Commerce Minister Donville Inniss is of the opinion that too many small economies continue to be challenged due to their “narrow-minded” perspective on competition and the unsustainable size and influence of the State apparatus.
He made these comments last Friday at the Fair Trading Commission’s (FTC) 13th annual lecture on Competition Policy and Economic Development – Is there a link for Small Economies? at the Accra Beach Hotel and Spa.
Mr. Inniss told his audience that too many persons continue to believe that the State must do much more than provide a regulatory environment, and be a “monopolistic provider” of most goods and services.
He continued: “Today, Barbados is engaging in a reality check that is torn between a 1960 to 2010 development model that was driven by heavy State investment and involvement to spur diversification in economic and social goods, and a 2010 onwards model that ought to demand more private sector-led growth in spite of, or perhaps due to, a deep and prolonged recession.”
Mr. Inniss stated that the thrust towards a “new Barbados” must be one of accepting growth in private enterprise inside and outside of traditional areas, including in areas traditionally reserved for the State. He therefore suggested that such a movement would demand that citizens have competition firmly entrenched in their national psyche.
The featured speaker of this year’s FTC lecture was Senior Vice President of Compass Lexecon (Paris), John Davies.