Mon, Jan 14, 2013 at 21:02
FDI-STIGLITZ 3 LAST
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FDI-STIGLITZ 3 LAST
FDI-STIGLITZ 3 LAST
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FDI-STIGLITZ 3 LAST
FDI-STIGLITZ 3 LAST
The Nobel laureate, who visited sites of the The Nobel laureate, who visited sites of the dilapidated ancient Nalanda University, accepted Nitish Kumar's request for the former's help in getting the world heritage status for the world's oldest international institute of learning. Stiglitz described Bihar model of development and growth as a classic case of the state being an important instrument of promotion of growth. Speaking on the issues related to the global economies and economic meltdown in 2008, he said that the economic crisis last decade was due to US government relaxing its control or guidance of the market forces as a result the sub-prime crisis was allowed to develop as a major problem that had cascading effect on the entire economy. Stiglitz gave the example of Scandinavian countries and Germany as model economies in which the states have played pivotal role in regulating their economies for maximum benefit to their population and withstanding global turmoils. On the contrary, the economies of some East Asian countries collapsed in the last decade after the respective governments allowed the market forces to dominate the field, he said. "The states' role in shaping policies or regulating markets have been time tested mantra and it will remain so," he said. PTI KDK AMD MR
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