The invention of the wheel, for example, left the owners of pack animals worse off rather than better off, even though it did bring relief to mankind in general. The right reply to public concerns about a competition-based economy with open markets is not to build up barriers.
It is also often mentioned that the immature local derivatives market makes appropriate risk-taking transactions difficult, as risk-hedging instruments are limited. Moreover, owing to less-developed securitization markets in the region, Asian economies do not sufficiently enjoy the merits of the securitization schemes that attract a variety of investors depending on their risk-taking capacities (Charts 4 and 5).