Tiger economies but puppet democracies ?- case of Thailand
Singapore, Malaysia , Thailand, South Korea, Indonesia and Taiwan have been hogging the lime light for the scorching economic growth they have been witnessing since early 90s. Being from Orient, they earned the sobriquet "Tiger economies". We were all told to emulate their policies to set our economy in the path of growth and prosperity. The economies of these countries were doing so well that leading Indian companies started exports to those countries denominating them in their on currencies like Baht of Thailand and Won of South Korea. Such was their clout that they could demand deals in their currencies and the exporting companies from India and neighbouring countries obliged.
Then came George Soros and his alleged act which saw a run on the currencies of these "tiger economies" which even the experts in IMF, world Bank and the leading lights of all international banks and institutions like Goldman Sach, Lehman Brothers etc could not predict. The economies melted down in no time causing grief not only to the "Tiger economies" but those who exported to these countries on credit in their own own currencies. These companies were left holding outstanding invoices which were less than half the value mentioned in the invoices.
It took several years for these "Tiger economies" to find their feet. It would take many years for their currencies to gain prominence. In the interim China has become the economic behemoth setting a scorching pace of economic growth sending everything including crude oil prices and prices of minerals and metals prices all around the world to unheard of levels. It was and it is China, China and China all the way in the world trade thereby generating a huge export surplus for China. The money which China parked in USA was used for real estate business and caused the bubble which burst and has created problems for millions and millions across the world.
A treatise on "Tiger economics" is not the purpose of this article. Western and developed world make a lot of noise of democracy, freedom of expression and respect for individual rights. They also sound as though they would like to export these values in good measure indicating that such virtues be prevalent in decent measure with those countries they are engaged with.
But the real story is very different. All these "Tiger economies" have wonky democratic record. Most of them have autocratic administrations masquerading as democracies. Forget Middle East, these "Tiger economies" are outright lousy on democratic values.
Thailand is a destination for tourists and an economic hub for a large number of companies from developed world with their regional headquarters from South East Asia and Far East located in Bangkok. But their working world in Bangkok seems to be insulated from the local issues. The country is in turmoil with the urban and rural poor fighting in unison ( The Red Shirts ) against the ruling elite ( Privy Council which supposedly draws its power from allegiance to Monarchy ) who take protection under the pretext that criticising Monarchy is a huge offence.
Such a shame that after so many years of economic growth, there has been no percolating economic effect uplifting the poor.
Such weak democracies prevail in other "Tiger economies " too.
Why does the western world preach something but act the other way ? Is it that it is much easier to deal with ( should I say control ? ) autocratic regimes to get things done unlike dealing with true democracies where dealings come up for public scrutiny ? Such approach lead to formation of Maoist like rebel forces.
Then came George Soros and his alleged act which saw a run on the currencies of these "tiger economies" which even the experts in IMF, world Bank and the leading lights of all international banks and institutions like Goldman Sach, Lehman Brothers etc could not predict. The economies melted down in no time causing grief not only to the "Tiger economies" but those who exported to these countries on credit in their own own currencies. These companies were left holding outstanding invoices which were less than half the value mentioned in the invoices.
It took several years for these "Tiger economies" to find their feet. It would take many years for their currencies to gain prominence. In the interim China has become the economic behemoth setting a scorching pace of economic growth sending everything including crude oil prices and prices of minerals and metals prices all around the world to unheard of levels. It was and it is China, China and China all the way in the world trade thereby generating a huge export surplus for China. The money which China parked in USA was used for real estate business and caused the bubble which burst and has created problems for millions and millions across the world.
A treatise on "Tiger economics" is not the purpose of this article. Western and developed world make a lot of noise of democracy, freedom of expression and respect for individual rights. They also sound as though they would like to export these values in good measure indicating that such virtues be prevalent in decent measure with those countries they are engaged with.
But the real story is very different. All these "Tiger economies" have wonky democratic record. Most of them have autocratic administrations masquerading as democracies. Forget Middle East, these "Tiger economies" are outright lousy on democratic values.
Thailand is a destination for tourists and an economic hub for a large number of companies from developed world with their regional headquarters from South East Asia and Far East located in Bangkok. But their working world in Bangkok seems to be insulated from the local issues. The country is in turmoil with the urban and rural poor fighting in unison ( The Red Shirts ) against the ruling elite ( Privy Council which supposedly draws its power from allegiance to Monarchy ) who take protection under the pretext that criticising Monarchy is a huge offence.
Such a shame that after so many years of economic growth, there has been no percolating economic effect uplifting the poor.
Such weak democracies prevail in other "Tiger economies " too.
Why does the western world preach something but act the other way ? Is it that it is much easier to deal with ( should I say control ? ) autocratic regimes to get things done unlike dealing with true democracies where dealings come up for public scrutiny ? Such approach lead to formation of Maoist like rebel forces.
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