1.)
New economic architecture with a human face ( Neither …Nor )
The devastating impact of the
financial crises on the world’s most vulnerable populations over the last
decade has really been a concern shared by governments and citizens from all
over the world. The impact of the crisis only shows how globalized and closely
interdependent our world has become.
A crisis sometimes brings with it
“good things”, a blessing in disguise that is needed to help us reveal who
we actually are and what has gone wrong with what we have done so far. But most
often, a crisis can also give birth to all kinds of unwanted events.
Pope Benedict XVI recently observed,
“The worldwide financial crisis has, as we know, demonstrated the fragility of
the present economic system and the institutions linked to it. It has also
shown the error of the assumption that the market is capable of regulating
itself, apart from public intervention and the support of internalized moral
standards.”
Each economic crisis over the past
decade has shown the downside of economic globalization. However, the dynamics
of economic globalization often remain difficult to understand in part, because
we are caught up in a process that is still developing, and whose outcome is
still unclear.
Economic globalization in itself is neither good nor bad, but its impact will depend on decisions made by us. It must be
seen as a process, not as an end.Therefore, governing economic globalization
calls for wisdom, not just empirical data on economic growth and fundamentals.
From the perspective of many
developing economies, such as Indonesia, globalization must not only focus
narrowly on the economic aspects of current global interconnections, which have
been broadening and deepening, particularly in the areas of trade and finance.
Experience has shown that market
forces, for all their efficiency, can be blind, particularly to the broader
dimensions of human welfare and personal security. They also lack sensitivity
to the demands of social justice and equality.
Thus, a more comprehensive concern
for social issues, such as “human security and development” must also be given
necessary attention through cooperation and the promotion of social justice in
the process of globalization.The ugly consequences of focusing (rather
narrowly) human development on real GDP growth, personal welfare on efficiency
gains and on free and open trade as well as financial flows, has given
globalization a bad name.
Rather than bank upon the “genius of
the and” (complementation and cooperation), it has allowed the world to be
hemmed in by the “tyranny of the or”.It is either the rich developed economies
or the poor developing ones that benefit.
We should not forget that the same
world that could find, within a few weeks, trillions of dollars to rescue banks
and financial investment institutions, has not yet managed to find 1 percent of
that amount for the needs of the hungry starting with the US$3 billion needed
to provide meals for school children who are hungry, or the $5 billion needed
to support the emergency food fund of the World Food Programme.
We have also had clear reminders
from financial markets in recent years, such as a crisis in the US financial
system in 2008, that there is more to a market competitive system than these
narrow, strictly economic values and principles.
Indeed, at the bottom of any market
competitive system are money and credit, both of which are based essentially on
faith and trust. But, these flourish in the final analysis only within an
ethical culture, which calls for virtue, and among others, the golden mean and
a system of checks and balances.
Thus, self-interest must be balanced
by common interest and the invisible hand of markets by the more visible hand
of a public regulatory authority.A new globalization requires a new culture
that can orient the changes.
These principles ultimately derive
from universal natural law, he said. And thus, “the principles of this ethical
order, inscribed in creation itself, are accessible to human reason and, as
such, must be adopted as the basis for practical choices.”
On this premise, first, we need to
propose a culture based on fundamental principles, such as the universal
destiny of earthly goods and the common good, grounded in respect for the
dignity of the people and acknowledged as the primary goal of production and
trade systems, political institutions and social welfare.
It has become increasingly evident
that the common good embraces responsibility to future generations. An
essential aspect of globalization is, therefore, the promotion of the principle
of solidarity. A global solidarity that must be recognized as a basic ethical
criterion for judging any social system and will ensure all peoples can benefit
from economic globalization.
Globalization, therefore, needs to
be a process guided by a respect for human liberty. A globalization thus
oriented by these two principles will result in a harmonious unity of
the human family.
Indonesia, as the third-largest
democracy in the world after India and the US, can offer a model on how to
promote human liberty in a responsible manner in a modern, open and free
society.Being also a country with the largest Muslim population, it is an
opportunity for Indonesia to demonstrate to the world that Islam and democracy
that respects human liberty is compatible and complementary.
When we talk about Islam we cannot
avoid talking about religion that carries a universal moral law needed to guide
the process of globalization.Thus, Indonesia can offer a unique solution to the
many problems of globalization by actively proposing the common universal values
of world religions as a foundation and source for a more human-friendly
process.
It is in this context, the role of
and the compatibility of religion and
politics, faith and democracy, virtues and wealth in Indonesian society are
very relevant as a model of a new global economic architecture.The spiritual
dimension is fundamental to converting the model of secular economic
globalization into one that has a human face.
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