Kuala Lampur, Jan. 11 -- Trump's recent announcement of a one-year 10 per cent cap on credit card interest rates has reminded me of an old but important conversation about finance, morality, and the role of markets.

Let us, for the moment, put aside whether this is a good or bad policy, whether he followed proper procedures, or what his political motivations may lie behind it. I will return later to the question of whether this is genuinely a good or bad move for the people. There is a more fundamental issue worth reflecting on first.

At the very least, the announcement sends a strong message that finance is not value-free. Financial arrangements, from day one, can be shaped by human judgement, moral reasoning, and social concerns, rath...