### ODT Online Thu, 2 Sep 2010
Opinion: SCF collapse exposes NZ’s weaknesses
The failure of South Canterbury Finance once again exposes the glaring structural deficiencies in the New Zealand economy, writes Peter Lyons.
Adam Smith said, “there is much ruin in a nation”.
The failure of South Canterbury Finance is a stark wake-up call to the fundamental flaw in our economy. Our future prosperity will not hinge on welfare reforms or mining or compulsory savings or house prices. Our economic wellbeing will be determined by investing in productive activities that create saleable output and well-paid employment.
Our track record in this area is pathetic.
Post by Elizabeth Kerr