Obama’s economic lessons from Mandela
Obama's economics offers a perspective which was different, and which ought to open up debate, writes Hilary Joffe
The politics of former US president Barack Obama's Mandela centenary lecture on Tuesday dominated the headlines, here and abroad. The economics of the lecture drew less attention, yet on the list of four "guideposts" for the road ahead that Obama set out, drawing on Mandela's lessons, item number one was "we're going to have to worry about economics if we want to get democracy back on track". Obama spoke of fighting harder to reduce inequality and promote lasting economic opportunity, in a context in which globalisation and technology had driven enormous economic and social progress yet also caused an "explosion in economic inequality" that threatened democracy. At one level, he wasn't telling South Africa's leaders anything new - nor was he claiming to. He said Madiba understood this, and that President Cyril Ramaphosa was committed to trying to close the widening chasm of wealth and opportunity. But while reducing inequality and inclusive growth are very much part of the narrative...
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