Our thinking

Monkey business

15 January, 2021

Late last year, we wrote about Mark Carney’s first Reith lecture on the expansion of market dynamics into all areas of our lives. Who would have ever thought monkeys would also go bananas over the theory?

Long-tailed macaques have been long-known thieves at Bali’s Uluwatu temple. So much so that guards have been equipped with various treats to help tourists get their plundered objects back. An intrigued tourist filmed 2,200 interactions between the macaques and tourists, divided stolen objects into three value categories and set about observing monkey behaviours. Guess what? Monkeys are extremely smart negotiators.

Although the primates surely don’t understand the objective value of stolen items, they grow acutely aware of the intrinsic value tourists place on various objects. A single cracker is no longer enough to get your keys back from an experienced macaque, although it might be enough to get your hat back; keep a close eye on your GoPro because you won’t get that back unless you cough up a bag of fruits or maybe an egg!

As Mark Carney noted, markets require “the right institutions, a supportive culture and the maintenance of social licence,” as well as “values of trust, integrity and fairness.” And when a macaque steals your camera and doesn’t give it back, you’ll appreciate the importance of structure and rules more than ever.

By Marie Guérinet