Pancasila Economic System for Asean Economic Community (AEC)

Nurhuda, Nurhuda and Hastuti, Tity (2019) Pancasila Economic System for Asean Economic Community (AEC). IOSR Journal of Economics and Finance, 10 (5). pp. 35-41. ISSN 2321-5933

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Abstract

ASEAN Economic Community (AEC) is the cooperation of ASEAN (Association of Southeast Asian Nations) countries. AEC makes ASEAN as a single market and production base. The AEC has four key characteristics: (1) It is a single market and production base, (2) It is a highly competitive economic region, (3) It is a region of fair economic development and (4) It is a region fully integrated into the global economy.This study criticize show ASEAN Economic Community (AEC) cooperation should be based on the Pancasila Economic system according to the 1945 Constitution of the Republic of Indonesia, the Pancasila noble values such as the principle of togetherness, kinship, divinity, humanity, nationality, people, justice and expediency. The study employs a qualitative approach and case study method. The data collection includes observation, interview, and documentation. The data analysis employed is inductive qualitative descriptive analysis. The validation of the finding is performed through discussion, data source triangulation, and member check. The resulting study indicates that the AEC Blueprint application,which contains a highly competitive economic value for giving the maximum possible freedom by eliminating tariffs, has characterized Economic Liberalism. Therefore, the highly competitive economic values are felt to be incompatible with Pancasila noble values.

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