Page 38 - DevelopmentSynergy
P. 38
re-adjustments to our life in response to the market; we re-orientate ourselves
towards the customers. Understandably, the private sector to respond quite easily
to the changes as it could mean incentives or disincentives to those involved in
them. For example a question will arise who respond or who do not respond to
customers? Things like these are not easy to deine.
Understandably, it takes a lot of efforts to deine objectives of the public
sector to ensure that they do not become obstacles in over governing or access for
a free for all, which can eventually destroy the system. Ideally, we must examine
ourselves, from time to time, to see whether our approach and development
philosophy are consistent with our development objectives or whether we have
eficient system, which can help us to achieve the objectives.
Unfortunately, from time to time, the world’s economic system has not
been able to cope with the changes. Now we are witnessing the growth of big
corporations, whose operations are no longer deined within boundaries, which
stretch from one corner to the other corner of the globe. Consequently, it is not
easy to monitor their movements and cope with them. The effects of such
movements on the inancial structure of the world are quite vague.
During the inancial crisis in 1998, Malaysia was condemned for going against
established doctrine. The country was accused of not listening to IMF. But looking
at the crisis from the hindsight, it is obvious that IMF has got to evolve drastic
changes, primarily to make orderly injections of pragmatic practices into the
inancial architecture.
As the state and the rest of the country enter into a new phase of economic
development, which requires greater involvement of the private sector in the
process, it is incumbent upon the public sector to ind ways how to bring the
private sector to move in the same direction. Admittedly, it is not an easy
task especially in a developing country like ours. We are still in the process of
building a political structure and getting people to get used to the principles
and practices of parliamentary democracy.
Encapsulate Best Practices into System
Actually, the task of building a healthy stake in the private sector, which
the state and the country must embrace, is a new phenomenon arising out of
global challenge. Therefore, the public sector must study the best practices
elsewhere and encapsulate them into the local system. The government, on its
part, will ensure that the top leadership comprises of people with quality and
36 DEVELOPMENT SYNERGY
towards the customers. Understandably, the private sector to respond quite easily
to the changes as it could mean incentives or disincentives to those involved in
them. For example a question will arise who respond or who do not respond to
customers? Things like these are not easy to deine.
Understandably, it takes a lot of efforts to deine objectives of the public
sector to ensure that they do not become obstacles in over governing or access for
a free for all, which can eventually destroy the system. Ideally, we must examine
ourselves, from time to time, to see whether our approach and development
philosophy are consistent with our development objectives or whether we have
eficient system, which can help us to achieve the objectives.
Unfortunately, from time to time, the world’s economic system has not
been able to cope with the changes. Now we are witnessing the growth of big
corporations, whose operations are no longer deined within boundaries, which
stretch from one corner to the other corner of the globe. Consequently, it is not
easy to monitor their movements and cope with them. The effects of such
movements on the inancial structure of the world are quite vague.
During the inancial crisis in 1998, Malaysia was condemned for going against
established doctrine. The country was accused of not listening to IMF. But looking
at the crisis from the hindsight, it is obvious that IMF has got to evolve drastic
changes, primarily to make orderly injections of pragmatic practices into the
inancial architecture.
As the state and the rest of the country enter into a new phase of economic
development, which requires greater involvement of the private sector in the
process, it is incumbent upon the public sector to ind ways how to bring the
private sector to move in the same direction. Admittedly, it is not an easy
task especially in a developing country like ours. We are still in the process of
building a political structure and getting people to get used to the principles
and practices of parliamentary democracy.
Encapsulate Best Practices into System
Actually, the task of building a healthy stake in the private sector, which
the state and the country must embrace, is a new phenomenon arising out of
global challenge. Therefore, the public sector must study the best practices
elsewhere and encapsulate them into the local system. The government, on its
part, will ensure that the top leadership comprises of people with quality and
36 DEVELOPMENT SYNERGY
