Reinventing Our Economy

By Jackson Henry

“If its broken, fix it. If it cannot be fixed, reinvent it”, said a wise village elder. The seemingly endless annual budget shortfalls and the growing deficit are symptoms of a broken economy. Its fails to produce sufficient revenues to keep up with the rising cost of running the 16 states and improving services to our citizens. Based on my observation, Palau does not have the right tools to fix this economy. The solution is to reinvent it.

The first step in economic reinvention is to think outside the box. This requires policy makers to get out of their comfort zone to find solutions through re-education. Nelson Mandela once said, “education is the most powerful weapon to make changes”. New perspectives, fresh ideas and open mindedness are required to get the country out of this rut. The greatest example of a leader who thought outside the box is China’s Deng Xiaping. Deng transformed China from a backward agrarian country into the second most power economy with his one country-two systems policy. He justified instituting Chinese capitalism by saying, “it does not matter if it’s a black cat or a white cat, as long as it can catch the mouse, that is a good cat”.

The second step is to be solution driven instead of being fault finders. Gossips and political rhetoric are divisive and detractions. Leaders must focus on the challenge ahead with practical solutions. During the Great Depression, President Roosevelt formulated the “New Deal” policy to transform the US economy and chartered a new course forward as epitomized by the famous saying, “The business of America is business”.

Third is leadership analogous to corporate Chief Operating Officers (CEO). The strength of economies are credited to the entrepreneurship, ingenuity, foresight, creativity and management acumen of CEOs. Take the case of Bill Gates, whose Microsoft brought the world into the information age and enormous brought wealth to America. Gates’ leadership and vision created an industry and put America on the forefront of high technology. Strategic leadership and bold visions transcends above fear and confusion.

I believe we have all the means to reinvent our economy. Foremost is capitalizing on our sovereignty. Approving those income creating Bills, such as Condominiums, Corporate Registry, Ship Registry, and Gaming, can put several millions into Palau’s national purse and put the country on the road to reinventing a new and prosperous economy.

One Comment to “Reinventing Our Economy”

  1. Reinventing our economy is as you noted, is an important step in diversifying and preparing our people for the future.But we must build a stronger foundation for economic prosperity that can sustain and/or adapt to the changing world around us.

    The key for our success in my opinion is Broadband Technology.This Technology gives us the capability to
    compete and succeed in this Global Economy. One Major Credit Card company is now opening their customer service center in Laos,PI and the question is,why not Palau? Every major Corporations are looking to diversify their workforces all around the world and we’re standing idly by depending on our Rock Islands.

    Your right,There has to be a “CEO” mentality in our leaders that will allow them to aggressively push for this Technology and stop politiking with PNCC.
    Our young people deserve to be connected to the world that will expand on their potential. Money spent on Micro Games will not do that.

    My friends,This is a race that our young people must not lose and they do speak better english than their pinoy competition.

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