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East Asia Economic Summit Looks at Globalization
The East Asia Economic Summit opening Monday in Hong Kong put globalization on the discussion agenda dominated by topics related to regaining stability and growth in Asia.
It is now evident that globalization cannot yield the new economic order it seeks to create without a "more enlightened, unilateral version" accommodating the needs of developing countries, according to Azinan Zainul Abidin, chairman of Petronas, Malaysia.
"This is the challenge facing the world community," he said.
British economist John Kay thought globalization comprises a complex combination of liberalized markets, a new world trade order, round-the-clock capital markets, reduced trade barriers, economic interdependence and global branding.
Kay said that the world must develop a "more sophisticated understanding of how market economies work."
The vital message is "understanding that market economies don't function by encouraging people to be as greedy as possible. Rather, they are embedded in a complex and sound social, political and economics context. What they require is an integrated social, political and economic system."
Vernon J. Ellis, who serves on the Global Business Council of the World Economic Forum, pointed out that globalization is with us to stay, but it needs to be handled with more sensitivity and care in this very fragile world."
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