The former budding apportion says he done a right decision to deliver Look East policy.
LANGKAWI: Former budding apportion Dr Mahathir Mohamad pronounced Malaysia as well as alternative Islamic countries should demeanour to alternative Eastern countries as well as not a West as a model for their development.
He pronounced he believed he done a right decision in introducing a "Look East" process of emulating work ethics as well as business techniques from Japan as well as South Korea during his reign as a budding minister.
"Right now, there are so most 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 are swimming in money. Korea can come up with major products better than which produced by companies in a West.
"Japan, as you know, is a country which mislaid a war totally destroyed though as it rebuilt itself, it turn a second biggest economy in a world. If you wish to duplicate 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), here.
The three-day conference, with a thesis "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.
Mahathir pronounced one could not sense most from a West since it was a total failure.
"So, you should continue to d! emeanour to a East as well as not to a West. The West is going bankrupt," he said.
He also pronounced which he was personally against socialism since it would make everybody poor.
"For capitalism, it is a way to pullulate a country. If you demeanour around, entrepreneur countries appear to be so rich, which even workers can drive 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 compensate as well as they are all bankrupt. Greed will cause this. Today, you are s! eeing fa iled countries in a grown world.
"It is since countries similar to Greece are so indebted borrowing some-more than 200 percent of their GDP (Gross Domestic Product)," Mahathir added.
-Bernama
Malaysians Must Know a TRUTH
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