At the 5th Asia Economic Summit held on Dec 7 in Singapore on Strengthening Economic, Trade & Investment Ties After the Crisis - Reconnecting Asia with Europe and us, Penang Chief Minister Lim Guan Eng outlined his vision for Penang to transform itself into an international city, with a knowledge-intensive and high-income economy.
WHAT IS HEARTBREAKING about the current economic crisis, caused by the collapse of key financial institutions in the West, is that the culprits are seldom the victims. This is one of the negative effects of globalisation: abuses by those involved in the collapse of the western financial system can have dire consequences like financial distress, loss and suffering for innocent people half a world away in Asia. Worse still, those involved often escape unpunished and can return to their hefty bonuses.
There are five lessons to be learnt. One: Without transparency and account-ability, arrogance takes over which invariably ends in disaster, for everyone.
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