No other role of the government is of greater importance or of higher priorityfor the economy than fair and transparent protection of individuals' freedom andproperty right, which is also its raison d'etre. This is neither recognized norappreciated in this society, and the government has been negligent of the role.The governance philosophy concerning the economy is disoriented or absent. Itis hoped that this paper starts a discussion of the philosophy in this society. Itconsiders the economic and social consequences of the government being faithfulto or negligent of the role.