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Strategies & Market Trends : Asia Forum -- Ignore unavailable to you. Want to Upgrade?

To: Robert Douglas who wrote (7262)	10/22/1998 2:55:00 PM
From: Z268	Read Replies (1) \| Respond to of 9980

"Do I, or anyone for that matter, believe that free markets should be absolute and unregulated? Of course not. But I do believe we should be cautious in proposing grand schemes of regulation and change, especially when those proposing these changes begin by setting up a straw man of some “capitalist utopia” and then knocking it down before our eyes." I guess then I have a problem with the logic behind the push for a global capitalist economy. If the end objective is that the world ends up in a win-win situation, then we would expect the 3rd world countries to embrace unfettered capitalism with open arms, and if things go wrong, as they have horribly, then it is the world's problem, and everyone's to solve. If, OTOH, we are saying "no one promised anyone rose gardens", and if a third world country embraced free market capitalism (and the free flow of capital), then "you could get hideously burned", then we are either being brutally frank (it's a win-lose world ala dog-eat-dog!), or it's a case of the experienced First World market experts totally outclassing the naive 3rd world econmies. You can't have your cake and eat it too.... I do not recall any caveat in the 80s and early 90s being given to the East Asian economies that if they take all these capital without fully understanding the rules of engagement and potential consequences, their economies could go down the gurgler. I do recall a wave of unfettered capital lending with scant regard for checks and measures on both sides. It takes two to tango. I do not believe anyone can in clear conscience can opine the view to the Asians : you guys brought this all upon yourselves through your crony capitalism, corruption, nepotism, etc. As to the phrase "we should be cautious in proposing grand schemes of regulation and change", I hardly think the IMF imposed measures fit within the definition of caution. "Indecent haste" is more like it. Rgds, Steve