illumination of the Asian wisdom searchlight-- probably not every year, but once every few years. Thank you for your kind attention.
｡?ANDO
We surely cannot say that Japanese financial policy has nothing to do with the present Asian economic crisis. But, as has been repeatedly emphasized in the panel discussion, we must consider the economy in a reasonable time span. If we focus on only one point and try to solve the problem there, the solution would not be practical. As has been mentioned, nationalism can go on as nationalism, and regionalism can go on m regionalism, but the two should not collide with globalism, As they say, "too much is as bad as too little". It is necessary to maintain an appropriate balance among the three said "isms". As Professor Yamazaki stated in his keynote speech, the human being has the instincts of self-preservation, group-preservation and race-preservation. Considering this, it is quite natural to protect your own family. But if this becomes a disadvantage to the whole, the disadvantage will circle around and eventually come back on your own family. I think it is important to maintain a good balance. The same can be said of sustainable development. In this context we must consider the equality between generations, in other words intergenerational equity.
If our generation uses up some global resource to solve a problem, it will befall on the generation of our children and grandchildren. We must take this point into consideration. I apologize for keep using the same word, but in this case again, the same concept of balance becomes important..
｡?Takashi SHIRAISHI
Professor, Center for Southeast Asian Studies, Kyoto University
It was mentioned that the Japanese nowadays have become dirty and that the bankers and financial bureaucrats are doing no good. In response to this opinion, I would like to emphasize again, what Dr. Iokibe strongly stated, the importance of commonality. In Japan's case, we have public affairs and personal affairs. The distinction between the two, together with the common good are considered very important. It is probably because we have been betrayed of the said matters that we have distrust of the Japanese government and private enterprises.
Actually, the same can be said for the intentional society.
The intentional society is said to be an extremely anarchic world where each national state is there to seek national profit. But now, the situation is not the same. By pursuing international commonality we can simultaneously realize national profit. This kind of flexible mind and action has become most important now. When considering how to cope and overcome the present crisis, it amounts to how this certain problem is going to be settled.
So, actually Japan is facing a similar or it can be said the same problem both domestically and intentionally. If we do not settle the problem properly now, I am sure that the coming 21st century will bring along many troubles.
｡?PAKKASEM
Regarding two issues that are related, that is half regulated, so-called dirty bankers, also family business in bank.
Recently the excellent report came from so-called white collar crime's investigation done by English consultant, Gutcher, in London. There are two basic philosophies on how to handle bankers. The Federal Reserves in the United States said this: "Those who handle somebody else's money tend to be crooks. So they must be well regulated". That's one thing I have to admire in the U.S. The Federal Reserves is the decentralized regulated board and looks after the banking system very well. The banks are highly regulated in the U.S. But they don't regulate the hedge funds. They regulate the banks. Whereby another philosophy originally from the Bank of England is "Those who handle somebody else's money should be gentlemen. Therefore they should be self-regulated." That's the Bank of England. To some extent lots of Southeast Asian governors of the central bank inherited the Bank of England's philosophy. At least I can speak for the Bank of Thailand which has the admirable accord of governor, they didn't even call the board of governors. They call it the court of governor, like the Bank of England. We though they were gentlemen, but lots of them tend to be the other way around. Family business is just like anything else. Most business starts from the family and then gradually over generations becomes a public company. Even Morgan, J.P. Morgan was a family bank from P.A. Morgan. The third generation it became a public bank. In a Thai banking system of 15 Thai banks, 13 of them are family banking. I think that only a few of them will survive this crisis. They will have to transform themselves. The government took over four already, The others will be international.
｡?Yuko TANAKA
Professor, Faculty of General Education, Hosei University
Dr. Shiaraishi has already referred to this, but I would also
