First, your tale serves to illustrate what the government has
been saying all along. With globalisation the race is on for the
best talent worldwide. Since we could not offer better terms than
the US, we lost that particular FT. In the same way, the US has
lost its top researcher Edison Liu and UK lost its top scientist
Sir David Lane to Singapore because we could offer them better
terms. Obviously, no one country can offer the best terms to
everyone. It comes down to a pragmatic decision as to who is most
valuable to us at this point in time.
I suggest you read the following article by an Oxford professor. It
speaks of the present reality as well as the future risks and
challenges we face (FUTURE OF CAPITALISM: A threatening tsunami of
desire, Review, Straits Times, 3 Apr 2007).
Globalised capitalism is already here. From Moscow and Beijing to
the Wall Street in the US, there is no denying it is firmly
established. Even the communal kibbutz in Israel has bowed to the
inevitable, given up their egalitarian ideals and adopted the
pragmatic approach of remuneration by meritocracy.
The world is changing quickly and in a globalised economy, the
risks are greater than ever. Fortunes of nations and individuals
alike rise and fall in a matter of minutes. The one who is flexible
and nimble, one who is able to make pragmatic decisions to take
advantage of change will flourish whilst those who are fossilised
in the straitjacket of their ideologies will become extinct, just
like the tyrannosaur.
As Prof Ash said in his article, sustainability will be the
Archilles heel of the current system and as Soros apparently
pointed out, global markets are in a perpetual state of
dysequilibrium. If anything, that should argue for an
ever-pragmatic approach. What works in the past may not work
tomorrow. Nothing is always right and nothing is inherently bad.
The right decision is the one that ensures we are still around
tomorrow, to soar over those who cannot keep up and so die like the
incredibly tame but flightless dodo.