Stiglitz calls for new ideas on development
‘Doing all the things that bring about export-led growth at the same time in one sector won’t work any more’, the Nobel Prize-winning US economist says
Nobel Prize-winning economist Joseph Stiglitz has warned that African economies will in coming years find that the prospects for job creation in the manufacturing sector are modest. Stiglitz was delivering an address on Wednesday at the Growth Summit hosted by the Bureau for Economic Research, Economic Research Southern Africa and the Research Project on Employment, Income Distribution and Inclusive Growth. Stiglitz won the Nobel Prize for Economic Sciences in 2001 and is a prominent critic of the International Monetary Fund and the World Bank. He said that governments in Africa and global bodies had to look at the continent’s economic development differently. “Doing all the things that bring about export-led growth at the same time in one sector won’t work anymore. We need a degree of openness, the constraint awareness and taking inequality into account. “Manufacturing will play a role, but will be more limited and more directed,” said Stiglitz. While some had argued that boosting ...