Wind of change from Brexit to the US : Ex-finance minister Thirachai

Former finance minister Thirachai Puvanardnaruban said the stunning victory of Donal Trump in the US presidential election reflected the changes of the middle-class people in developed countries.

Beginning with Britain’s exit from European Union, Thirachai, writing in his Facebook page, said the wind of change has swept across the Atlantic to the US and, eventually, it will sweep back to several other European countries.

In the past many times, developed countries behaved themselves as world leaders in economic, social and spiritual aspects and played the leading role in the world arena, said the ex-minister, currently chairman of the Bank of Agriculture and Agricultural Cooperatives.

They preach and practice free trade, tolerance and appear to be ready to give opportunities to less-developed countries so they have a chance to develop and solve their problems.

But under the new trend, the middle class in the developed countries began to think that, although they may benefit from free trade, they gain less benefits than the elites because the latter have better education, have more access to cross-border trade opportunities and can relocate to work abroad, said Thirachai.

Free trade in the past 20 years has given an opportunity to Chinese and Indians to improve their livelihood and this has put pressure on pay and wage in developed countries.

The volatility of stock markets throughout the world because of the Trump’s election victory does not only stem from concern over Trump’s policies, but also stem from the concern that, in future international negotiations, developed countries will behave more like they are developing countries.

It will be an era of everyone is for oneself. Developed countries will concentrate helping their electorates and will become less charitable with developing countries, said Thirachai.

Source: Thai Public Broadcasting Service (Thai PBS)

Post Author: tmadmin