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Monday, September 19, 2005

A virtuous economic cycle

Rajat Gupta, speaking to the UN general assembly on September 14, said:
[E]conomic growth, and our ambitions for the eradication of poverty, depend upon the energy and drive of business and commerce. In fact, I cannot envision an effective development strategy that is absent of -- or uninformed by -- the private sector. Yet when we examine where development has succeeded, in every case business has been the engine of development.

Because business kick-starts a virtuous economic cycle, new enterprises are formed, new jobs are created, new skills are gained, and incomes begin to rise. Soon, growth and productivity follow, spurring more innovation and efficiency, and bringing the products and services that people want and need. In parallel, people gain opportunity, empowerment and dignity.
Read the full piece here (pdf file). Good stuff.

(Link via email from Arun Simha.)

Cross-posted at The Indian Economy Blog.
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