Raquel Gan

APEC stated very clearly – reject all form of protectionism and embrace a very open liberal economy. Yes, back to basics, free trade and more free trade. It looks more like going back to square one instead; we are embarking our first step again to bring about another financial crisis (in the future). Have we not learn from our history lesson? Again, I believe everybody will be horrified if a government decided to wipe out the Jews race again, which I believe everybody should be just as horrified that our governments have decided to promote Adam Smith’s free market theory again. The great depression in 1929 is the failure of Adam Smith’s theory;  maybe Asians didn’t feel the impact as much back then, but now that we are striving forward in economic terms, we are in greater risk of experiencing what US and Europe had experienced in 1929. Finally, the 1970s recession brought upon by world-wide opening up their economies is another exmaple of free market weakness as well. Even the 1997 Asian financial crisis and the last global financial crisis has its roots to our free market, free trade policies.

I couldn’t emphsize more on the downsides of free trade. The governments are again going back to adopt it which is the exact root cause of poverty! Mexico President Felipe Calderon even used NAFTA (North America Free Trade Agreement) as an example to encourage Asia Pacific to enter free trade! However, according to some actual facts, Mexico farmers are worse off since NAFTA and terrorist group is formed on day 1 of NAFTA formation.Why would any ordinary farmer with a family to take care of resort to join a terrorist group? It is definitely because NAFTA would make him incapable to take care his family anymore. My dear Asians mates, can you see what we are getting ourselves into?

Finally, free market has this ability to increase the volumn of economy in short period of time. It means we will receive news that our GDP is rising, goodnews? NO! It would only make the income inequality gap greater. Furthermore, with globalization in place, the production rates will be increasing tremendously, pollution and more pollution. Finally, China the biggest polluters in the world has not made any committment to ease their irresponsible action. However, it is solely China’s fault? I doubt so, the international brands are setting their production there, polluting China even more! It’s a cycle, why are we gearing ourselves to another loop of it?

Saw this cartoon on the newspaper few days back:

I’m neither the one who drew that nor I’m the only one who realize the consequences of the APEC summit this year. If you have read this entry till this far, I hope you will make an effort to share the content to the next person you see today.