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In Mandarin Chinese the word for crisis is identical to the word for opportunity.
Countries that have serious structural problems (Jamaica is an example) can effectively use the economic upheaval to restructure inefficient sectors of their economy and also overhaul the way they do business.
This is an opportunity because interest groups will accept fundamental change now in the face of economic uncertainty... whereas in "normal" times they may resist needed change tooth and nail.
The US offers perhaps the most interesting example of a nation trying to use the crisis to force needed but unpalatable change.... restructuring health care, education, energy, financial services and auto industries.. simultaneously!
Whether it works or not only time will tell, but it demonstrates visionary and bold policymaking.
Jamaica badly needs to use this crisis the way certain other countries are doing. Those countries that successfully restructure themselves will be the likely winners in a post crisis world.
Unfortunately Jamaica does not seem to be following that path... but seems content to hunker down and ride out the storm.
Problem is... after the immediate crisis has passed... we will remain in our current disadvantaged position.. having learned no useful lessons or changed unproductive behaviour to become more competitive.
What to do? I have already opined extensively on some possibilities and will not repeat that here.
However it is clear the SOMETHING DIFFERENT needs to be done to have a chance to progress.... but our leaders are not up to the task... being more interested in political gamesmanship and plotting how to retain or regain power... Witness the ridiculous by election merry go round.
Fiddling while Rome burns.... pathetic
One opportunity our private sector would be crazy to pass up:
Since the previous government completely bungled liberalization with the ready help of an avaricious private sector in the 1990s ...leading to the financial meltdown.... with the regulatory reforms forced on Jamaica then... our financial sector is somewhat sheltered from the current crisis... and still relatively healthy.
Opportunity: Many US banks are failing or technically bankrupt and are being acquired at firesale prices. Many are buying these banks just for the nationwide, regional or state licenses which can be so time consuming to acquire with a start up operation.
A Jamaican bank (NCB?) or consortium could easily acquire a tiny US bank with a national license.... and eventually start to offer services to the diaspora in NY & Florida at a minimum... that would be a winning situation all around. When the economy recovers they would be sitting pretty.
The time is now to think outside the box.... our private sector and our politicians.
This window of opportunity will not last forever.
Selah.
Countries that have serious structural problems (Jamaica is an example) can effectively use the economic upheaval to restructure inefficient sectors of their economy and also overhaul the way they do business.
This is an opportunity because interest groups will accept fundamental change now in the face of economic uncertainty... whereas in "normal" times they may resist needed change tooth and nail.
The US offers perhaps the most interesting example of a nation trying to use the crisis to force needed but unpalatable change.... restructuring health care, education, energy, financial services and auto industries.. simultaneously!
Whether it works or not only time will tell, but it demonstrates visionary and bold policymaking.
Jamaica badly needs to use this crisis the way certain other countries are doing. Those countries that successfully restructure themselves will be the likely winners in a post crisis world.
Unfortunately Jamaica does not seem to be following that path... but seems content to hunker down and ride out the storm.
Problem is... after the immediate crisis has passed... we will remain in our current disadvantaged position.. having learned no useful lessons or changed unproductive behaviour to become more competitive.
What to do? I have already opined extensively on some possibilities and will not repeat that here.
However it is clear the SOMETHING DIFFERENT needs to be done to have a chance to progress.... but our leaders are not up to the task... being more interested in political gamesmanship and plotting how to retain or regain power... Witness the ridiculous by election merry go round.
Fiddling while Rome burns.... pathetic
One opportunity our private sector would be crazy to pass up:
Since the previous government completely bungled liberalization with the ready help of an avaricious private sector in the 1990s ...leading to the financial meltdown.... with the regulatory reforms forced on Jamaica then... our financial sector is somewhat sheltered from the current crisis... and still relatively healthy.
Opportunity: Many US banks are failing or technically bankrupt and are being acquired at firesale prices. Many are buying these banks just for the nationwide, regional or state licenses which can be so time consuming to acquire with a start up operation.
A Jamaican bank (NCB?) or consortium could easily acquire a tiny US bank with a national license.... and eventually start to offer services to the diaspora in NY & Florida at a minimum... that would be a winning situation all around. When the economy recovers they would be sitting pretty.
The time is now to think outside the box.... our private sector and our politicians.
This window of opportunity will not last forever.
Selah.
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