Rahmi Koç warns of leaderless globalism

ISTANBUL - Anatolia News Agency

Koç University students enjoy the graduation ceremony at the school’s Istanbul campus. Koç honorary chairman does not paint a bright future at the ceremony. Hürriyet photo

The world is globalizing but without a leader, which forces countries to face their fates on their own, according to Rahmi M. Koç, the honorary president of Koç Holding, one of the largest Turkish conglomerates.

“In 70 years it is the first time that a single country or a group of powers cannot bid for world leadership,” Koç said at a graduation ceremony at Koç University.

“A leaderless globalism rules. We call it a global world but every country is responsible for its own fate. Nations are forced to protect their own interests, shape their own policies and stand alone. Thus, one has to be careful, follow developments closely, be careful not to make mistakes but not miss opportunities.” 

The Turkish business doyen also heads the board of trustees of the university. 

Countries that are engines of growth have started signaling a slowdown in the economy, according to Koç. “Europe, the eurozone in particular, is trying to heal wounds that it made itself indeed.  Unemployment is out of control. 

“The U.S. is struggling with paralyzed domestic politics and damaged balance sheets. The U.S., Europe and Japan, the engines of free market economics only one generation ago, are hardly standing. The collapse in the global financial system affects lenders from New York to Shanghai or Mumbai like a plague. Global health problems and unusual climate change are the other big problems.” 

Speaking at the same event, Dora Bakoyannis, a former Greek foreign minister and Athens mayor, called on students at the ceremony to believe in themselves, work hard and not to compromise in their ideals for short-term benefits. 

“The problems of today are not national. Needs and demands of people are the same everywhere: social welfare and protection, financial and political stability.”