Go-slow Globalization

A great article in the International Herald Tribune about Vietnam’s approach to globalization:

The country’s 80 million people want their piece of global prosperity and the benefits that come from the free movement of capital, goods and people. They just want it on their own terms, and other developing nations might want to pay attention.

That you also do not see such names as McDonald’s, Gap or other cultural hints of Americanism here speaks volumes about Vietnam’s go-slow approach to globalization.

Officials here have seen how countries like Indonesia and Argentina listened dutifully to the Washington Consensus and rushed the process of opening economies. They have also seen those countries go from growth stars to basket cases.

Vietnam wants to avoid that and stay, well, Vietnamese.

Folks here want globalization, but they don’t want to be overwhelmed by it. Someday investors may celebrate the strategy.

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