15 February 2011

Stiglitz Dishes on Development and the IMF

Former World Bank Economist and Nobel economics laureate Joseph Stiglitz discusses the role of the 'West' in aid implementation throughout Africa.  In the video, he expresses a deserved level of optimism when discussing the growth of Africa.  Not shying away from calling out some mistakes, Stiglitz names the IMF as one of the offenders saying that they encouraged ideas that had an 'adverse effect.'  He then hits on some of the basic advice points with how the continent can see growth.  For example he advises, "One of the things that Africa has to do is realize it cannot just be a source of natural resources, that it has to start industrializing, producing agriculture services -- it's not just the old industry."

Overall, there is nothing new offered here except for a competitive streak with the IMF.