Establish why we want evolution

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Reference no: EM133556829

Scenarion:

The Secretary of the Department of Foreign Affairs and Trade has asked me to draft a one-page briefing note for the Minister for Trade and Tourism ahead of a development summit in Timor-Leste. The President of Timor-Leste has asked the Minister to spend a morning meeting with him to discuss the means by which Timor-Leste can reduce its dependence on aid and resource exploitation in the Timor Sea for which it relies on major multinationals.

The President is frustrated that in 20 years, the government has heard no new ideas from the IMF or World Bank or Asian Development Bank other than to use resource royalties to build infrastructure for businesses that never develop. He is interested in hearing about the core concepts underlying the recent efforts of the Saudi government to diversify its economy.

I understand that evolutionary theory as applied to economics can provide insight into this problem. In preparing my note, I must be conscious that the Minister is not an expert in economics, so I need to write clearly and simply.

To approach the question:

Establish why we want evolution
Growth is only possible with evolution
How to get evolution
We want the variation- so we need new firms, Saudi startups, etc
We want competition- only the best firm survives.

Make an argument as to why or why not Saudi is not a great example

EG. if Saudi is a not a great example, includes reasons such as:

Saudi is a great example it is not very good to compare with Timor Leste especially when considering their GDP differences.
Also, we don't know if the Saudi experience has work yet. You need to look back at history and need to analyse the reason why that country is due to
They might have invested/ spend a lot on their... but long-term outcomes might not be great
Note that Venture Capital is just one specific example, and they are not getting a variation that they need

Reference no: EM133556829

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