Paul Krugman, Nobel Prize in Economics

US Nobel Prize Laureate in Economics Paul Krugman and President Gustavo Pietro participated in the Forum on New Paradigms of Economic Development, organized by Javiriana University. It was space Krugman took the opportunity to share his view on the opportunities emerging economies present To develop like a Colombian.

(Also read: Can Gilinsky stay with Exito? His offer is less than the value of the company)

To begin his presentation, the Nobel laureate took South Korea and Mexico as examples. Both countries have implemented a strategy to develop their manufacturing industries to replace imported products, and later make its way into foreign trade.

Related topics

This has long been regarded as the ideal formula for achieving the development of the nation. However, the results of both economies were different. In South Korea, this measure worked and its economy has maintained a growth trend since the middle of the 20th century. On the contrary, Mexico, although linked to a large North American manufacturing system, reaching the United States and becoming an exporting country, did not achieve the same development.

(You may be interested in: Innovation and investment, what made Colombia push back further in the energy transition)

This behavior allowed us, according to Krugman, to discover that “there are countries that have achieved rapid growth that are integrated into the global economy, and there are no countries that have achieved development without being integrated and, Unfortunately, there are countries that merged without achieving the rapid development that we wanted to see“.

In other words, the known strategy was not accurate in describing the differences presented by all countries; but, The potential for development is there and as it is repeated in very few examples, it is not easy to achieve.

See also  The United States asked Mexico to review a labor complaint at the Panasonic plant in Reynosa

(Other news: Which companies are more profitable in Colombia)

With that in mind, Krugman points out, Colombia has the advantage of having natural resources, resources that countries like Malaysia, which started out poor and are now big exporters, don’t. In this sense, one might think so The country can be a success story in terms of development, but he stresses that it is not that easy.

Development requires conditions such as integration into the global economy, education and the rule of law, however Even with all this, Noble points out, progress cannot be guaranteed and it is not known exactly how development works. Also, the world in which the examples you used were given has some rules that no longer apply.

Development opportunity

This does not mean that there are no opportunities to make it happen today. According to Krugman, There is still room for countries to develop as long as they are seen as doing well and sensibly in world trade.

An example of this is the case of India, despite the fact that the era of globalization and development does not provide the results that they achieved a few years ago, this Asian country is showing excellent results in its economic development, like Bangladesh. Both of them are still poor, Krugman points out, but they are richer than they were before.

(Also: these are the codes for Diane’s economic activities)

For all of the above, the economist ends his intervention by saying that in some cases, success stories in terms of development are possible and Countries that understand the values ​​of peace, democracy and freedom will have an easier time achieving them.

See also  The best countries in the world to live in 2023 –

Juan David Cano Lopera

EL TIEMPO Multimedia Journalism School

Writing economics

More news

More than 1.1 million young people are looking for work in Colombia

– ‘Deal is not enough’: Unlocking the energy transition requires further action

– Private funds propose solutions to the risks that you see in reforming the pension system

Aileen Morales

"Beer nerd. Food fanatic. Alcohol scholar. Tv practitioner. Writer. Troublemaker. Falls down a lot."

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top