Nobel Prize-winning economist Joseph Stiglitz had hoped to spur conversations — and action — around three things while in Addis Ababa, Ethiopia, during last week’s third International Conference on Financing for Development.
The first was for all development stakeholders to have a “big change” in mindset. While development finance has evolved into more than official development assistance alone, he said, a broader perspective is still needed to find ways to unlock various sources of funding.
The second was for developed countries to realize they have a “responsibility” that goes beyond delivering aid; they have to “do no harm.” Unfortunately, Stiglitz believes they are failing at that responsibility.