JAKARTA LIFE'S STYLE
Indonesia must not be blinded by the free market ideology, an economist from Cambridge University Ha-Joon Chang said in a lecture at the Presidential Palace here on Thursday.Indonesia, if it wants to materialize its ambition to become one of the emerging economies, must implement not only policies which are based on the free market doctrine but also protectionism effectively for industries still needing protection.
"I do not suggest creating a socialist country. I believe in the benefit of capitalism so long as there is a right regulation," he said at the lecture attended by President Susilo Bambang Yudhoyono, Vice President Boediono and cabinet ministers.
The economic professor who is also a World Bank consultant even said that the US and Britain so far being considered the birthplaces of free market were initially protectionistic on their industries and trade.
"The experience of South Korea and other advanced countries suggests Indonesia must implement a lot of policies which are only based on the orthodox free market ideology but also protectionism," he said.
Chang also suggested government supports in the form of subsidy and regulations for certain prime industries which are not yet ready to compete in the open market.
"The national interest is the most important thing," he said.
Chang said protectionist policies could be implemented so long as they were consistent with existing international regulations. He stated the free market regulations effective in the world now are not fully fair and for that Indonesia as a country respected enough in the international community because it is a member of the G20 must have courage to challenge the injustice.
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