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| Krishna Kumar |
As world economies contract, governments are resorting to protectionism as stop gap measures to rebuild growth. In the process, they are avoiding facing original problem; they are avoiding correcting the basic mistake. Nobody questions the fact that the current global turmoil has its roots in the questionable and ultra-sharp financial practices that the leading investment institutions in the west resorted to and in the complete abdication of control on the side of their governments.
Instead of moving to correct those basic problems to ensure long-term robustness of the global economy and their individual chunks in it, governments are themselves resorting to short-term measures for short-term gains, much like what the business conglomerates did in leading us to the current situation. While businesses are still working on the next quarterly results to governments are only focused on the next election.
The current crisis has made it amply clear that the global village is a reality and none of us can escape the results of acts of omission or commission of each other. In today’s economy, we swim together or we sink together. There is no other way. The days of winner takes it all is over.
It is unfortunate that our businesses and our governments are yet to act on this realization to ensure long-term stability and growth.
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written by Paul Smith men's belts, December 21, 2010
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