Economic nationalism

Economic nationalism

The present rupiah crisis, and the impact that it has on the
country's economy holds many positive aspects, provided we have
the ability to face them with a cool head and good calculations.
Also, a certain political will must be present among the
authorities concerned.

The present currency crisis -- a relatively new phenomenon in
our nation's economy -- clearly demonstrates the link that exists
between many of the goods and services that we use and the
economies of other countries. That is to say, a certain amount of
foreign exchange must be submitted to the countries in question.

We hope that under the circumstances, all of us can start
using more of our own domestic products and/or funds and restrict
borrowing. The era of globalization, which is now at our
doorstep, is no obstacle to our giving preference to our own
homemade products. The time that we still have (before the new
era arrives) should be used to bolster our position.

A campaign seems to be needed to bring home to our people the
fact that each and every purchase of a foreign-made product means
adding to the unemployment rate in our own country. It also means
the squandering of foreign exchange. The private business sector
should reciprocate by increasing the quality of the goods they
produce.

Meanwhile, the present fluctuating rate of the rupiah
confronts our private sector with a situation whose outcome is
difficult to predict. What is needed at present is an ability to
adjust, while the government should put an end to the currently
prevailing high-cost economy.

-- Bisnis Indonesia, Jakarta