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Let Us Have Comprehensive Strategies To Deal With Globalisation In Malaysia Statement by Dr Tan Seng Giaw, DAP National Vice-Chairman and MP for Kepong on the Malaysian Prime Minister's vowing to fight tooth and nail to defend the prosperity of the country against the vagaries of globalisaton. 22.6.2000 | |||||||
| Since the 80s last century, globalisation has been going on , warts and all. Malaysian economy grew at 7 to 8% annually until July 1997 when currency speculators showed their fangs, precipitating an economic crisis. Irrespective of the bravado of the Prime Minister Dato' Seri Dr Mahathir Mohamad, the country is still reeling from the fiasco. There may be some signs of recovery here and there. But the media hype on the economic performance cannot hide the suffering of the people in many sectors. On 20 June 2000, Dr Mahathir spoke at Cairo University, Egypt, on Malaysia's Strategies To Deal With The Financial Crisis As Related To The Impact Of Globalisation On Developing Countries. He reiterated that Malaysia would fight tooth and nail to defend the country and prosperity of its people from any agenda which used the pretext of free market and globalisation. "The globalisation of capital experienced by Malaysia nearly destroyed the country, but it is fortunately able to develop its own methods and rebuild its economy. "People today speak of the free market as if it is a religion and to question its role in shaping the economic development of the world is to commit heresy." The Prime Minister has a basis in elucidating his arguments about globalisation. We have to watch out for the good and the bad in globalisation that tears down national boundaries in all human endeavours, in particular trade. What is powerful for good is also powerful for evil. Retrospectively, ignorance and blindness gave Malaysians and other nationalities the courage to swim in the sea of globalisation. We were hardly aware that there were economic sharks and whales and a whole gamut of other things beneath the sea. The greed and antics of currency speculators and the mammoth hedge funds know no bounds. Malaysia had massive foreign direct investment and infrastructural | |
development. Barisan Nasional (National Front) leaders crow about the achievemnts. The fire which lights us at a distance will burn us when near. We do not believe in lassez-faire capitalism. Neither do we subscribe to the command economy. Even in the United States of America, there is no Adam Smith capitalism. The moment Bill Gates has expended his Microsoft to a behemoth, the American court pronounced its anti-trust decision to break up the transnational into two. Using their own definitions, terminologies and perception, the developed countries do ignore the realities in the developing world and insist on their ways of doing things as the best. Meanwhile, the transnationals roam the world, shifting emphasis according to the economic winds and tides. Today, the emphasis is in China, tomorrow it may be in Brazil and the day after tomorrow it may be South Africa. It is significant that Dr Mahathir has not dealt with the inherent weaknesses in the country. We acknowledge that there are loopholes in the international financial architecture. What about the Malaysian financial architecture? It is no good denying that there are cronyism, nepotism, mismanagement, wastage and corruption. These may not be as bad as some countries. Nevertheless, they exist. If these weaknesses were rectified, the economic crisis since July 1997 would not have been so bad. Using our own methods and instituting capital control may work for a short while. Indeed, there is a basis for not begging the International Monetary Fund for help. What are the strategies to deal with the vagaries of globalisation? In October last year, the Government set up a think tank and a steering committee to study various aspects of globalisation. We hope that it will announce the comprehensive strategies so that Malaysians can equip themselves to face the challenges.
Dr Tan Seng Giaw | |||||
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