Asia

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Asias Responses to Financial and Economic
CrisesA New Era for Coexistence in Asia

• Hideki Wakabayashi
  Full-Time Councilor
  
• The Japan Forum on International Relations
• (JFIR)

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Contents of My Presentation
1. Where are we in the global capitalism?
2. Asian Values and Spirits-Coexistence
3. High Economic Potential in Asia
4.Promoting Regional Cooperation Integration
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Where are we in the global capitalism?
Is it just on the way for adjustments?
or Does it itself include many essential problems
to be addressed ? Does it need drastic changes
to make the world in order?
? ? ?
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What are economic activities for?(1)

• Is the Market Economy the most effective system
  to bring growth with the invisible hand?
• Is it to maximize short-time profits and
  interests at the sacrifice of others (human life,
  environment, developing countries, etc.)?
• Answer is NO!
• But we are doing YES

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What are economic activities for?(2)

• Baien MIURA (Philosopher, in Edo-period)
• Economy is to make righteousness an
  advantage for all.
• J. M. KEYNES (Economist in the 20th Century)
• Economics is Moral Science,
• not Natural Science, with Self-Examination and
• Value Judgment.

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Asian Values and SpiritsCoexistence

• European Values and Asian Values
• He is rich who has few wants.
• Everything in moderation
• Mottainai Culture
• Is Coexistence contradictory to Competition?
• Convey Wisdom of Asia to the World

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Economic Indicators (2007)
Source IMF, DOT, Bloomberg Data Personal
Expenditure and P. E. Growth Rate (2006)
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Export Ratio within the Region (2006,)
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High Economic Potential in Asia

• Boost domestic demand and economic growth
  potential by increasing personal expenditure and
  export of Final Goods within Asia
• Reduce reliance on US Europe
• Invest infrastructure, environment, water and
  energy to improve humans life
• Provide safety nets to eliminate anxiety for
  future

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Economy is associated with global threats
Food /Energy Crisis
Climate Change
Military Attack
Infectious Disease
Economic Stability
Global Poverty
Terrorism
Nuclear Proliferation
Chemical poison
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Conclusion - Risk and Opportunity

• ?Strengthening international financial
  institution (IMFADB) , regulation and
  surveillance function
• ?Strengthening the Chiang Mai Initiative and
  other financial cooperation scheme
• ?Avoid protectionism and show an open market
• ?Increase personal income and domestic demand
• ?Promoting sustainable development addressing
  global issues such as climate change, pandemic
  disease, food and energy crisis, etc.
• ?What should Japan respond to the crisis?

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Conclusion Coexistence

• With spirit of Coexistence in the country, the
  region and the world
• Create vast majority of middle class
• for prosperity and stabilization of society
• Enhance Regional Cooperation and Integration

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• Thank you for your attention