By William Pesek
Bloomberg
Feb 4, 2014
Indonesia is growing at 6 percent, has rejoined the ranks of investment-grade nations, and after decades under the corrupt and repressive Suharto, has reaffirmed its place as the world’s third-largest democracy. Yet somehow enough Indonesians remember the Suharto years fondly that his Golkar Party has hopes of regaining power in upcoming elections.
Golkar isn’t alone in trying to exploit nostalgia for past strongmen (and -women). India’s Congress Party is trying to squeeze any remaining good feelings about the Nehru-Gandhi period (from 1947 to about 1989) to elevate lackluster heir apparent Rahul Gandhi. Even as China’s Xi Jinping pushes ahead with market reforms, he continues to pay homage to Communist icon Mao Zedong (1949-1976). Thais are destroying their economy rather than cut off support for tycoon Thaksin Shinawatra (2001-2006) and his sister Yingluck. Many Malaysians wax sentimental about the boom days of Mahathir Mohamad (1981-2003). Japanese are indulging Shinzo Abe’s dangerous stroll down memory lane.
What gives with nostalgianomics? The yearning for yesteryear speaks to our disorienting times and a dearth of visionary leadership when it’s most needed. This is an upside-down era when the unthinkable has a way of becoming reality: The U.S. is a developing nation again; Europe is hitting up “poor” China to bail out its debt markets; central banks have gone Islamic with zero-interest rates everywhere; the free trade that once raised living standards now foments poverty. Many simply want to get off this crazy ride. Continue reading “Asia’s Dangerous Strongman Nostalgia”