Japan's malaise due to copying West: Mahathir<\/p>\n
OSAKA (Reuters): Malaysian Prime Minister Mahathir Mohamad
\nsaid on Thursday a Japanese economic recovery was the key to East
\nAsian prosperity, but that Japan's economic malaise was largely
\ndue to an insistence on aping Western practices.<\/p>\n
Speaking at a symposium in the western Japanese city of Osaka,
\nMahathir said: \"The present economic problem that you seem unable
\nto overcome is due almost entirely to your attempt to adopt in
\ntoto Western practices and Western norms.<\/p>\n
\"I suspect that just as the Japanese East Asian Empire ended
\nin disaster, the Japanese copy of Western ideologies and systems
\nwill have the same end result.\"<\/p>\n
Mahathir lamented that Japan had replaced its own traditional
\npolitical, economic and social practices with Western methods and
\nstandards.<\/p>\n
\"Japan has discarded lifetime employment, cooperation between
\nthe government and the private sector, regional cooperation,
\nideology, etc. Even Japanese youths want to be blondes, work less
\nand play more,\" he said.<\/p>\n
Mahathir has often criticized the West and blamed overseas
\nspeculators for much of the Asian financial crisis that mauled
\nthe region in 1997.<\/p>\n
In 1998 Malaysia turned its back on world markets by
\ninstituting strict capital controls and a fixed exchange rate in
\na bid to shield the economy and its currency, the ringgit, from
\ncurrency speculators. But the country has recently made moves to
\nencourage foreign investment by permitting foreign equity in
\nfirms such as its flagship airline carrier Malaysian Airline
\nSystem Bhd<\/p>\n
Despite this, Mahathir had sharp words for speculators on
\nThursday, describing them as \"predatory commercial giants\".<\/p>\n
\"The idea that the market knows best is promoted by those who
\ndominate the market and want their financial strength to
\ndetermine what is best for themselves,\" he said.<\/p>\n
Mahathir called on Japan to take a more active role in the
\nAsian economy by getting its own economic house in order and
\nincreasing investment to stimulate other Asian economies.<\/p>\n
Closer cooperation between Japan and other Asian nations,
\nincluding Malaysia, would enable the region to come up with
\nmeasures that would benefit not only Asia but also the rest of
\nthe world, he said.<\/p>\n
\"For East Asia to recover faster, Japan must play a big role.
\nJapan has the financial strength and the technology to contribute
\ntowards East Asia's recovery and growth,\" he added.<\/p>\n
\"East Asia can consume what Japan produces, more if Japan
\nhelps East Asia to prosper again. First help us to recover by
\ninvesting in our countries and setting up the Asian Monetary
\nFund.\"<\/p>\n
Some in Asia have called for the establishment of an Asian
\nversion of the International Monetary Fund, which has been
\nslammed for its handling of the regional financial crisis.<\/p>\n
\"Many of us think that if Japan and the East Asian countries
\nwork together we can even come up with a model of cooperation for
\nmutual good for the rest of the world,\" he said. \"That will
\ninclude the development of a financial architecture and the
\nregime for international trade.\"<\/p>\n
Mahathir also issued a ringing call for broader economic
\ncooperation according to an Asian model.<\/p>\n
\"By coming together and standing up against unfettered
\npredatory capitalism and the absolutely free market that it wants
\nto impose on the world, by offering alternative systems and a
\ncode of ethics, Asia and in particular East Asia, with Japan
\nplaying a leading role, can prevent the headlong rush towards
\ndestruction which the current Western model will certainly lead
\nus to.\"<\/p>",
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"sponsor": "Okusi Associates",
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