Economic Sense for Africa

[Sukerkin]

Whilst not utterly focussed on Africa alone, this talk on the role of ethical business in the development of those countries that have been war-torn into poverty is most persuasive:

[h=3]Paddy Docherty 30 May 12[/h]Entrepreneur Paddy Docherty says business is best placed to bring prosperity to impoverished and post conflict nations, arguing that only the commercial sector can supply the scale and dynamism needed to make a lasting impact on development.

http://www.bbc.co.uk/podcasts/series/fourthought

Altho' it might be a surprise to some people here at MT (hopefully only a few) who consider me appallingly Left Wing, I agree with this stance.

I also agree with it in terms of our, British, domestic economic situation too. The key is in the ethics of running business for profit but not only to extract the maximum profit for yourself and the Devil take everyone else.

 

[WC_lun]

I agree with this. ETHICAL bussiness is the key to bringing poor countries out of poverty. In the long run, the ethical bussiness will not only help those economies, but garner more profit for themselves.

A look at what NOT to do is in the book (I think this is the name) "Confessions of a Economic Hit Man." It has been a while since I read it, so I can't remember the author. I'd go look, but we just moved and it is in a box somewhere.

 

[oftheherd1]

...

The key is in the ethics of running business for profit but not only to extract the maximum profit for yourself and the Devil take everyone else.

...

ETHICAL bussiness is the key to bringing poor countries out of poverty. In the long run, the ethical bussiness will not only help those economies, but garner more profit for themselves.
...

It's probably a good idea, but ....

The problem as I see it is that at least in the USA, it would be hard to find a large company that would use that paradigm. All busnesses now are bent on making maximum profit now, this year, to justify the bonuses of the CEOs (and directors).

We need to cure that first.

 

[mmartist]

Doing business ethically is important. And it could be really beneficial for a poor underdeveloped country. But in many cases the local culture of taking bribes and having to rub off with the local elite in order to turn any profits often hampers the ethical side of business.