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Toward a sustainable economy

Now the presidential election is finally over. Looking back, we can see that it was filled with old-fashioned thinking and decades-old disputes.

Cross-strait relations, a problem which has persisted for over a half century, became the most influential determining factor. In fact, as Lee Yuan-tseh (李遠哲) said, the force that makes Taiwan "sink" lies in Taiwan itself.

So, bringing about structural changes at this important juncture will determine if Taiwan can create sustainable development in the face of challenges brought in this new era.

Elections are an important democratic process, in which "the people are the boss." In Taiwan, however, politics often limit the choices people can make.

In their campaign strategies, certain candidates used promises of continued economic growth to boost votes and the stock market was at the mercy of electoral concerns. Campaigns were designed either to flatter or intimidate voters into choosing their candidate.

Generally speaking, a presidential election is supposed to be the important occasion when the direction of national development is set. But in Taiwan's presidential election, instead of in-depth analysis of the real situation, what we saw were void slogans and impractical promises.

The challenge posed by the new century is the readjustment of values. Barriers between sovereign countries and traditional models of economic growth have come under a severe test in the trend toward globalization. The hostility between China and Taiwan is full of history. Nevertheless, in an increasingly globalized community, the confrontations and conflicts between the two sovereign countries are replaced by the emergence of three "deficits"; an ecological deficit, a social deficit, and a democratic deficit.

First, ecological trade. "monetary trade" is actually a form of "ecological trade" as both goods and capital are traded. An ecological deficit therefore is the impact inflicted on the natural and social environment during this trade.

The social deficit is reflected in two ways; in the comparative benefits between states and in international equality. On one hand, multinational corporations vie ever more vehemently for resources and have accelerated the depletion of natural resources without claiming responsibility for the environment and society in which they operate.

On the other hand, self-determination within local regions has dwindled along with the rise of globalization. The consequence is the looming collapse of political organizations and social networks which usually help eliminate ecological conflicts as they arise.

Third, democratic deficit. Thanks to globalization, the free flow of goods, capital and people is speeding up integration between different territories and creating more competition. This phenomenon has led to political problems.

To minimize taxation and concentrate their financial resources, multinationals have undermined the negotiating and monitoring powers of local governments and international political organizations. As a result, the "people's voice" is replaced by the "market's voice." That is, market principles outmaneuver democratic principles.

Ecological deficit, though a largely invisible problem, has a major impact on Taiwan's future prospects and development. As an island nation, Taiwan has a fragile ecology and economy. Considering the delayed effects and irreversible nature of ecological damage in a fragile ecology, Taiwan has to be more cautious in dealing with problems that come hand-in-hand with development.

In the last 50 years, Taiwan's economic superiority has been taken as its most powerful weapon against communist China. At the same time, economic-oriented policy has accelerated the collapse of ecosystems and the damage has become the underlying problem for Taiwan's sustainable development. Environmental problems have given rise to social conflicts, damaged our lives and property, and even threatened our survival.

Despite the importance of these issues, we did not see any reflection on these issues during the presidential election. As protecting vested interests and maintaining a competitive edge economically remain priorities, we can foresee a future in which the pursuit of economic growth will remain the primary goal in Taiwan's overall development. The results will further threaten Taiwan's fragile ecological and economic environment and eventually lead us to self-destruction.

Obviously, Taiwan can no longer use an old framework to interpret and handle a new global situation. In face of the three potential deficits spurred by globalization, how to promote environmental integration, social equality, and economic efficiency will be the top priorities for Taiwan in maintaining development in the new century.

Only by taking the three tasks above as a basis of development can we solve Taiwan's problems and promote its sustainable development.

Lee Yung-jaan is a professor of agriculture and economics at National Chengchi University.
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