At a recent symposium jointly organized by the Taipei Times, the Liberty Times and Japan's Sankei Shimbun, Richard C. Koo, chief economist at Japan's Nomura Research Institute, spoke about a conversation he had with an employee of a Japanese bank during a flight to Europe. The banker told Koo that if he had to do it all over again, he would raise his children in Taiwan instead of Japan because no one in Taiwan takes anything for granted or is bogged down by stereotypes. The banker believes the Taiwanese keep a watchful eye on global developments and respond to them more nimbly.
Koo used the anecdote as a way of illustrating Taiwan's success story. An adventurous spirit inherited from the original settlers of this land combined with an internationalized environment has shaped a Taiwanese sensitivity and way of handling things.
Nothing serves as a better example of Taiwanese survival than the motor scooter. It is the most convenient -- and beloved -- form of transportation. It is fast, easy to park and unaffected by traffic jams. Even though the hordes of scooters make the urban landscape chaotic, the Taiwanese have nonetheless built order amid the chaos -- a key personality trait.
If we look at Taiwan's long-term development and prospects from this perspective, we have little cause to worry. After all, the people of Taiwan have trodden so many dangerous paths, overcome so many frustrations and worked so many miracles over the past five decades. People with such resilience and vitality -- which some describe as "the cockroach trait" -- are not easily defeated. If beaten, they're still resilient and willing to struggle to regain their footing, much as a roach that struggles on despite the loss of a leg.
Whither Taiwan after tomorrow's polls, if none of the three major parties gain a legislative majority (as is likely the case)? The Taiwanese will certainly find a way to survive. They are more conciliatory, after all, than the Koreans and politics in Taiwan lacks South Korea's "turncoat" character. Since the South Koreans were able to merge three political parties into one back in 1990, there is no reason why the Taiwanese cannot promote a cross-party alliance to tackle the biggest issue facing the nation -- recession -- after tomorrow. Political figures in Taiwan usually know how to get themselves out of a fix and exit gracefully, saving everyone's "face."
During the symposium, Koo said that the recession that has beset Japan over the past decade is a "balance-sheet recession," which has reduced that country's wealth by ?1,400 trillion -- equivalent to Japan's total GDP for 3 years. Even achieving zero growth has been a great achievement for the Japanese economy.
Taiwan's economy is likely to post negative growth this year and politically the country is a mess. Is its future totally hopeless? No.
The character of the people of Taiwan and their survival philosophy, as well as the nation's economic and industrial structure, are very different from Japan's. Taiwan is not likely to head down the path Japan took to decade-long economic doldrums and frequent partisan reshuffles over the past eight years. Taiwan's unique motor scooter culture will certainly prove its salvation once again.
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