Asia Economic Community Forum (AECF) is to once again raise its
curtain at Songdo ConvensiA, Incheon, Korea from November 7-9. As its
theme suggests, now is the time to "create Asia together". If the
first AECF was held last year to define and search Asia's distinct
role in progress of global crisis, AECF returns this year to refine
21st century capitalism, resolve world hegemony crisis, and to
confluence the universal values.
Following is the contributed opening message script from the Chairman
of AECF, Kim Hak-su.
With the 21st century opening, we all are excited, yet expected
something unknown, unexperienced and enchanted new courses will be
unfolded before us. Now with just one decade elapsed, we have indeed
encountered many new challenges- launching of Millennium Declaration
together with the Millennium Development Goals in 2000, September 11,
2001, scary avian flu 2003-2008, various natural disasters intensified
by the climate change such as Indonesia Ace Tsunami, devastating
cyclones of Katrina in USA, compounded by even man-made recent
financial and economic crisis 2008-2009.
We are no longer where we stood a decade ago, dazzled by so many
unexpected challenges, which require global, regional, and national
efforts and cooperation. In a great historical perspective, many new
threats and challenges force us to change the ways of our thinking,
behaving and living. We are now witnessing many new waves of
transformations not only through technological revolution represented
by ICT and ICT convergence, but also through regionalism and
globalization. Perhaps we are making profound and frequently parallel
changes of many levels simultaneously.
Economic globalization, for instance, has made the world more
interdependent, increasing the need to act together and work
cooperatively. For many countries, the way globalization has evolved-
particularly the financial market globalization- poses huge risks
while absolute uncertainties.
What kind of economic system will work for them American style
capitalization has demonstrated that it can encounter huge problem.
The USA will still remain the largest economy but the way the world
views America has changed, and China's influence will certainly grow.
Then, can tomorrow's "development model" come from Beijing, New Delhi,
or Brazilia
Are there any differences among American capitalism vs. European
capitalism vs. Asian capitalism
Even the world economic balance of power is shifting. The G-8, a group
of advanced industrial countries that met annually to solve the world
problem is reflecting the changed situation.
These so called leaders of the world, G-8, thought they could solve
large-slave problems like global warming and global imbalances without
inviting the leaders of other countries representing almost half of
global GDP and 80% of the world population to actively participate in
the discussion.
However, at the G-8 meeting in Germany in 2007, the leaders of the
other countries were invited. So the economic and financial crisis
erupted in 2008, it was clear that the old club could not solve it
alone.
With the meeting of the G-20 in Washington including newly emerging
countries like China, India, Korea, and Brazil in November 2008, it
was apparent that the old institutions were dying. Spurred by UK,
which hooted the second meeting of the G-20 in London in April 2009,
it was clear that the newly emerging markets would be assured of a
seat at the table in which all important global economic decisions are
made.
Followed by the ensuring G-20 meetings in Petersburg in September 2009
and in Toronto in June 2010, now the Republic of Korea is the first
third world country that has the privilege to host the G-20 meeting in
Seoul just a few days later November 11-12, 2010, in which Korean
initiatives on "Global Financial Safety Nets and Development Issues
(Economic Development and Poverty Reduction)" will be additionally
tabled on top of the previously agreed agenda - Framework for Strong,
Sustainable, and Balanced Growth, Strengthening the International
Financial Regulatory System, and Modernizing International Financial
Institutions.
With these background in mind, we have prepared our second Asia
Economic Community Forum 2010. These are three big themes prevailing
this forum: the first one is about the capitalism- Grand debate of
21st century capitalism in search of alternatives to Washington
consensus, the second one is about the possibly emerging world
hegemony - Grand Compromise among the United States, China, and EU:
resolving hegemony crisis by G2 or G20, and the third guest is Grand
Dialogue between Asia and the West: Confrontation or Confluence of the
universal values.
Already there were warming up presentations and discussions yesterday
on Asia Community, East Asia Community, Northeast Asia Cooperation,
China its macroeconomics and its relationship with Korea peninsula.
We have also prepared several special topics on "G20 and World New
Economic order after the Financial Crisis", "A New Development
Paradigm in Northeast Asia", "Green Growth", "CSR Korea and Asia", and
"Turning Today's Youth into Tomorrow's ICTD Leaders".
I wish all the participants would benefit from our forum, which I
sometimes call as "collecting ideas".
