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Global justice is good business
Following a decade of economic reform and a variety
of global and domestic economic crises, with a handful of triumphs
amid a far longer list of tasks to be accomplished, corporate Egypt
may do well to pause for a moment of reflection. Aside from the
obvious question of “Where do we stand?,” it’s worthwhile
re-examining the greater context, a world of global finance that
has changed rather dramatically over the last decade – or perhaps
just revealed itself more fully.
In the words of Joseph Stiglitz, winner of the 2001 Nobel Prize
for economics, “no one expected that the world market economy
would be fair, but at least we were taught that it was efficient.
Yet [several] tendencies suggest that it is neither.”
Stiglitz is referring to the money that paradoxically flows from
poorer, underdeveloped countries towards developed ones, and to
the burden of risk – in terms of the volatility of interest
rates and exchange rates – carried by developing countries
that must borrow from wealthier ones. Globalization, with all its
advantages and possibilities, presents both challenges and drawbacks
that need to be observed and addressed.
Anyone interested in an insightful overview of the current state
of global finance should also, therefore, read George Soros’s
book On Globalization. Soros distinguishes himself from the average
international investor because of his activities as a social entrepreneur.
He’s a strong advocate of global civil society and a man who
has not hesitated to “put his money where his mouth is.”
He provides clear descriptions of the workings of every major world
financial institution, including the IMF, the WTO and the World
Bank, while a offering powerful critique of some of their methods.
Rather than a diatribe on the malfunctioning of global institutions,
however, his book presents a series of workable alternative solutions
for the difficulties plaguing developing countries.
When Soros speaks of “global civil society,” he refers
to the fact that countries now rely more on each other and do more
business with each other. This kind of interdependence means mutual
agreement and cooperation – lots of it. And the results of
sharing responsibilities and risks can be positive for all concerned.
A good example is the Jubilee Movement, a coalition of international
economists that succeeded in 2000 in achieving debt relief for a
number of the world’s neediest countries.
Clearly, global leaders with the power to make decisions have to
look more closely at global needs – foremost among them health.
To quote Stiglitz, “global leadership requires not only being
against something; it requires being for something. We have an alliance
against terrorism. We should also have an alliance for more global
justice and [a] better global environment.”
One is struck by how closely this assessment of global civil society
matches that of corporate Egypt. We too, rely very much on each
other to succeed. At AmCham Egypt, we know that cooperation is essential
in order to agree upon, formulate and prioritize change, not to
mention make our voices heard. Furthermore, while we are against
the obstacles that prevent us from doing business efficiently and
productively, we must be for the support of communities that lag
behind us in possibilities and advantages.
Given our country’s revolutionary history, and our experience
with tragic and disruptive terrorist attacks that have hit the local
economy, corporate Egypt has had the opportunity to learn an important
lesson: that serving the community and maintaining a cooperative
and honorable public image is not only a question of ethics but
a matter of self-preservation.
As we look back at the past decade of reform, we can certainly see
progress. Part of it consists of being better able to shoulder our
responsibilities as leaders, by caring not only for the communities
we rely upon as customers, but also for the ones that rely on us
and, indeed, that surround us. If globalization is to actually work,
it will be all about sharing.
Mohamed Mansour
President, AmCham Egypt
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