Excerpt from page 113[On Malaysia's Prime Minster's anti-capitalism and anti-globalization policies in September 1997] "Ah, excuse me, Mahathir, but what planet are you living on? You talk about participating in globalization as if it were a choice you had. Globalization isn't a choice. It's a reality. There is just one global market today, and the only way you can grown at the speed your people want to grow is by tapping into the global stock and bond markets, by seeking out multinationals to invest in your country and by selling into the global trading systems what your factories produce. And the most basic truth about globalization is: No one is in charge. You keep looking for someone to complain to, someone to take the heat off your markets, someone to blame. Well, guess what, Mahathir, there's no one on the other end of the phone!""The Electronic Heard cuts no one any slack... The herd is not infallible. It makes mistakes too. It overreacts and it overshoots. But if your fundamentals are basically sound, the herd will eventually recognize this and come back. They herd is never stupid for too long. In the end, it always responds to good governance and good economic management.
Thomas L. Friedman, The Lexus and the Olive Tree
capitalism, globalization, governance, macroeconomics