Pancasila as the basis of the state plays an important role in directing the life of the nation and state. However, in the midst of globalization, opportunities and challenges for the implementation of Pancasila are getting bigger. Not only has an impact on national unity, but also has a healthy economic climate.

In the era of globalization, the application of Pancasila became a moral foundation for economic actors. In principle, it is able to reduce inequality, encourage innovation, and maintain domestic market stability.

By understanding the basic opportunities and challenges of Indonesia, it is an important step so that these noble values remain relevant. This article will discuss how Pancasila can be carried out in the modern era of Indonesia.

Dr. Revrisond Baswir, Central Advisor for Economic Studies at Gadjah Mada University (UGM), through his writing entitled Peluang dan Challenges Pengamalan Pancasila Dalam Bidang Ekonomi explained that when compared to the colonial period, the current challenges were even more complex.

Baswir gave an example that the pressure on foreign debt is often used as a means of imposing a neoliberal economic agenda that benefits foreign parties, without the need for a physical presence of the invaders.

In addition, since 1966/1967, the public has also been faced with historical scattering, not only related to the G30S 1965 incident, but also the momentum of recognition of Indonesia's sovereignty at the 1949 Round Table Conference.

The worse it gets, the education system also helps form a neoliberal mindset that moves away from the people's economy. In many economic faculties, the curriculum actually encourages the birth of foreign interest agents.

Then the direction of the Indonesian economy which shifted since 1966 made the colonial structure more entrenched. Exports of primary products continue, the domestic market is increasingly open to imports, and foreign capital is increasingly dominating.

It did not stop there, after the 1998 reform era, the policy of liberalization, privatization of SOEs, and amendments to Article 33 of the 1945 Constitution strengthened the grip of neocolonialism.

The application of Law No. 25/2007 concerning Investment has even opened almost all production sectors for foreign investors.

Despite the challenges faced, Pancasila's hopes for the revival of the people's economy remain wide open. Global geopolitical changes provide new opportunities, starting with the resistance of a number of Latin American and Asian countries to the dominance of the United States.

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Then the shift in the world's economic map became a tripolar since the rise of China, to the capitalism crisis in the US and European Union since 2008. On the other hand, ecological damage due to excessive exploitation and increasing socio-economic inequality in Indonesia is a momentum to improve.

In his presentation, Baswir also explained several solutions for the short term, with ten strategic steps worth considering, including:

These 10 steps, if carried out consistently and based on the value of Pancasila, are expected to become a strong foundation for realizing national economic sovereignty.

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