October 30, 2011
Look East, says Mahathir
Former Prime Minister Dr Mahathir Mohamad pronounced Malaysia as well as alternative Islamic countries should look to alternative Eastern countries as well as not a West as a indication for their development.
He pronounced he believed he done a right preference in introducing a "Look East" Policy of emulating work ethics as well as business techniques from Japan as well as South Korea during his tenure as a prime minister.
"Right now, there have been so many problems with Western countries. The problem in a West is which they have borrowed as well most as well as cannot repay. You cannot have which kind of a country as a model.
"If you see countries similar to (South) Korea, Japan as well as China in a East China has US$ 3.2 trillion in reserves. They have been swimming in money. Korea can come up with vital products better than which produced by companies in a West.
"Japan, as you know, is a country which mislaid a war all broken but as it rebuilt itself, it turn a second biggest economy in a world. If you want to copy or sense something, sense from a successful people, not from a failures," he pronounced during a question-and-answer session during a Third Langkawi Islamic Finance & Economics International Conference (LIFE 3).
The three-day conference, with a theme "Islamic Banking as well as Finance: Waqaf, Zakat as well as Sadakah as Community Empowerment as well as Strategies for a Economic Transformation of a Ummah", began yesterday.
Dr Mahathir pronounced a single could not sense most from a West since it was a sum failure. "So, you should go on to look to a East as well as not to a West. The West is going bankrupt," he said.
He additio! nally pr onounced which he was personally opposite socialism since it would have everybody poor."For capitalism, it is a approach to pullulate a country. If you look around, entrepreneur countries seem to be so rich, which even workers can expostulate large cars.
"But people can turn extremely greedy wanting some-more as well as some-more income without meditative about a consequences.They steal as well as steal until they cannot pay as well as they have been all bankrupt. Greed will means this. Today, you have been saying failed countries in a developed world. It is since countries similar to Greece have been so indebted borrowing some-more than 200 per cent of their GDP (Gross Domestic Product)," Dr Mahathir added.
- Bernama/www.malaysiakini.com
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