'The challenge for democracy is to go beyond the vote' George Soros
He has been famously called a 'moron' by former Malaysian Prime Minister Mahathir Muhammed, and was criticised as 'an evil man' by the Thai government. This was in 1997, when the tiger economies of Southeast Asia went into a tailspin and those countries felt that speculators, led by the billionaire George Soros, had pulled out money leading to economic chaos that lasted years. But Soros is more than just a man with lots of money; he also has a mission — to promote democracy — for which he has pledged his own funds. He was in New Delhi last week to release a survey on the state of democracy in South Asia by the Center for the Study of Developing Societies. In a chat with Ninad D Sheth he declined to talk about his investment plans or the economy, preferring to stick to his great concern: the promotion of democracy.
You have never been to India before, which is surprising. What is more interesting is that you have never invested here...
India has always been of close interest to me. I had tried to invest here way back, as many as 15 years ago. However, at that time there were several restrictions. As for India as a democracy, we at the Open Society Institute watch it very closely, and I am here to learn first-hand about the magic of Indian democracy.
Rest of South Asia has an uneven relationship with democracy…
Yes. Two countries are of particular interest to me — Pakistan and Burma. Pakistan is obviously not a democracy. But many independent people have told me that there is more media freedom under Musharraf than there was under Nawaz Sharif. I find it perplexing that on the level of press freedom, electoral democracy in Pakistan has not been able to deliver. In Burma, on the other hand, there is a clear void, since elections are not allowed. It is a non-democratic and non-representative regime and I believe that it is critical to push for the democratic alternative in that country. I have a personal initiative in Burma and I spend considerable time and effort in watching the situation in that country closely.
The last few years have seen democracy emerge in several countries. How has it evolved in your own lifetime?
Well, it has obviously spread much wider now. However, its depth remains a problem. I also think that instead of aggregation of concerns of the voting public, a lot of the time the elected politicians are concerned only about their own good. This is a worrying development, more so since corruption and lack of governance are directly linked with what I see as a self-serving governing elite. The challenge for democracy is in its ability to get more accountability and better governance through more transparent institutions.
Don't you think voters see through such elites and vote them out?
Electoral democracy alone is very limited. While electoral processes are critical in setting the broader terms of discourse, they have limitations in ensuring good governance. It's important to broaden the democratic base to include checks and balances beyond the mandate of the ballot box, and to revive non-governmental institutions and vitalise alternatives beyond political parties. The challenge for democracy is to go beyond the vote. Open societies need constant vigil to maintain the openness — it cannot be taken for granted.
What challenges does financial globalisation pose to democratic control and the nation state?
The challenges posed by financial globalisation are not new. What has changed is the speed at which financial globalisation has gone ahead. I believe that the challenge for democracies is to build flexible institutions that can react to the pace of change. It is in that context that foreign policy in the financial sphere should look to regulation, from an international standpoint; this is particularly true for democracies that are also globalised markets.
You have watched Russia closely. There are concerns that Moscow is increasingly turning towards totalitarianism…
Yes, this is true. Putin has curbed a lot of institutions, including the power of opposition parties and the media. Moreover, he is in a very firm position — the Russian economy will remain in the growth mode for some time to come. Answers for Russian democracy, I believe, have to come from within Russia. Outside criticism only makes Putin stronger, as he can play the nationalist card and prey on old fears.
But there is bound to be an impact on Eastern Europe and Russia's so-called 'near abroad'.
It is too early to tell. One thing is certain though — Russia will use its newfound leverage, especially in commodities prices, and the Baltic states and Ukraine are obviously more vulnerable. However, other East European democracies are less influenced by Russia. For one thing, most are now in the NATO framework and therefore have institutional democratic support.
Are you likely to open an institution in India on the lines of the Soros Foundation?
I would like to, but I cannot. There are too many restrictions on foreign foundations in India. We do not feel that we will have the independence that we need to operate here. I am afraid Indian laws regarding foreign foundations are much too restrictive.
