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Thank you, Paul Krugman!
|by Dr. Rajinder Puri|
Distinguished economist and Nobel Laureate Mr. Paul Krugman confirmed what this scribe, an ignoramus about economics, relying on political horse sense, had reiterated several times. Namely, that the original aim of the European Union (EU) was derailed by the corporate world which expanded the market by disregarding issues of political identity and culture.
Analyzing Europe’s current crisis sparked by Spain and Greece Mr. Krugman wrote:
I have repeatedly pointed out that the objective of the original fifteen founding members of EU was subverted by the big business lobby that focused only on market expansion at the cost of due importance to political identity. I referred to EU in the context of assessing SAARC’s future. I maintained that the induction of a cultural outsider like China into SAARC would ruin future prospects of South Asia.
For example, in one of the articles dwelling on this subject, I wrote on December 27, 2005:
These views have been recalled to restate with firmness that current efforts to create Indo-Pakistan accord will not succeed unless the mutual trust deficit is removed by recreating South Asia ’s natural political identity which was destroyed by the Partition. A South Asian Union modeled on the original European Union would accomplish that without in any way compromising national sovereignties.
The belief that more people-to-people contacts and increased trade would bring lasting peace between India and Pakistan is illusory. As Paul Krugman has indicated the European crisis has arisen from the failure to achieve political union that kept pace with an economic union. India and Pakistan would suffer the same fate unless both governments achieve joint defence that would guarantee a political union based upon trust. If that were done all problems such as the Kashmir dispute would disappear much as the Northern Ireland dispute has evaporated after Britain and Ireland both became members of EU.
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05/23/2012 03:06 AM
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