Jackson – Wealth creation is our watchword

To survive in the new environment, we must be aware of what we have and how we can best offer it, according to Phillip Jackson, Science and Technology Coordinator, as he made a presentation on “Sustainable Livelihood for Development – the wealth creation imperative” at a symposium on sustainable livelihood for development on Wednesday, February 16.{{more}}

“If we are serious about development, then the watch words influencing our mental modes cannot be sustainable livelihoods, nor poverty alleviation. They have to be wealth creation,” Jackson said.

“If ultimately wealth creation is what we are about, then we cannot do so on outdated models,” he continued.

He said that the time had come to stop thinking about low value added commodity type products and services.

“In other words, if we are serious about the modern, competitive, post colonial economy and society, then we need to go beyond talking the talk and start walking the walk.”

Jackson further explained that the pressures of globalization and neoliberal economic paradigms called for a more focused approach to knowledge building.

In order for small countries like St Vincent and the Grenadines to survive in the new environment, he said, we need to begin becoming aware of what we have and how we can best offer it.

He, however, noted that it was too common for persons in developing countries to treat globalization as though it had the potential to exclude them from opportunities to outside markets.

But he was of the view that this limiting view may actually lead to a situation where much time and effort may be wasted.

“What is required instead is a view of globalization that allows an entrepreneur, a company, a country or a region to first identify current and emerging opportunities and the necessary collateral mechanisms for the exploitation of these opportunities,” Jackson explained.

He contended that an environmental view towards economic development can offer small developing countries like St Vincent and the Grenadines an approach to identify niches of exploitation that are more suited to its resources.

“The implication of this approach for our countries and our policy makers and other development actors is that it requires not just a change in mindsets but also a system of intelligence gathering that would allow adequate foresighting and mapping of not only the global economic landscape, but also the horizons,” he said. (DD)