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Dambisa Moyo The Coffees of the Secretary-General: Dambisa Moyo THE COFFEES OF THE SECRETARY-GENERAL DAMBISA MOYO 14 October 2013 THE COFFEES OF THE SECRETARY-GENERAL Bringing New Perspectives to the OECD Secretary-General’s Speech Writing and Intelligence Outreach Unit Programme, 14 October 2013 PRESENTATION TO OECD STAFF Presentation by Dambisa Moyo to OECD Staff on “A New Vision of Emerging Markets and their Policy Challenges”. 15.00 – 16.30 COFFEE BETWEEN THE SECRETARY-GENERAL AND DAMBISA MOYO Other participants: Pier Carlo Padoan, Deputy Secretary-General and Chief Economist; Gabriela Ramos, Chief of Staff and OECD Sherpa; Luiz de Mello, Deputy Chief of Staff; Mario López-Roldán, Head of the Secretary-General’s Speech Writing and Intelligence Outreach Unit; Carl Dahlman, Head of the Thematic Division, OECD Development Centre. 16.30 – 18.00 1 The Coffees of the Secretary-General: Dambisa Moyo Short Bio DAMBISA MOYO Dambisa Moyo is an international economist who writes on the macroeconomy and global affairs. She examines the risks and opportunities across the global landscape, including developed, emerging (BRICs), and the frontier economies in Asia, South America, Africa and the Middle East. She has travelled to nearly 60 countries over the past decade, during which time she has developed a unique knowledge base on the political, economic, and financial workings of the global economy. Her work examines the interplay between rapidly developing countries, international business, and the global economy, while highlighting the key opportunities for investment. She is the author of the New York Times bestsellers “Dead Aid: Why Aid is Not Working and How There is a Better Way for Africa” and “How the West Was Lost: Fifty Years of Economic Folly and the Stark Choices Ahead”. Her third book, “Winner Take All: China’s Race for Resources and What it Means for the World”, was published in June 2012, and also received critical acclaim. In 2013, Dr. Moyo was awarded the Hayek Lifetime Achievement Award named for the Nobel Prize winner and recipient of the Presidential Medal of Freedom, Friedrich Hayek. She was named by TIME Magazine as one of the “100 Most Influential People in the World” and to the World Economic Forum’s Young Global Leaders Forum. Dr. Moyo is a contributing editor to CNBC, the business and finance news network. Her writing regularly appears in economic and finance-related publications such as the Financial Times and the Wall Street Journal. She completed a PhD in economics at Oxford University and holds a Master’s degree from Harvard University. She completed an undergraduate degree in chemistry and an MBA in finance at American University in Washington, D.C. 2 The Coffees of the Secretary-General: Dambisa Moyo PRESENTATION “A New Vision of Emerging Markets and their Policy Challenges.” Full transcripti Thank you very much for hosting me. I fear that the title of my presentation may have given some people the wrong impression. What I thought about doing this afternoon is, rather than offer my views about where the world is today and what is happening in emerging markets; I thought I would try to challenge myself and try to challenge you, I suspect we are on the same side on many things. I want to talk about certain issues which I consider as risks in the global economy today and in particular in emerging markets. I will tell you from the onset, I do not have answers, which means that I will look to you, particularly in the Q&A session to offer your perspectives on what might be answers to some of the questions and worries that I have. But I also hope that this will also be an opportunity to share some of the things that we are seeing around the world. The first part of my presentation looks at some of the structural issues occurring in the emerging markets, issues that you are familiar with such as capital, labour, productivity trends and growth forecasts. The second half of this presentation is about the technical challenges that the emerging markets are facing, such as political risks. Examples include Syria and the demonstrations that we have seen this year in Brazil, Turkey, Egypt and Colombia. What I thought I would do was to present to you three sections of where I think the real challenges in thinking are right now around the world. I am going to talk about the challenges I see in economic thinking, in the political environment and finally the challenges in the context of business and markets and how those three are interlinked. I’d like to start by reading a quote by Lloyd Blankfein when he was the CEO of Goldman Sacks in 2004. “The biggest risk is what you cannot see today, that is why life is the ability to step outside of yourself, to see that something that you can’t see today, something that one day you’ll hit i The original transcript of Dambisa Moyo’s presentation has undergone minor editing to ensure that the text published in this brochure is presented in a reader-friendly format. 3 The Coffees of the Secretary-General: Dambisa Moyo yourself on the forehead and say: why didn’t I see it that way? You won’t be able to imagine not having seen it except you will be sure that you’ll remember that you had not seen it.” It scared me to hear him say this, so as a motivation I asked myself what sort of things today are things that I have assumed to be true and that might be wrong in economics, in politics and in the way that business is operating? And maybe if I had been smart and paying attention to him in 2004, I would have seen the financial crisis. I am “People in emerging here today not only to challenge your perceptions and economies are your assumptions, but also to stimulate debate and thinking. Hopefully when you leave here, you will leave increasingly sceptical with three things: you will suspend your assumptions about the benefits of and your understanding of what is normal, particularly around the emerging markets, and you will prepare for globalisation.” more eventualities and challenges. I believe we are all prepared for one to two standard deviation risks in the world, but I am not sure that we are prepared for three to four black swan type of events and I believe some are on their way. I will hopefully also leave you with the incentive to test and value your assumptions as you continue to do your own work. I see three things that are happening in the global economy right now that are not in the mainstream way of thinking. Not just in policy, but also in the media and in terms of the way people are thinking about the world. The first one is, it seems to me, that globalisation as we defined it in the 1980s has actually failed in many pockets of the world. Increasingly, this has actually become a reality. Whether it is real wages in developed markets that have remained flat to the run up of the financial crisis; or whether it is the fact that we now have to take a step back and think about what globalisation really means. It is pretty clear that there has been a massive increase in the wealth for a certain group of people, a small group of the population, and at the same time there has been a slowdown in growth – much slower than was anticipated when globalisation was first pitched. The fact of the matter is that when you visit many emerging economies – and I have been fortunate enough to travel to over 60 countries – people are increasingly sceptical about the viability and the benefits of globalisation. There is a wonderful paper by Luigi Zingales from the University of Chicago in which he produces data about the proportion of wealth that has accumulated to the upper pockets of the world, while at the same time that there has been a deterioration in the living standards for many others. So, for example, the average increase in wealth in the decade leading up to the financial crisis was 10%. In the US, 2% of the population earned over $200,000 which I personally find shocking. But there are a lot of additional statistics showing how there has been an accrual of wealth that has created this split in income inequality that has become problematic. 4 The Coffees of the Secretary-General: Dambisa Moyo On a global basis, things have improved. Between “I am often asked: “how do developed and developing markets there has been a you explain that China reduction in income inequality but within countries we which, has no free markets have witnessed increases. I will come back to this, but to give you a data-point: as we know, the United States is and has no political system the largest economy in the world, with about $15 trillion in a liberal sense, has got GDP; China is the second largest with $7.5 trillion GDP. the same income inequality The US has a liberal democracy as its political stance and it has private capital markets as its economic as the US?” stance. China, which by 2016, according to an OECD report will be the largest economy on a PPP basis, has no democracy and has state capitalism as its economic approach. Why do I bring this up? Because these two countries have the exact same income inequality at 0.47 Gini coefficient. Across emerging markets I keep getting asked by policymakers, ‘Dambisa we know you love the free markets but guess what, how do you explain that China which has no free markets and has no political system in a liberal sense has got the same income inequality?’ That is a very difficult question to answer.
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