The Assam Tribune
GUWAHATI, Jan 10 – In a discussion-cum-interactive session on the topic ‘Asia rising: Implications for the world economy’, Nobel Laureate Joseph E Stiglitz of Columbia University and British politician and economist Meghnad Desai brought to light facets of economic reality confronting India and Asia in the context of globalization and liberalization.
In an event organised today by the newly formed Youth Forum on Foreign Policy in association with Eclectic Times, the two well-known figures in the field of economics dwelt on the socio-economic history of India and China, and how the countries gradually became marginalized due to international developments, which were unfavourable.
According to Prof Stiglitz, a concern that occupies the minds of today’s economists is poverty, which exists in countries like India as well as in the developed world. However, there was a difference in the kind of poverty witnessed in the developed countries and in developing countries. In his view, India is yet to have the resources to confront issues related to poverty in an immediate term unlike its developed counterparts.
Responding to a statement by Meghnad Desai, he said that inclusive growth was something that can be a tool to bring in benefits to a large section of the population. Further, he laid emphasis on the issue of sustainability vis-à-vis social and economic developments.
Referring to Assam, the highly regarded academic mentioned that eco-tourism and organic farming could be potential areas of economic growth.
Earlier, addressing the gathering, Chief Minister Tarun Gogoi spoke about the concerns in the global economic scenario. Admitting the necessity of globalization, he said that localization too had relevance in the world today. He stressed the need to strike a balance between globalization and local needs.
Gogoi said that he had gone ahead with some measures like distribution of bicycles and blankets among the poor, which some criticized as populist, but which he believed made good economic sense.
Today’s programme was attended by a large number of academics and administrators from different parts of Assam.
It may be mentioned that Prof Joseph Eugene Stiglitz is an American economist and he received the Nobel Prize in Economics in 2001. He has also been a Senior Vice-President and Chief Economist of the World Bank.
Meghnad Desai, the author of several acclaimed books, had held academic positions both in the US and the UK, and was a leading member of the British Labour Party.