Nobel Economy Prize laureate Analizes World Economic Changes

Havana, Dec 7 (ACN) Nobel Economy Prize laureate (2001) and US profesor Joseph Stiglitz spoke on Tuesday in Havana on the recent world economic transformations and its consecuences for the development of the nations.

Before members and directives of the National Association of Economists and Accountants (ANEC), the visitor mentioned the history of the so called golden age of the capitalist system (1998-2008), when neoliberal measures emerged which were also adopted in Latin America provoking inequality and poverty.

Stiglitz who spoke at the Hotel Nacional also said that the 2008-2016 period, marked by the financial crisis, "demonstrated that the US capitalist model had serious problems".

The renowned economist added that globalization and the advances in recent times in the technological, energy and biotechnological sectors have changed the characteristics of the process of production with important occurrence in the reduction of employment in the manufacturing activities worldwide.

Before such reality, he considers that the future of the services sector must be prioritized through the incorporation of a major amount of qualified personnel.

The US academic praised the formation of human resources in Cuba, placing the island in a privileged position at this moment.

According to Stiglitz, among the required conditions to push forward a healthy socioeconomic process is macroeconomic constancy, maintain employment and a learning and technological progress, although, he said, it also has its advantages and disadvantages.

It is important a balance between learning, creation of employment and types of changes and the need to diversify the economy for a success said Stiglitz in the presence of Oscar Luis Hung penton and Ramon Labanino, President and Vice President of the ANEC respectively.

The renowned US economist previously held an exchange at the ANEC headquarters where he recalled his first visit to Cuba in 2002 when he participated in the 4th edition of the Globalization and Problems of Development event held on the island and his meeting with the leader of the Cuban Revolution, Fidel Castro.

Stiglitz, born in 1943, is one of the well-known economist in the world, has received the John Bates Clark medal in 1979 and the Nobel Economy Prize in 2001 and has offered classes in prestigious universities in the United States.