By Gary P Jackson
More from South Korea.
It seems “crony capitalism” is the new “death panels” and Sarah Palin’s latest battlefield. She’s been hammering the corrupt practice in this country, and now she’s taken that fight world wide. Sarah also has nice things to say about South Korea’s calling it’s solid economic footing a real “Cinderella story.”
When reading this, bear in mind some may be lost in the translation, but the bulk of Sarah’s words get through.
From MK Business News:
“In some regions, some companies spill that they’re actually better off spending money on lobbyists to cozy up to politicians than hiring a research scientist, because the return on their investment would be greater,” Sarah Palin lamented the pervasive extent of cronyism in even advanced nations like the US at the World Knowledge Forum (WKF) held in Seoul, South Korea on Tuesday.
“Crony capitalism won’t produce growth, and it won’t produce prosperity,” stressed Sarah Palin, former Governor of Alaska and the female Republican candidate for Vice Presidency in the 2008 US presidential elections. Palin made her very first visit to Korea with her daughter to attend the WKF 2011, and gave a solo speech Tuesday morning, where she attacked the growth-prohibiting effects of crony capitalism.
Though originally used to describe entrenched interest groups in the Asian economy, Palin applied the term ‘crony capitalism’ to advanced nations to criticize unfair business practices in the US.
“Crony capitalism favors the big guys at the expense of the little guys,” said Palin, conveying deep distrust in the collusion between big businesses and the government. “When cronyism thrives in any country, innovation, prosperity and freedom suffers because small innovative firms get shoved to the outside.” Palin further lectured on the suffocating effect of cronyism on innovation-based growth, since it creates “an economic system that favors the politically connected” over honest, hard-working, and ethical innovators.
The government is pushing for greater central power, she warned, “because it gives them the opportunity to pick the economic winners and losers in our system. In other words, it gives them ultimate economic power.” Such decisions should be left to the market, not the political elite, she argued while making the case for limiting centralized authority.
Real recovery will start with the empowerment of individuals, Palin further contended. “What is perplexing and ironic, though, is that while the world around us is moving aggressively towards empowering individuals, the government seems to be going the opposite direction,” she continued while citing greater centralization of the EU and calls for greater fed power in the US as evidence.
Palin was optimistic of Asia’s growing role in the global economy. “It used to be assumed that global recovery would all hinge on consumer demand coming from the US.” However, the world is now realizing that demand needs to be more broad-based, and emerging Asian economies are stepping in to shoulder a greater role in perfect timing. “The rise of middle class in China and rising prosperity in India and their demand for consumer goods will drive global recovery, and the world will not look solely at the US.”
Palin also welcomed the competition brought by the economic rise of Asia. “Competition is a venue to make all of us work harder and be more efficient and productive.” However, Palin was wary of China’s growing military might as it flexes its muscle on regional disputes.
Palin also acknowledged real fears on US resignation from its former post as the international police. The $14 trillion debt in US is forcing the former hegemon to “pick our battles, literally,” which may also be followed by a cutback on military protection. “I want to see the US’s military and national securities strengthened,” said Palin, saying it would create a more peaceful and prosperous global world.
Despite dropping out of the presidential race herself, Palin expressed high hopes for a future female president for the US. Gender discrimination is a thing of the past, and women are no longer so constrained, she said.
Palin also commended Korea for its rapid growth. “Korea is doing so many things right,” she said, citing the nation’s low unemployment, high growth, high GDP relative to other parts of the world, and openness to free market principles. “It is the Cinderella story,” she said, while advising other emerging nations to emulate the practices of Korea.