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{
    "id": 122895,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/122895/?format=api",
    "text_counter": 376,
    "type": "speech",
    "speaker_name": "Dr. Oburu",
    "speaker_title": "The Assistant Minister, Office of the Deputy Prime Minister and Ministry of Finance",
    "speaker": {
        "id": 194,
        "legal_name": "Oburu Ngona Odinga",
        "slug": "oburu-odinga"
    },
    "content": "State-owned commercial enterprises started to diminish and also measures such as deregulation, decontrols and privatization were introduced. These measures were used by the Government to determine the overall conditions and levels of competition that were likely to be met in specific markets in the economy. Mr. Temporary Deputy Speaker, Sir, competition is rivalry between businesses. This rivalry is supposed to engender business to allocate resources and prices according to the market forces. This is expected to lead to better equality and wider choice of goods and services at lower prices. This is, of course, when there is unfettered competition. However, Mr. Temporary Deputy Speaker, Sir, as Adam Smith said in 1796:- “It is not from the benevolence of the butcher, the brewer or the baker that we expect our dinner, but from their regard to their own interest.” He also says “People of the same trade seldom meet together, even for merriment and diversion, but conversation ends in a conspiracy against the public, or in some contrivance to raise prices.” Mr. Temporary Deputy Speaker, Sir, this quote from the Adam Smith of 1796 is true today. The import of this statement is that the free market cannot operate independently without some form of competition or regulation. This is amplified by the fact that the business community is like a continent full of warlike people trying to"
}