AS a silent spectator from outside- a witness of G 20 Seoul summit , I have been keenly observing the agenda G 20 as an economist.
It is pertinent to observe that South Korea has made a history of becoming the first Asian country to host G 20. Seoul has certainly emerged as soul of Asia with more smoke than light which is evident from the lip service of the leaders of G 20 in a diplomatic language instead of a plane speaking without any concrete plan of action on the issues of concern for the entire world community. It is worth noting that the talks were fractious, vague and unbinding compromise on currency valuations and trade imbalances. Competitive devaluations are certainly bad.
It is serious to observe that South Korea has doors open to Americans instead of a window which is not in the long term interests of Korea giving over importance to Americans in Seoul . We have to be at equal distance with all in diplomacy and should be able to say no to certain things.
The role of referee to IMF for rebalancing global trade between surplus and deficit countries is all right. It is sad to observe that G 20 leaders could not decide the guidelines as measurable in quantity and quality. The mutual assessment document is O.K.
“ If you are sick don’t ask others to take medicines’ an utterance by a Chinese official to USA is well received but they deserve empathy if not sympathy for the mistakes they commit time and again for increasing their conspicuous consumption. American mental make up has to be changed towards need and not greeds of materialism of highest order.
‘It is bad to penalize the hard working student’, believes the leaders of Germany on the issue of surplus trade balance has merit in the argument not for the sake of discussion but to be rational in economic thinking and wisdom. Flawless compromise is not possible and let us accept the realities in totality of the issues of common sense where there is no sense which is common.
To avoid risks of crisis in future G 20 could have given serous thought for the preventive and promotive measures ( prognosis approach)for the health of the economies instead of discussing and debating curative measures by believing in postmortem approach.
Altruism by G20 for non G 20 members particularly poor and developing countries is well received but not sufficient. To make it sufficient, there was an urgent need for allocating special funds by the G 20.
We need to make sincere efforts for prosperity, progress and peace with proper, productive and practical (3P) use of hands, head and heart (3 H).
To grow together, there are untapped opportunities for trade and services with WTO commitments which needs to be identified and explored for strengthening economic ties. Non-economic relations between the members are more important than the economic relations .
We needed to declare unemployment, poverty and inflation as international issues with global solutions with cooperation instead of unhealthy competition which is not in good taste.
Let our looks, actions and words (LAW) become economic laws of relations between us. Let us grow together as we are capable of bigger and better accomplishments in all walks of life due to the sincerity, honesty and hard work.
The cooperation and healthy competition among members will certainly improve science and technologies with R & D endeavors.
The Fair society is the need of the day not only in South Korea but the entire World. The G20 leaders were required to accept it as international agenda with more enthusiasm than the hosts in Seoul.
We needed to accept good governance at all levels of operation in the economy starting from those at the international level (World Bank, IMF, and WTO) to those governing social & economic relations in the family and the neighborhood to minimize the impact of the global economic crisis.
We can call a Government a ‘good Government’ if it gives SMART administration meaning thereby a Government which is Simple, Moral, Accountable, Responsive and Transparent.
The long term crisis management can come only through good governance and change in the mind set of the World community.
Let G20 become truly Global Governing Economic Forum (GGEF) not meant for cures but preventive and promotive measures for the health of any economy (developed, developing and under-developed) in all aspects of socio-economic development. level Playing field is the name of the game in fare play of economies of the world where every one should get fair opportunity to live and work. Of course, with some safe guard mechanism for week and meek economies. There is certainly a case for World growth model with sharing and caring with altruism in development and distribution. We need commitment for concrete plan of action and not lip service in diplomatic language by one and all members in one voice as a call of soul from Seoul.
*The writer is ICCR Chair Professor of Indian Economy, Graduate School of International & Area Studies Hankuk University of Foreign Studies, Seoul, 130-791,Korea, He is former chairman, Dept of Economics as well as Dept of Journalism, Kurukshetra University, Kurukshetra (Haryana). He can be contacted on phone no +82-2173-3534, Mobile: 010-9425-2630, Email.mmgoel2001@yahoo.co.in