Politics and Economics in a Volatile World

Politics and Economics in a Volatile World

  • 2 April 2012

The Emirates Center for Strategic Studies and Research (ECSSR) organized a lecture entitled: “Politics and Economics in a Volatile World” by Prof. Grzegorz Kolodko, Former Deputy Prime Minister and Minister of Finance, Republic of Poland. In his lecture, Prof. Kolodko stated that the UAE has achieved high rates of growth and development because it has adopted an ideal economic and political model based on three pillars, including wise leadership, knowledge-based strategic policies that could adapt with changes and prudent institutions that run the development process through a humanitarian work ethic.

In his lecture, which was based on his book “Truth, Errors, and Lies: Politics and Economics in a Volatile World,” Professor Kolodko harshly criticized Western liberalism because of its excessive support for the private sector, which has led to profiteering at the expense of the average individuals and their capacity to increase savings to improve their quality of life. In addition, liberalism has often caused high levels of unemployment and led to a decline in GDP growth rates.

More importantly, he blamed liberalism as the cause for the global financial crisis of 2008. Professor Kolodko pointed out that it is not possible to isolate complex economic, social and ideological developments from political and cultural variables in large and emerging economies in a globalized world. He stressed that globalization needs some checks. It requires a strategy to maximize gains from new opportunities and minimize the cost of new risks. He called on thinkers, economists and policymakers to look for a new form of liberalism that could adapt with new variables and build bridges for economic cooperation among the nations of the world. He stressed on the notion of interdependence. What affect the economies of the major industrialized countries has its implications on the Middle East and the Arabia Gulf regions. What happens in the Arabian Gulf because of rising oil prices, for example, will have its implications on the rest of the world economies. That is, in short, how the world economy operates today.

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Monday 2 April 2012

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Monday 2 April 2012

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