In Ovid's version of the legend of King Midas, the monarch is rewarded for his kindness to the satyr Silenus by being granted a wish by Dionysus. He requests that everything that he touches might turn to gold. Dionysus grants the wish and Midas returns to his Kingdom to practice his new-found powers, his delight turning to horror when he realises that the everything includes food and drink, even his beloved daughter. He has unwittingly cursed himself.

The tale, often told in different forms and for different purposes (cautionary, didactic) is well known even today and just as well. It strikes me that modern capitalism is the King Midas of our time. Capitalism has, by all accounts, lifted hundreds of millions out of poverty and improved the lives of many others. It offers choice and (generally) a reward for hard work, initiative and risk-taking. Australia is but one example of the affluence that capitalism promises and often seems to deliver.

But the golden touch that capitalism appears to have has a dark downside. Part of its brilliance is to create a saleable, profitable product of practically anything, but within this very capability is its weakness. Virtually nothing is off-limits to the effects of this Midas touch - pornography, drugs, sex, human relations - all are there to be commodified, produced and reproduced as a part of any profitable enterprise, no matter what the consequences may be down the line.

Consumer capitalism builds wealth but undermines social and cultural relations. Unless properly regulated, it will likely destroy its own creations and likely the creators, if only to do so over and over again.

Finally, it is instructive to note that the meaning of The Midas Touch as commonly used today simply means someone who has a gift for making money. No mention of the dire consequences of unbridled greed. Sure, it's only a story, but how odd to leave out the part that matters most!