Bill Clinton: “I would only like to make two points: first of all, that all over the world today, even where there is a good economy…”

“I would only like to make two points: first of all, that all over the world today, even where there is a good economy, in the places where this financial crisis has not hit, even there, there is a tension between getting the benefits of the global economy and the information revolution, and preserving, if you will, the social contract, the stability of life that honors work and family and community. And so one of the great challenges that we face is how to get the benefits of this emerging economy and still preserve an appropriate level of social cohesion and stability. And it's even an issue in the wealthiest countries of the world, you know, the ones that have not had any. The second point I wish to make is that if you look at what has happened in Asia, in every case there are reasons which are unique to the country--that is, there are some problems that are particular to the country--but there are also common problems which cross the lines of country and which warn us very clearly that there must be, at least in my opinion, a global response not only to the present crisis but to the long-term need to adapt the financial system of the world to the realities of the 21st century, so that we do not have this kind of thing occurring again, sweeping across national lines. And I think there are some things that we have done and some things we can do to do that. So what is important for me--of course, I want you to say whatever it is you would like to say to me, but what I am trying to do is to understand exactly what is happening here, your perspective on it, how it happened, why, and what you think either should be done further in Korea or what you believe the United States should do or advocate. [Ambassador Bosworth opened the discussion. Chang Ha Sung, chairman, Committee for Economic Democratization, said that although South Korea had accomplished economic growth, it was a relatively small nation, and in order to maintain an open and liberalized economy, it needed action from international institutions to stabilize the international financial market.]”