The World Bank’s annual Doing Business report indicates that capitalism has fared better than feared in the recession. For the year ending in May 2009, 131 countries introduced 287 reforms, more than in any year since the survey began in 2004. Rwanda led the way, followed by other low and lower-middle-income countries. Research has shown that pro-business reforms are particularly beneficial in developing countries. The Economist notes that, “One study shows that, in poor countries, a ten-day reduction in the time it takes to start a business can lead to an increase of 0.4 percentage points in GDP growth.” [%comments]
Capitalism Is Thriving
TAGS: Africa
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Capitalism is thriving here too. I heard of guy who takes the “free stuff” on Craig’s List, then posts it for sale! He’s doing quite well.
Another guy buys clothing from a big name overstock outlet store- sells it on-line, then returns the items that don’t sell for a refund! Oh, and then buys more.
Is this good news?
Capitalism serves the interest of a fraction of the world’s population.
This has to be worst news yet from the global financial crisis.
It’s like a drug addict going into remission
Anand
http://anand-bala.blogspot.com
Of course Capitalism is thriving, despite the fantasies of some on the left there is no other alternative. The only real choice is private vs. State capitalism.
“Rwanda led the way…..”
Excuse me…?
My guess is that a 10 day reduction in starting a business has nothing to do with the 10 days and everything to do with the business climate. It likely means less bribing and government fraud, and so less barriers to entry. “Pro business reform” is code for reduction in fraud, graft, and protectionism at the local level.
Remember that in many developing countries, micro-loans and very very small businesses fuel most of this – small women’s coops selling hand made goods, farmers markets (including micro-farmers), etc.
The problem is that larger scale capitalism may or may not be doing so well. Often these countries will go after small time corruption and so help the business climate at the local level, but the State level corruption is unaffected.