BACK IN 1859, John Stuart Mill wrote that people of right thinking minds could do whatever they wanted so long as they did not harm anyone else. If Mill's words had been put into practice by industries, individuals and governments, we would not be reading so much about pollution these days.
One of the root causes of pollution can be linked to the fact that people enjoy the benefits of goods and services without paying for their external costs. From one point of view, this low-cost position suits consumers, businesses and governments.
Lower costs translate to lower prices, higher sales and better profits for businesses. Consumers prefer lower prices and it leads to higher consumption. Governments, which are often re-elected on economic performance, benefit from high consumption levels because this is the easiest way to achieve economic growth and reap the associated benefits of wealth and employment.
However, the smog in Hong Kong and the foul air are representative of the other aspect - that people stand to lose when external costs, such as the effect on the environment, are not factored into the price of products.
In the past century, the free market in industrial democracies has raised living standards and life expectancy. The United Nations wants to support the free market with the concept of 'stable and just societies' under its Global Compact project, which aims to promote discussion between business, governments and NGOs.
Carrying the United Nations torch in Hong Kong is the Global Institute for Tomorrow (GIFT). Set up in 2004, GIFT is a non-profit-making organisation aimed at connecting businesses, public policy and civil society to meet the challenges of globalisation in Asia.