Asia must learn from Europe and look inwards

In an era when value for money ought to be at the core of economic behavior, many Asians are making fools of themselves by falling for expensive luxury brands from Europe. Most of these items are made elsewhere and sold at prices several times their real value. Many of the privileged in East, South and the West Asia feel underdressed unless they patronize "designer" items whose value is often less than 10 percent of their cost.

Six months ago, a politician in Bangalore proudly showed me her handbag, made by a well-known French fashion house. It looked similar to the complimentary laundry bag of the hotel I had stayed in while on a visit to Mumbai, but it cost an incredible $3,000.

Consumers in Asia buy hugely expensive bags, shoes, watches, clothes, perfumes and other items for billions of dollars because they feel their cultures, and hence they themselves, are inferior to the West's.