The 2001 Nobel laureate in Economics Joseph Stiglitz was the second
participant to speak at the opening ceremony of the third MOZEFO [Economic and
Social Forum of Mozambique] conference in the 3D Arena in Katembe, Maputo city.
Stiglitz addressed the theme “Mozambique and the future: Paths for
sustainable development”. For the finance and economics professor, Mozambique,
in the context of its discovery of significant natural resources in Cabo
Delgado, should opt for the strategic, inclusive and sustainable management of
these resources, in order to achieve prosperity.
According to Stiglitz, Mozambique should think about quality, inclusive
growth, heeding lessons from reference countries in the exploitation of natural
resources such as gas. This way, the 2001 Nobel Laureate in Economics said, it
would be possible for Mozambicans to make a blessing of the natural resources
that they have, by improving the well-being of the whole population. Professor Stiglitz also suggested that, for Mozambique, this is the time
to think about how to get what Asia has achieved with manufacturing in the
past. From these lessons, and considering its promising future, the Nobel
laureate predicted success for the country if it can increase the productivity
of the agriculture sector, because this sector is capable of achieving better
living standards and well-being for its population.
Later, in discussion with economist and former Finance Minister Abdul
Magid Osman, Stiglitz argued that the market and the government should work together,
as the state financial sector cannot perform optimally for everyone. So, there
was a need to create a regulatory framework for banks to make financial
allocations to less privileged sectors, he suggested.
In addition, Stiglitz believes that Mozambique should rethink its
education system in rural areas, for example, so that farmers can be more
knowledgeable. And Stiglitz said that, because the country has such strong
agricultural potential, it should only shop abroad for goods which cannot be
produced locally.
On this topic, Abdul Magid Osman said that the country seldom gave the
impression that it could develop if a Mozambican rural family was better off
with what it does, going on to stress the importance of investing in
agriculture and the people who practice it.
Osman added that Mozambican SMEs could hardly consecrate themselves,
because they cannot compete with foreign firms. To counteract this, he
suggested that SMEs should be the focus of increased attention, with government
programmes for growth. “Many SMEs will fail, but success depends on that too,”
Osman said, noting that risk is a factor in investing to boost development.
Nobel prize winning economist Joseph Steiglitz made it clear at #MOZEFO
today that the sustainable development is about inclusion, quality vs quantity,
new models vs old recipes. #SDGs
are the road map for all. pic.twitter.com/RWEnNHuAZR
—
Andrea M. Wojnar (@DiagneAndrea) November
20, 2019
.@NobelPrize
laureate Joe Stiglitz calls attention to the #StockholmStatement
in his presentation at the Ministry of Economy & Finance, #Mozambique
Stockholm
Statement – Towards a new consensus on the principles of policy-making for the
contemporary worldhttps://t.co/SPwPXBTk79 pic.twitter.com/fQQ1Me4xh6
—
Finn Tarp (@FinnsAngle) November
20, 2019
Thank you, @JosephEStiglitz
for sharing this scathing analysis of ongoing attempts to stifle economic
thought. Look forward to catching up at MOZEFO in #Mozambique
soon. The End of Neoliberalism and the Rebirth of History by Joseph E. Stiglitz
@ProSyn https://t.co/jU0yn7l56o
— Dmitry Pozhidaev (@DDPozhidaev)
November
7, 2019
Joseph Stiglitz’s pessimistic
take on impact of new hydrocarbon wealth in Ghana, Mozambique, Tanzania, Uganda
(Slate): http://t.co/lcWvfHIq
— Howard French (@hofrench) August
12, 2012
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