President Museveni Blames Lack of Markets, Prof. Mamdani Cautions on Free Markets


    The problem with Africa is not market failures, but lack of markets, President Yoweri Museveni has said.  The President made the remarks during the 20th Joseph Mubiru Memorial Lecture on the topic:  “Market Failures in the Financial System: Implications for Financial Sector Policies, Especially in DevelopingCountries.”  The lecture was delivered by Professor Joseph Stiglitz, a Nobel Laureate in Economics and Professor of Economics at Columbia University.

    Professor Mahmood Mamdani, director of Makerere Institute of Social Research, argued that with capitalism the market had wrenched itself free of society and the consequence of this had been gross enrichment of a few alongside poverty.

    “Free markets are not a solution for poverty; they are one cause of modern poverty,” he said, while responding to Prof. Stiglitz’ presentation.  Prof. Mamdani was the main discussant and his response revolved around four main questions.
     

     



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