We keep reading pundits opine that neoliberalism is passé, and that we need a new model for the 21st century. So what is the new model being adopted in Ethiopia? Here’s the FT:
Ethiopia aims to complete a multibillion-dollar privatisation of its telecoms sector by the end of this year, followed by a sell-off of stakes in state energy, shipping and sugar companies, according to the new prime minister Abiy Ahmed.
The government also plans to launch a domestic stock exchange in 2020, part of a gradual but decisive shift towards economic liberalisation in the fast-growing east African country of 105m people.
“My economic model is capitalism,” Mr Abiy said in an interview with the Financial Times, conducted in his refurbished headquarters in Addis Ababa. “If you give me $100bn now, I can’t use it. There is not only money, there is talent and experience. That’s why we need the private sector.”
Don’t worry socialists, Marx assured us that capitalism is just an unfortunate phase that Ethiopia must pass through before they achieve the glories of North Korea, Cuba and Venezuela.
PS: Off topic, I have a new piece in The Hill defending my Fed accountability and transparency proposal.