This post explains why conventional economic advice to developing countries is designed to cause damage to the economies, not to create growth. Similar comments apply to the current predicament of Greece and others trapped in the European Union of High Finance.
published in The Nation, on 17th April 2018. Summary of Pre-Budget Seminar at QAU on 17th May 2016. 23m Video Recording of Talk:
Many successful examples show that it is possible to achieve high growth. BRICS countries have achieved enviable economic progress. In particular, Chinese workers have gone from using oxen-driven carts to automobiles within a lifetime, while median income has doubled within a decade. Similarly, the East Asian miracle is a recent event. Even our neighbors, India and Bangladesh, have had higher growth trajectories than those of Pakistan.
It is obviously possible to achieve high growth, but it has not been happening. So, what are the obstacles to achieving high growth rates? The greatest obstacles lie not in the lack of material resources, but in the wrong economic theories, which lead us to wrong policy decisions. On the patterns described in “Confessions of an Economic Hit-Man”, powerful international organisations…
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