“In today’s interconnected world, small economies are more connected than the large. If one has to characterize the society today, it is growth without development. Development has become an issue of research for new space. This new space is around people to build upon their own capabilities,” said Prof. Winston Dookeran, Minister of Finance of the Republic of Trinidad and Tobago, while delivering a special lecture on ‘Political Economy Of Small States’ at the Indira Gandhi National Open University (IGNOU).
Focusing on the need for future sustainable development he highlighted three major themes viz, financial and economic vulnerability, resilience and buffers. “Financial and economic vulnerability can best be achieved if we can develop flexibility to this economy. India has insulated itself but we cannot due to our size. Flexibility is must and how do you arrive on that is what the scholars have to decide,” he said.
Talking about the capacity to be resilient against the external issues he said that it can have political or economic impact. He also emphasized upon the financial buffers within and outside and said that, “These are small economic country’s reserves in case of external shocks.”
“Now we look forward for commercial and technological ties for a bilateral relationship with India. To do that we can start with our institutions,” he added.
“High per capita income does not lead to development. We as a country should know how poor or rich we are. We have to move towards effective distribution in order to play an important role. If we don’t have an effective delivery system then we would not be able to develop. Institutional collaboration should be the way for developing bilateral relations,” said Prof M Aslam, VC, IGNOU.