If there is one thing about our local leadership, it is their ability to press ahead and remain adaptive. That is something that Singaporeans should be proud of. Be it the drive into media production like animation and special effects via Fusionpolis, or the life sciences push via Biopolis, these are the little niches that we have attempted to carve for ourselves. Coupled with our continuous push for education (albeit extremely demanding and stressful), it will ensure that our island can keep pace with the world.
It is wonderful that we have understood early that our best resource have been our people. Perhaps the people don't believe that they are valued and would kick up a big ruckuss about our immigration policies or maybe even complain against the education system designed to teach them a life skill of being always able to "fish" (rather than always asking for a fish). Even people outside of our nations have seens the wisdom of our strategy. One example is David Heenan in his book Flight Capital, which talks about the brain drain that faces the United States and how Singapore have been successful in drawing 'foreign talent' (people react viscerably to this word). By the way, David Heenan doesn't like us very much and he doesn't fail to admire us for it.
Comparatively, the United States is in a lot of decline. To put it simply, short-termism has grounded their competitive edge to a blunt tool. It's not just the economy stupid, it's also the other E. Education. Anyhow, populist politics or domestic politics to the U.S. dominates and now we see protectionism on the rise (Not that it wasn't there before). Then of course there was the statement about the Chinese messing them up by currency manipulation. Although there is some truth that the yuan is devalued, it does not hold water as the source of their problems. Here's is a good piece from Foreign Policy.
http://www.foreignpolicy.com/story/cms.php?story_id=4692
Although I might sound harsh, my reason for doing so is simple. Because we are the small boat, we are affected by the wake of the big boats. Plus, we've always been in tow.
Wednesday, February 11, 2009
Sunday, February 8, 2009
Economic Nationalism
During the U.S. Presidential Election debates last year, I do believe that readers of this blog remember that I've made the observation of some general and strong protectionist tendencies in President Obama. Read here. Of course, there was a strong showing of a commitment to the centre and his selection centrists advisers.
The true test of the pudding however is in the eating. Given the current economic crisis showing no signs of abating nor turning, the policy choices have been revealing. The Economist, undoubtedly one of my favourite periodical for being largely non-partisan and pragmatic has written a great piece in the upcoming issue featuring the revival of "Economic Nationalism". It's the of course another name for protectionism and the retardation of globalisation and international trade.
The article is listed here. http://www.economist.com/opinion/displayStory.cfm?story_id=13061443&source=hptextfeature
In truth, I am extremely worried because it is so much more than their simply trade protection but capital flow protectionism. The impact from jamming world trade is going to make this economic downturn much more severe than it is and could potentially spark political upheaval all around the world and might even prompt revival of the very old enemy of communism or facisms that Obama has eloquently spoken to fight and declared victory over. This is highly unstable for the global order.
The world is indeed looking to the United States for leadership and I sense this with many of my peers here. This is especially so for the people from Asia as the region supports so many export-orientated economies.
This could however be President Obama's most glorious moment and opportunity if he can rally for a new and stronger international order. A global consciousness. Global citizenry. That the world acknowledge that they are economically entwined and need to cooperation and coordinate casting Realpolitik aside.
Singapore is in dire need of this new vision. Considering our boast as a global city, we are truly not and a segment of xenophobic and nationalistic Singaporeans have proven themselves to be myopic and dangerous. On one hand, I feel that our government will be able to make the right call but that might cost them politically because of the growing sentiments of nationalism. The anti-establishment groups and political entities via the blogsphere has totally capitalised on this moment and prove themselves to be nothing more than power corrupt opportunists. However, part of this blame must be laid on the government for not liberalising civil discourse earlier so that we may develop a more non-partisan civil society that is balanced and anchored on pragmatic and sound logic. Now, the emotive voice and gain momentum and will prove to be extremely difficult to stop and extreme.
We are living at a great turning point in history. As the Chinese always say that in every crisis (危机), there is great danger (危), but there is also a great opportunity (机) as well for a better and stronger international order that will send the not only the economic nationalist but the realist to the grave.
The true test of the pudding however is in the eating. Given the current economic crisis showing no signs of abating nor turning, the policy choices have been revealing. The Economist, undoubtedly one of my favourite periodical for being largely non-partisan and pragmatic has written a great piece in the upcoming issue featuring the revival of "Economic Nationalism". It's the of course another name for protectionism and the retardation of globalisation and international trade.
The article is listed here. http://www.economist.com/opinion/displayStory.cfm?story_id=13061443&source=hptextfeature
In truth, I am extremely worried because it is so much more than their simply trade protection but capital flow protectionism. The impact from jamming world trade is going to make this economic downturn much more severe than it is and could potentially spark political upheaval all around the world and might even prompt revival of the very old enemy of communism or facisms that Obama has eloquently spoken to fight and declared victory over. This is highly unstable for the global order.
The world is indeed looking to the United States for leadership and I sense this with many of my peers here. This is especially so for the people from Asia as the region supports so many export-orientated economies.
This could however be President Obama's most glorious moment and opportunity if he can rally for a new and stronger international order. A global consciousness. Global citizenry. That the world acknowledge that they are economically entwined and need to cooperation and coordinate casting Realpolitik aside.
Singapore is in dire need of this new vision. Considering our boast as a global city, we are truly not and a segment of xenophobic and nationalistic Singaporeans have proven themselves to be myopic and dangerous. On one hand, I feel that our government will be able to make the right call but that might cost them politically because of the growing sentiments of nationalism. The anti-establishment groups and political entities via the blogsphere has totally capitalised on this moment and prove themselves to be nothing more than power corrupt opportunists. However, part of this blame must be laid on the government for not liberalising civil discourse earlier so that we may develop a more non-partisan civil society that is balanced and anchored on pragmatic and sound logic. Now, the emotive voice and gain momentum and will prove to be extremely difficult to stop and extreme.
We are living at a great turning point in history. As the Chinese always say that in every crisis (危机), there is great danger (危), but there is also a great opportunity (机) as well for a better and stronger international order that will send the not only the economic nationalist but the realist to the grave.
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