Modern conveyor belt for pedestrians

Il Rendimento degli Investimenti Pubblici

CAMBRIDGE – L’idea che gli investimenti pubblici in infrastrutture – strade, dighe, centrali elettriche, e così via – costituiscano un driver imprescindibile della crescita economica ha sempre avuto una forte influenza sulle menti dei politici dei paesi poveri. Inoltre era alla base dei programmi di assistenza allo sviluppo in fase iniziale successivi alla Seconda Guerra Mondiale, quando la Banca Mondiale e i donatori bilaterali incanalarono risorse verso i paesi di nuova indipendenza per finanziare progetti su larga scala. Ed essa sostiene la nuova Banca Asiatica d’Investimento per le Infrastrutture (AIIB), a guida cinese, che mira a colmare il presunto gap infrastrutturale da 8 mila miliardi di dollari della regione.

Ma questo tipo di modello di crescita guidata da investimenti pubblici – spesso ironicamente chiamato “fondamentalismo del capitale” – è stato a lungo fuori moda tra gli esperti di sviluppo. A partire dagli anni settanta, gli economisti hanno consigliato i politici di evitare di porre un accento eccessivo su settore pubblico, capitale fisico, ed infrastrutture, e di dare priorità a mercati privati, capitale umano (competenze e formazione), e riforme della governance e delle istituzioni. A quanto pare, le strategie di sviluppo sono state trasformate completamente di conseguenza.

Potrebbe essere il momento di riconsiderare tale cambiamento. Se si osservano i paesi che, nonostante il rafforzamento delle turbolenze economiche globali, sono ancora in crescita a ritmi molto sostenuti, si troverà che gli investimenti pubblici stanno svolgendo un ruolo importante.

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