

The turbulent skies we are flying through are filled with open burning in Indonesia, causing poor air quality. Malaysia- and Singapore-owned oil palm companies bear some responsibility for this eco-tragedy. David Hume, a Scottish philosopher from the 18th century, took a stand against the dominant economic doctrine of his time, mercantilism.

Mercantilism considered international trade a zero-sum game, implying that a country's success was only possible by impoverishing others. In contrast, Hume argued that a nation benefits when its surrounding countries prosper, as they can become better trading partners and customers. Adam Smith, Hume's friend and fellow Scotsman, further explained that the flawed mercantilist doctrine led European rulers to believe they could grow richer by impoverishing their trading partners – a false zero-sum view of trade.

The fundamental flaw of mercantilism is confusing cash or money with genuine economic wealth, which lies in the goods and services available to a country's residents and the productive capacity of its businesses. In 1997, Dr Mahathir Mohamad, Malaysia's prime minister, flipped the phrase "beggar thy neighbour" on its head, promoting the slogan "prosper thy neighbour" as Malaysia's view of how Asean should function.

Asean expanded to include Timor-Leste in 2021, with Malaysia as its chair. The building of figurative or literal bridges has proven to be a better way to promote peace, harmony, and prosperity than building walls. Unfortunately, the world faces numerous reasons to fret, including bad air quality, the ongoing conflict in the Middle East, and the effects of US administration policies on global trade.

In times of chaos, individuals can focus on heeding global developments, remaining optimistic about being alive in a safe corner of Earth, praying for wiser leaders, tightening their belts, investing in well-chosen assets, growing personal wealth, and giving to create a better world for tomorrow.