I visited Ghana recently and like many others left asking: how can a "developing" country be developed? But there was something troubling about this formulation, in particular with the word "developing," which is often a euphemism for the absence of economic development. Do countries stop developing because outsiders are so intent on developing them?
My hosts, the Kweku Hutchful Foundation, invited me with a different question in mind: How can Ghanaian leaders be developed? Something troubled me about this formulation, too. It was that word "development" again.
Do we really "develop" leaders or countries? Do multinational companies, international non-governmental organizations, and multilateral lenders really understand local needs? Just because some "best practice" works in New York, does that mean it will work in Accra, Ghana? Imagine how American managers would react to consultants arriving from Ghana with their "best practice": "It worked in Accra, so it is bound to work in New York!"
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The long-standing economic consensus that interest rates would remain low indefinitely, making debt cost-free, is no longer tenable. Even if inflation declines, soaring debt levels, deglobalization, and populist pressures will keep rates higher for the next decade than they were in the decade following the 2008 financial crisis.
thinks that policymakers and economists must reassess their beliefs in light of current market realities.
Since the 1990s, Western companies have invested a fortune in the Chinese economy, and tens of thousands of Chinese students have studied in US and European universities or worked in Western companies. None of this made China more democratic, and now it is heading toward an economic showdown with the US.
argue that the strategy of economic engagement has failed to mitigate the Chinese regime’s behavior.
I visited Ghana recently and like many others left asking: how can a "developing" country be developed? But there was something troubling about this formulation, in particular with the word "developing," which is often a euphemism for the absence of economic development. Do countries stop developing because outsiders are so intent on developing them?
My hosts, the Kweku Hutchful Foundation, invited me with a different question in mind: How can Ghanaian leaders be developed? Something troubled me about this formulation, too. It was that word "development" again.
Do we really "develop" leaders or countries? Do multinational companies, international non-governmental organizations, and multilateral lenders really understand local needs? Just because some "best practice" works in New York, does that mean it will work in Accra, Ghana? Imagine how American managers would react to consultants arriving from Ghana with their "best practice": "It worked in Accra, so it is bound to work in New York!"
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Subscribe now for unlimited access to everything PS has to offer.
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