Radelet from the readings discusses how economic growth can occur in developing countries. According to Radelet it requires the combination of huge geopolitical shifts, changing economic and political systems, deepening globalization, access to new technologies, stronger leadership, and courageous action. To Radelet, these created the conditions, opportunities, and drivers necessary for progress in growth or development.
Radelet, argues that leaders in Africa, Asia, and Latin America should lower their barriers to global trade and investment, thus, connect local enterprises to the global markets. Radelet further detailed that, charitable foundations and NGOs should join forces with governments and businesses to bring technological benefits to the world’s poor economies, from mobile health and banking services to online education to more transparent governance. According to Radelet partnerships with global organizations such as the Global Alliance for Vaccines and Immunization and the Global Fund to Fight AIDs, Tuberculosis and malaria is also a way of successfully leveraging public funding and a needed nudge from the charitable sector. Further, Radelet believes that knowledge gained from such connections can contribute greatly to states’ capacity to improve their citizens’ welfare in the future. But he warns that failure to address the interplay among political, economic, environmental, and demographic “headwinds” can reverse these gains. Corruption, violent conflict, and climate change threaten to ruin progress. And, absent smart policy, the very forces that have enabled the great surge technological innovation and economic integration could undermine the ability of states to govern, societies to prosper, and nature to provide.
Moreover, Radelet reasoned that, if leaders of advanced and developing economies take action now, that means the United States, Europe, Japan, China, and India must lead the way in investing in research and innovation in the areas of food production and clean energy, work together to cut carbon emissions, and continue to press and accept efforts aimed at democratizing multilateral institutions such the United Nations, the World Bank, and the World Health Organization. For their part, leaders of developing economies must continue to focus on advancing prosperity and democracy in their countries through good governance, support for more inclusive and sustainable growth, and expanded access to education, health care, and a real social safety net for future growth and development to occur. Radelet however continued to argue that if development progress is to continue, foreign aid must be strengthened, with more assistance directed to low-income democracies and those already playing a significant role in the global economy and global decision making. He also calls on aid agencies to do more to partner with universities, foundations, and private business to support research, disseminate new technologies, and encourage private investment.
To sum up, Radelet argued that developing countries need to have a strong connection with leading countries like United States, Europe, and Japan in order to get assistance to help fix global problems like slow economic growth, and also include the rising powers of china, India, South Africa, Brazil and Turkey in shaping global institutions, exerting leadership and making key development decisions.
Further, for development growth to be sustained by these emerging countries Radelet maintained that, there should be effective integration of trade, finance, information, and a great investment into new technologies as well as advances in energy, transportation, health, flow of information and the likes can help propel development progress both in developed and the emerging countries. However, these technologies will not emerge without commitment, innovation and investment.
Finally, Radelet posits that developing countries should adapt skilled leadership strategies which is central for building efficient and effective institutions that can sustain development progress within their economies. To Radelet, there is no formula for success in economic progress to occur, hence all developing countries will have to wrestle with these issues, just as wealthy countries did, and still are to get to where they are now.