What price President Forbes?

From Asia's point of view, 'President Forbes' might not be a phrase that rolls off the tongue any easier than it does for many American voters. Nevertheless, the region's America-watchers might want to start thinking about it.

When Malcolm 'Steve' Forbes announced his candidacy for president in 1995, few political animals in the United States took the millionaire publisher seriously - including Mr Forbes himself.

He was initially a rather reluctant point man for the Republican Party's influential supply-side economics faction, which had lost faith in the inconsequential Bob Dole and whose other key allies had refused to run.

But Mr Forbes did not take long to assume the mantle with confidence. As a child he had followed his father round an unsuccessful run for governor of the family's home state, New Jersey, and developed into something of a political junkie, memorising electoral statistics and names of local and national politicians. As an adult, he took to his new persona surprisingly quickly.

Armed with US$30 million (HK$232 million) of his personal wealth and one major policy cornerstone, the introduction of a flat tax rate (arguably one policy more than Mr Dole), he made an unforeseen impact on the Republican primary season. He won primaries in Delaware and Arizona, a better showing than candidates with a much higher political or voter profile, including right-wing populist Pat Buchanan and moderate former Tennessee governor, Lamar Alexander. In the process, he shaved several points off eventual nominee Bob Dole's political capital.

The Forbes phenomenon was not without some cost - and not only to the candidate's wallet. He was criticised for being a one-trick pony - the trick being economics - with little to offer on social or foreign policy issues; for his lavish spending on negative advertising against his opponents; and, by the party's conservative wing, for not falling into line on abortion and other Christian values issues.