February 16, 1998 will be long remem-bered, sorrowfully, in Taiwan aviation history. China Airlines flight 676 crashed and hit several apartment buildings, killing all aboard the plane, and even engulfing a luckless taxi with its passengers. The disaster not only caused irrecoverable loss to the families of the victims, it also angered the general public: Who or what would be held responsible?
Other disturbing news came out in succeeding days-a fatal gas explosion, industrial accidents, a doctor being kidnapped and murdered. . . . Here we are today, more free and prosperous than at any time in our history, and yet people feel insecure, as if life were hanging by a thread, as if property or loved ones could be snatched away at any instant. How could this be?
Some blame the government for poor laws and policies. Others lash out at the media for its sensationalist reporting. Yet our country has no shortage of laws, it's just that they aren't well implemented. And the media is just doing its job by providing readers with the in-depth reports they want to see. The real issue is probably that, whenever there is serious loss of life, everyone wants to find a "guilty party."
This is not to say we do not need to examine what goes wrong in specific cases. The cause of the crash must be found, and the problems of flight safety resolved. Occupational safety requires strict codes, diligently enforced. And public order, even more than these other problems, is something that is undeniably the government's responsibility. The point here is, rather, that when the facts have not yet been clearly established, we don't need to jump to conclusions and speculate wildly. Such behavior just causes people to feel hopeless, and to lose their confidence in this land of ours.
In fact, amidst this series of tragic events, many sharp observers have provided constructive, considered opinions. Their reflections are not limited to the individual level, but cover our whole culture, including government, institutions, businesses, and each and every working person. We must rid ourselves of the habit of doing things halfway, and reform the chronic condition of talking a lot about "reassessment," but never changing anything. We can no longer afford to "pass the buck." In daily life we must follow rules and respect the rights of others; we must not cut corners or allow special privileges for the few. We must minimize disasters, and rebuild the culture of this society.
In stark contrast to the many shortcomings in the realm of public safety has been Taiwan's strong performance during the recent Asian financial crisis. Because the NT dollar did not fall as sharply as other Asian currencies, some feared export competitiveness would be hurt. But fortunately Taiwan has been quite successful in its recent efforts at industrial upgrading. Most of the products produced in Taiwan these days are high value-added (so are less victimized by currency depreciation) or else high quality, diversified products. Meanwhile, Taiwan firms that have invested overseas are now more competitive exporters due to currency devaluations in the host countries, and the scope for investment has broadened.
Taiwan investors in Southeast Asia, who are right in the eye of the hurricane, are having to be even more deft amidst this crisis. Their experience and wisdom is the finest footnote to the "Taiwan miracle." Their investments in Southeast Asia have also indirectly spurred high-level visits from Taiwan to neighboring countries, in hopes of helping to shore up the regional economy and halt the financial crisis. Otherwise, given the interdependence of today's global economy, the damage would be incalculable.
Fortune magazine recently carried a story entitled "Why Taiwan is Still Booming," in which it expressed amazement at Taiwan's "finding opportunity in adversity." The article explained Taiwan's success in this crisis by pointing to the facts that the economy is export-led, and that 98% of businesses are "small to medium-sized firms that can react nimbly to global market forces."
But that explanation is only a very general one. Laura Li, author of an extended piece in this issue of Sinorama, says that Taiwan is fortunate that its past economic policies were sound. Such policies have included dedication to upgrading the industrial structure; the methods, sequence, and pace of financial liberalization; the fact that the NT has never circulated internationally, and so on. Taiwan's policy has always been measured and careful. Today's achievements are a product of past policies, as well as a display of the vitality of our enterprises.
What about the future? Will the financial storm have another wave? If the mainland Chinese renminbi is devalued, how serious will the impact be? Will the long-stagnant Japanese economy rebound, or sink further? These are all important unknowns for Taiwan. Moreover, domestically, Taiwan faces problems of political contention, social order, social welfare, and relations with mainland China. We are reminded that we must do still better, and, in this competitive age, our major asset is still hard work.
