Jan 05, 2012
DEVELOPMENT TIMES International Development and Global Issues
Democracy, Governance & Development Democracy and Development: Cruel Dilemma or Symbiotic Relationship?
Democracy, Governance And Economic Growth: Theory And Evidence Good governance matters more than democracy, experts say
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DEVELOPMENT TIM ES
IN THIS ISSUE Democracy, Governance & Development Democracy, Governance And Economic Growth: Theory And Evidence P.5 by Francisco L. Rivera-Batiz Democracy and Development: Cruel Dilemma or Symbiotic Relationship? P.7 by Jagdish N. Bhagwati Opinion: An Arab spring: Demanding good governance P.9
by Ishac Diwan Interview with Wei Jingsheng: The illusion of stability in China P.11 by Journal of International Affairs Spotlight: David Mason, Consultant P.12 Top News: Good governance matters more than democracy, experts say P.12 by the Abdel-Karim Kallouche/Gulf News Book review: Democracy, Governance, and Economic Performance (by Yi Feng , 2004) P.13
by Seth Norton Career Talk P.14
Job Opportunities P.20
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Development Times is a platform to share ideas and knowledge on international development and global issues. It is published every Thursday and distributed electronically to subscribers. To download a PDF copy http://devtimes.devj.org/ download/ To subscribe to Development Times, visit http://devtimes.devj.org/ subscribe To order print issues Email Printemail@example.com Or visit this link http://devtimes.devj.org/ print To submit articles, book reviews: Email devtimes@devjorg Or visit this link http://devtimes.devj.org/ submit For any inquiries: Infofirstname.lastname@example.org
EDITORâ€™S CORNER: DEMOCRATIC GOVERNANCE
uccess in poverty eradication hinges
accountable, and transparent institutions,
on success in economic and human
ensuring that all men and women, regardless
development, which depends on
of ethnic, religion, class, social status, partici-
good governance at both national and inter-
pate in decision-making. The government
national levels. Most developing countries
must make considerable efforts to uphold the
face critical challenges in tackling the issue of
rule of laws while ensuring fairness, equity
poor governance owing to their legacy of
and protection of internationally recognized
extremely weak institutions which have often
human rights for all citizens. It is also of criti-
been designed with a goal of regulatory rather
cal importance to strengthen the electoral
than efficacy and efficiency. In many in-
system through democratic process, that is, to
stances, these weaknesses, often aggravated
encourage electoral competitiveness when
by political instability, social disturbance and
selecting, monitoring and replacing elected
structural weak economies have crippled their
officials. In addition, the system must aim to,
capacity to provide their citizens with suffi-
inter alia, reduce the cost of political cam-
cient income to access basic needs such as
paign, require that all candidates disclose
education, health, and security. To address
information pertaining to their campaign
these issues and develop institutions in a bet-
financing, limit individual donation and pro-
ter way, it is essential to adopt a comprehen-
vide public fund to candidates with substan-
sive approach, including promoting efficient,
tial public support..
January 05, 2012
Democracy, Governance And Economic Growth: Theory And Evidence forcefully by Goetzmann (1999) in relation to recent financial crises: ―Suppose bankers lend to a dictatorship, as Indos democracy associated with nesa was … suppose further that debt greater economic growth? Do piles up, and the government of the increased political and civil rights borrowing country cannot service its lead to improved standards of living, obligations…This is in fact what has compared to more authoritarian rehappened. Tens of millions of people in gimes? The debate on this issue has emerging markets have recently fallen raged for centuries and it is often back into poverty. Without a democlinked to the legitimacy of democratic voice, they had no control of the racy as a political regime. risks their governments assumed. Even more outrageous, without transparent The existing evidence on the links bepolitical institutions and a free press tween democracy and economic growth they had no way to understand these does not provide a clear risks… cut support of the idea Some that increased democwould call racy causes growth. this taxa“... the stronger the democratic instituSome early studies, such tion withas those by Kormendi out repretions in the country, the more likely and Meguire (1985) and sentation. that capital account liberalization will Scully (1988) found staIn fact, tistically significant efhistory is produce an expansion of the steady fects of measures of filled with state growth rate in developing counpolitical freedom on examples growth. However, more of nontries …” recent studies have prodemocratic vided ambiguous results govern(see Helliwell, 1994, ments Przeworski and Limongi, 1993, and the ades longer than under democratic incausing great harm to their citizens.‖ survey by Brunetti, 1997). For instance, stitutions. As Sen (2000, p. 152) sucOn the other side of the coin, a number Barro (1996) concludes that the estabcinctly summarizes: ―[in considering of authors have noted that the proliflished links between democracy and the effects of democracy relative to aueration of interest groups lobbying for growth are a result of the connections thoritarian regimes] we have to consider power or for rents under democratic between democracy and other determithe political incentives that operate on institutions may lead to policy gridlock, nants of growth, such as human capital. governments and on the persons and preventing the major decisions that are Similarly, Rodrik (1997), concludes that, groups that are in office. The rulers required in the development process. after controlling for other variables, have the incentive to listen to what peo―there does not seem to be a strong, ple want if they have to face their critiA connected issue is the great variability determinate relationship between decism and seek their support in electhat electoral democracies display in mocracy and growth.‖ tions.‖ effectively promoting grassroots, participatory decision-making. The fact The Linkages between Democracy The potentially high cost of sustaining that electoral votes can be purchased and Governance poor government policies under aumay allow wealthy individuals or parties (Continued on page 6) thoritarian regimes have been noted
by Francisco L. Rivera-Batiz
The existing literature has developed various arguments that link democracy to both greater and lower quality of governance. First of all, by definition, democracies allow populations to peacefully and regularly oust inept, inefficient and corrupt government administrations, while allowing people to keep more efficient, successful regimes, thus tending to make the quality of governance on average higher in the long- run. Authoritarian regimes may randomly provide high-quality governance, but if they do not, they can only be changed by force, which may take years or dec-
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(Continued from page 5)
to control the electoral process in much the same way that an openly authoritarian regime would. As Piero Gleijeses observes of the situation in Latin America: ―The box on the outside is labeled a democracy, but inside you have an authoritarian system.‖ It can be concluded that the introduction of democratic institutions in the form of more ample political rights, civil rights, and freedom of the press, among others, may or may not be associated with improved governance. The real question, then, is the relative strength of the forces just discussed in the real world. Are the various cases of ―enlightened dictatorship‖ the rule or the exception in the recent past? Do most democracies allow their population to choose more effective policymakers or are they generally windowdressing, used as a tool by specific classes and oligarchies to control political power and sustain ineffective, corrupt regimes? Let us look at the empirical evidence on this issue. The full version of the paper provides a theoretical and empirical analysis of how democracy affects long-run growth by influencing the quality of governance in a country. It examines the connections between quality of governance and democracy, providing empirical evidence of the strong linkage between these two variables. It then presents a general-equilibrium, endogenous growth model showing how a governance- improving democracy can raise growth. In this model, the quality of a country‘s governance institutions makes domestic innovative activity more profitable, inducing greater technological change and growth. If democracy is associated with improved governance, then it will also lead to accelerated innovation and growth. The impact of democracy on growth is
examined under various assumptions regarding capital mobility. The last section of the full version presents an empirical model constructed to examine the connection between democracy, governance and growth in a cross-section of countries between 1960 and 1990. This analysis shows that democracy is a statistically significant factor affecting total factor productivity and growth in GDP percapita between 1960 and 1990, but that the relationship is mediated by the quality of governance. Democracy influences growth mainly through its strong positive effects on the quality of governance. But once a measure of the quality of governance in a country is introduced into the growth regression equations, democracy ceases to be a statistically significant influence on growth. Conclusions Our results (see full version) show that the quality of governance is substantially higher in more democratic countries, even after holding other variables constant. A general-equilibrium, endogenous growth model was used to specify how a governance-improving democracy raises growth. In this model, stronger democratic institutions influence governance by constraining the actions of corrupt officials. The force of the vote means that, over the long-run, inept, corrupt officials will be voted out of office. More democratic institutions also facilitate the activities of the press, which can monitor corruption and disseminate information on corrupt government officials to the public so that they can be held accountable. The theoretical analysis also shows that the stronger the democratic institutions in the country, the more likely that capital account liberalization will produce an expansion of the steady state
January 05, 2012
growth rate in developing countries. The reason is that more democratic institutions are associated with higher domestic rates of return to capital. As international trade in assets is permitted, democracies are more likely to have rates of return to capital that exceed the world rate of return, inducing capital inflows. More authoritarian governments are more likely to face capital flight instead. The paper concludes by providing empirical evidence showing that democracy is in fact a significant determinant of total factor productivity (TFP) growth between 1960 and 1990 in a cross-section of countries. But this contribution occurs only insofar as democratic institutions are associated with greater quality of governance. In a multivariate growth regression analysis where both quality of governance and democracy indexes are introduced, the democracy variable loses its statistical significance. The quality of governance variable, on the other hand, is statistically significant and a strong determinant of growth. In fact, an increase in the governance index of one standard deviation increases the growth rate of GDP per capita by 1.2 percentage points per year. Our results thus suggest that democracy is a key determinant of growth but only insofar as it is associated with improved governance. In cases where democracy is not associated with improved governance, it will have very little impact on growth. And in authoritarian countries where the quality of governance is high, growth is likely to also be at high levels.
This article is an excerpt from "Democracy, Governance And Economic Growth: Theory And Evidence" By Francisco L. RiveraBatiz, professor of economics at Columbia University New York. Download the full version at http://devtimes.devj.org/ D ev Tim es
How To: Development Strategies How Improve Democratic Governance?
In general, the strategy is to invest in institutional development so as to promote TEA institutions and combat corruption
Reform public administration so as to increase transparency and accountability and combat corruption
Build and strengthen institutional capacity to uphold the ROL and facilitate the emergence of an independent judiciary system
Enable local communities to participate in the
development process and integrate their needs and priorities into national development programs and policies
Encourage electoral competitiveness, that is,
CFT elections, so that local communities can voice their concerns directly to local authorities.
Increase the role of the civil society and the media.
The short-term success of the strategy requires a committed and firm leadership to spearhead significant changes
How to Improve Democracy? Reform institutions so as to promote transparent, efficient, accountable institutions.
Enable local communities to participate in the
development process and integrate their needs and priorities into national development programs and policies. All men and women, regardless of ethnic, religion, class, social status, need to be able participate in decision-making process
Facilitate direct communication and consensus building among stakeholders, ,
Encourage electoral competitiveness, that is,
Competitive, fair and transparent elections, so that local communities can voice their concerns directly to local authorities
Ensure fairness and equity, promote and respect for all IRHR.
Increase the role of the civil society and the
media; encourage freedom of speech, freedom for human right organization to operate.
January 05, 2012
Democracy and Development: Cruel Dilemma or Symbiotic Relationship? by Jagdish N. Bhagwati
here is an enduring view that democracy comes at the expense of development, so that one has to choose between doing good and doing well. It is not uncommon these days to find Singapore‘s former prime minister Lee Kuan Yew speaking on how his ―soft‖ authoritarian rule allowed Singapore to sustain high rates of growth. Thus, he has argued: ―I believe what a country needs to develop is discipline more than democracy. The exuberance of democracy leads to indiscipline and disorderly conduct which are inimical to development.‖1 Indeed, the phenomenal success of the East Asian economies—
fore, it would be hard to conclude that democracies have had less rapid developmental performance. In fact, if the developed countries are considered instead, the democracies have done immensely better than the Soviet bloc dictatorships that have now vanished from our midst.
I believe that the tradeoff between democracy and development, or the ―cruel dilemma‖ as I called it nearly thirty years ago, is by no means a compelling necessity, that the pursuit of political and civil virtue, as the embrace of democracy implies, need not be at the expense of the drive for economic development. This view, however, is a nuanced one. Democracy is not necessarily better for development. ―... the tradeoff between democracy Hong Kong, Only when and development, the pursuit of Singapore, combined with political and civil virtue, need not South Korea, markets and Taiwan, and be at the expense of the drive for openness does democracy ofeconomic development. …‖ fer the best mainland prospect of China—none of them having democraachieving the efficient, dynamic society cies in a substantive sense during their that allows development to thrive. miracle years, has created for some a sense that democracy is inconsistent The “Cruel Dilemma” Thesis: A with development. Historical Perspective But the fact is that nondemocratic countries have had an immense variety of performances, ranging from the spectacular in East Asia to disastrous in many nations of Africa. Looking only at the developing countries in the postwar period, there-
The ―cruel dilemma‖ thesis reflects a particular way of looking at the developmental process. It is also grounded in the specific historical context that surfaced in the post-World War II world. (Continued on page 8)
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(Continued from page 7)
The historical context was, of course, the contest between the two ―sleeping giants‖: China and India. China was totalitarian and India a democracy. In the intellectual eye, trained politically on the cold war and the arena of the Third World, the developmental success of India, rather than of China, would have set the correct example for the Third World nations: if democracy did better and totalitarianism worse, this would put more nations in the Third World on a course that would favor the Western democracies in their struggle with the Soviet bloc. The race was, in turn, between two nations that had committed themselves to economic development. This, of course, removed from discussion the question that must be faced if democracy and authoritarian rule are to be contrasted fully: which system is more likely to seek development? The question rather was: once you are committed to development, which political regime, democracy or authoritarian rule, is likely to facilitate the fulfillment of that goal?
signed only to the former parameter, the investment rate. The debate therefore centered only on the question of how to promote investment. But if the focus was on accumulation, with its productivity considered a datum, it appeared evident that democracies would be handicapped vis-à-vis authoritarian regimes, when both were similarly wedded to accelerating development. For, it seemed natural to assume that the authoritarian regimes would be able to extract a greater surplus from their populations through taxation or other means and be able therefore to raise domestic savings and investment to higher levels than would democracies that had to woo voters to pay the necessary taxes and accept the
January 05, 2012
where incentives to invest have increased dramatically, so has the necessary savings to exploit those opportunities, in a virtuous circle that has taken savings and investments to higher levels in both democracies (including India) and authoritarian countries (such as the East Asian super-performers, whose savings rates are higher than those of India). Third, the differential performance among different countries seems to have reflected, not so much differences in their investment rates as the productivity of these investments, and that in turn surely has reflected the efficiency of the policy framework within which those investments have been undertaken. It is now manifest that the policy framework, in its broadest sense, determining the productivity of investment (and possibly even increasing saving and investment them-selves through incentive effects) is absolutely critical, and that winners and losers are sorted out by the choices they make in this regard, which is indeed quite different from the way it was thought about in the 1950s. Incentives promoting development, not the ability to force the pace through Draconian state action, have become the objects of a key shift in focus among development economists. And here democracy is far from being the obvious loser; in fact, it seems, at least at first blush, to be at an advantage instead. First, for ideological and structural reasons, democracy may well dominate authoritarianism as a political system that produces economic development. Second, the quality of development also can be expected generally to be better under democracy; and the better the quality of the democracy itself, yet greater is
“... democracies are more likely both to provide governance that is conducive to peace, and hence prosperity, and to spend less on fighting wars and preparing for them …”
To answer that question, one must have a ―model‖ of the developmental process. The model that nearly everyone actively planning for development in the early postwar decades happened to use was the Harrod–Domar model. The Harrod–Domar model, much used then,3 analyzed development in terms of two parameters: the rate of investment and the productivity of capital. As it happened, for policymaking purposes, the latter parameter was largely treated as ―given,‖ as a datum, so that the policy freedom was as-
sacrifices more willingly. But that thesis has been proven to be false for three reasons. First, the argument that the state would generate the necessary savings through tax effort, to accelerate development, has simply not held true. Public sector savings have not been one of the engines of growth since public sector profligacy and deficits, rather than fiscal prudence and budget surpluses, have been the norm. Second, savings rates have risen substantially in the private sector instead, when many thought that they would be relatively unimportant, suggesting that
(Continued on page 18)
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January 05, 2012
An Arab spring: Demanding good governance growth itself that has resulted in a more sophisticated private sector, a growing middle class, and an emerging network of civil society organizations – all of which are now seeking institutions that are impartial and more just. This enhanced social and economic complexity has now come in open conflict with control-oriented political and state institutions – with the outcome still uncertain.
by Ishac Diwan
ike most of my friends from the Middle East, I have been glued to media reports from Tunisia, Lebanon, and now Egypt for weeks. What is happening is truly historical. Already, the region has changed in indelible ways. The Arab Street has come roaring back to life – but this time, it is not simply to vent anger and frustration, but also to demand good governance and dignity.
There are added complexities in the Middle East, and it will be important for the newly unleashed forces to find ways to nurture the positive yearning of the Arab people, while preventing the occurrence of other types of outcomes that have occurred in Arab solidarity has found a new cause to economics alone cannot justify and legitisimilarly complex circumstances in other cherish, and there are already strong signs mize autocracy anymore. countries. On the positive side, the momenof contagion all around. Fear is disintegratBut why all the surprise? Why believe there tous, hard-won change will by itself create ing, and the long awaited Spring of the Arcould be an Arab exception? The popular further momentum for the institution of abs (as referenced in this touching a new national pact around which the piece by the assassinated Lebawidely shared aspirations of a socially nese journalist Samir Kassir) ―... While fighting extremism should be at oriented liberal democracy can coalesce. seems to be unfolding in front of the heart of the efforts of the founding coali- These principles are simple and this us, raging in the streets of Tunisimplicity should facilitate the formation sian and Egyptian towns, and tion, this must be done in ways to win credible coalitions united around roaring through many capitals hearts and minds in a contest for legitimacy, of shared principles. around the region.
through open social debates on the type of society people aspire to belong to…‖
What is really going on? After all, for all the complaints about the economy which have triggered the recent riots in many capitals, the economies of the region have apparently not been doing so badly in recent years, according to our Bank colleagues. The Bank‘s most recent country briefs on Tunisia, Egypt, and Jordan suggest success stories of growth and social development in the making. The point about economic performance, I believe, is this: it is not good enough to neutralize the deeply felt discontent related to corruption, repression, and unpopular policies. Economic performance has not been at stellar Chinese levels, and growth rates of about 5% have been insufficient to absorb the new waves of educated youth. The anger is now directed at a social contract that has become unacceptable – people are voting with their feet to say that
mood is all too understandable. While Turkey may be the closest example to emulate, there are many other cases of countries in Asia, Eastern Europe, and Latin America that show that a successful transition to democracy becomes possible where societies become rich enough. And indeed, many of the cases in front of us today resemble countries in the ‖laterstage dominance category‖, as discussed in Brian Levy‘s recent post on socio-political pathways to development. Like countries in this category during other times and in other places, many Arab countries have successfully traversed the early stages of the ‗dominant state‘ trajectory, and have come to increasingly confront a new generation of governance-related challenges. It is actually the success in accelerating economic
Trade unions, moderate Islamic groups, and civil society activists, with the support of sections of the private sector, coming together around such a new deal should be able to find an acceptable institutional way to move forward – reforms of the current regime, transitional arrangements to elections, or snap elections, are all possibilities. Perfection is not essential . As long as there is an agreement on key principles, positive momentum will ensure that design details will be improved over time. In some countries, these forces will have to contend with the army, as a transition mechanism to provide security, or where its economic interests are well entrenched, even possibly as a partial party to the new deal. The role of the army will be especially crucial where it plays an important regional role. This becomes more complicated, be(Continued on page 19)
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The Master of Arts in Democracy and Governance at Georgetown University ABOUT
he Master of Arts in Democracy and Governance stands at the confluence of three distinct fields, public policy, international development, and security studies. Practitioners in these three diverse areas have come to realize that effective and accountable government is central to successful programs in their field. Democratic reform and improved governance are thus not stand-alone programs, but integral to more effective government across a range of sectors. Georgetown University's multi-disciplinary Master of Arts Program in Democracy and Governance, the most comprehensive degree of its kind in the United States, seeks to inform policies for more effective government through understanding the foundations of democracy and accountable government, translating theories into practical and effective policies, and preparing students for both careers and further study in these areas. To realize these goals, this academically demanding program requires the successful completion of 42 credit hours of coursework over two years. Leading scholars and practitioners teach classes examining the challenges that contemporary democracies face, the philosophical, social, and economic
January 05, 2012
TING P E C AC ICAAPPL UNTIL TION RY 15, A JANU 2012
forces that have fostered political change across the globe, and the practical problems of democracy assistance and governance reform. Beyond providing academic training, the Democracy and Governance Program advances research and policy in areas of democratic change and governance reform through theCenter for Democracy and Civil Society (CDACS). CDACS publishes the biannualDemocracy and Society journal, undertakes policy advocacy, and hosts speakers and conferences in areas relevant to the broad objectives of the Democracy and Governance Program.
Admissions & Requirements A complete application to the Georgetown Master of Arts Program in Democracy & Governance consists of:: Georgetown University Graduate School of Arts & Sciences online application Official transcripts from all undergraduate and graduate institutions attended Transcripts should be mailed to: Georgetown University Office of Graduate Admissions 3700 O Street, NW Intercultural Center, Suite 302Box 571004 Washington, DC 20057-1004
Graduate Record Examination (GRE) scores. The GRE is required for all applicants. Georgetown's ETS code is 5244. Résumé or C.V. TOEFL /IELTS scores for international applicants. The TOEFL or IELTS exam are required for international applicants who have not previously attended an English-speaking college or university. Statement of Purpose approximately 500 words in length Academic writing sample Three (3) letters of recommendations Georgetown application fee
To learn more about the program, please contact Justin Harried at email@example.com or visit this link http://www1.georgetown.edu/ departments/democracyandgovernance/about/ .
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January 05, 2012
The illusion of stability in China, an interview with Wei Jingsheng by Journal of International Affairs The interview took place on 7 September 2011 at Columbia University. This is a condensed, edited and translated version of the exchange . On 5 December 1978, Wei Jingsheng, an electrician at the Beijing Zoo, posted an essay to a brick wall on Xidan Street called "The Fifth Modernization," which stated: "Democracy is our only choice.... If we want to modernize our economy, sciences, military and other areas, then we must first modernize our people and our society.... Without democracy, society will become stagnant and economic growth will face insurmountable obstacles."
actually misleading and only makes people more tolerant of China's authoritarian political system. Journal: How has China's burgeoning economy and its strengthening diplomatic relations with the West affected its internal political dynamics? Wei: I believe that China's tremendous economic growth has severely weakened the West's ability to put pressure on China. Western capitalists in the United States and in Europe have profited tremendously from China's export-oriented economy, so it is now in the interest of big business to speak well of the Communist Party. All politicians need campaign funds, so big business uses its wealth to lobby politicians for policies that cater to its interests, which are also China's interests, such as policies to maintain the status quo on human rights and labor rights. It has become more obvious that big business is controlling politics, which even the average American citizen is angry about.
system. Many people in Taiwan do not understand that communist China believes its authoritarian system is legitimate and wants to maintain one-party rule to control the country and its people. The Communist Party may use democratic language as a cover, just as Mao Zedong once spoke of "democratic dictatorship." I do not think Taiwan's path to democracy, including the participation of multiple political parties and a peaceful transition, is likely in China. As long as the Communist Party insists on one-party rule, the only way to establish democracy is through revolution.
Wei's rare, public appeal for democracy struck a chord with the Chinese people, who were exhausted by the failures of communism and Journal: Some argue that the Chinese governthe Cultural Revolution. The brick wall on ment has appeased the Chinese people politiXidan Street was soon filled with other critically by allowing them unprecedented levels of cisms of the regime and became known as the individual freedom and increased socioeco"Democracy Wall." However, the nomic opportunities, but that it has "Beijing Spring" was short lived. Wei prevented them from uniting and â€•... I believe that the transition of leadership from was arrested on 29 March 1979 and organizing. Do you think that most Hu Jintao to presumably Xi Jinping in 2012 will imprisoned for fourteen-and-a-half Chinese people are happy with their years. He was released in September not be smooth. On the surface, the transition may government and that only a small 1993, only to be detained again in Feb- look calm, but internally it will not be simple .â€Śâ€– minority want to see it democratize? ruary 1994 for engaging in political activities. He was deported to the Wei: This trend of thought, that the United States in 1997 when the international Chinese government gives some freedoms to Journal: With China's tough stance on discommunity succeeded in pressuring China for individuals but not to groups, is wrong. The sent, how can the Chinese people have their his release. Having lived in exile for nearly Communist Party has never given any freedom independence day? fifteen years, Wei discussed his views of to individuals. How can individuals have freeChina with the Journal's Rebecca Chao. (1) dom if they are not free to gather, associate or Wei: Let me start by comparing mainland form parties? In other words, if there is no China and Taiwan. I visited Taiwan on several Journal of International Affairs: Has China freedom to organize politically, then there is occasions to speak with Taiwanese governbecome more democratic or more authoritarno individual freedom. That is the reality. The ment officials. They told me that the best ian over the last few decades? wealth in China is concentrated in the hands situation for mainland China is to undergo a of the rich. There is a huge gap between the gradual and peaceful political change like TaiWei Jingsheng: It seems that there is a new rich and the poor, so statistics that say that wan. Theoretically, I agree with the possibility trend in Western thought that China is more China is the world's second-largest economy of peaceful change but mainland China and democratic than before. Many Western politiare misleading. Unless you are an animal, not a Taiwan are fundamentally different. cians, scholars and members of the media The Kuomintang Party ruled Taiwan under an human being, you cannot like this kind of govthink that China has become more free and ernment. It is simply impossible. authoritarian political system. But the Kuomore open. But I believe that democracy is mintang was, in the words of Chien Foo, first and foremost a type of political system. hypocritical. (2) The Kuomintang wanted Wei Jingsheng is a Chinese activist involved in China has not changed its political system, so the Chinese democracy movement . He spent Taiwan to be democratic and even admitted how can one say that China is becoming more 15 years in prison. The full interview can be that authoritarianism is an illegitimate political or less democratic? This line of thinking is found at
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David Mason, Consultant, The Asia Foundation
TOP NEWS Good governance matters more than democracy, experts say
f Arabs have to choose between democracy and good governance, they should opt for good governance because the other way around would create chaos, experts argue at a regional security conference in Abu Dhabi yesterday. As political upheaval sweeps across the Arab world, Dr John Chipman, Director-General and Chief Executive of the International Institute for Strategic Studies (IISS), said democracy alone is not a sufficient cause of good governance and if Arabs have to choose between democracy without good governance and good governance without democracy, they should initially go ahead with good governance without democracy because jumping into democracy without good governance can lead to chaos.
David is a consultant at the Asia Foundation. He has seven years of professional and academic application in international development planning with notable experience in research and design of studies related to community-based planning, microcredit and poverty alleviation in Mexico and Nicaragua. Stressing that democracy and good governance Results of these efforts include a peer reviewed publication and subsequent professional presentations. Dissertation research using survey and interview data to examine predictors of microcredit loan repayment in Nicaragua.
Technical abilities include statistical methods, survey design, data management and GIS mapping as well as qualitative research abilities.
Subject specializations include poverty alleviation, microcredit schemes, and housing development.
Interests include international development planning, local economic development and community capacitybuilding positions by building upon specialization and experiences as a U.S. -based urban planner responsible for development review procedures, stakeholder planning, and environmental
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January 05, 2012
are not always compatible, Chipman cited Singapore as an example of good governance without democracy and Pakistan as democracy without good governance. He suggested a good government is expected to provide also for sustainable human development and participation usually in the form of NGOs rather than an electoral process. Jaap de Hoop Scheffer, former Secretary-General of the North Atlantic Treaty Organization (Nato), said nothing can or should be imposed on Arab countries by others. "Europe and the United States cannot steer the political transformation process in the Arab world, but they can play a role if and when they are asked to do so," Scheffer told the audience at the Conference on Global Strategic Developments organised in Abu Dhabi by the Emirates Centre for Strategic Studies and Research. Earlier in his keynote address, retired General Colin Powell, former US Secretary of State, said some nations will undertake the political transition easily, some will find it difficult. "Tunisia and Egypt are positioned to serve as models for the region. Iraq and Afghanistan have rid themselves of tyrannical leadership; they are struggling, but they are moving forward towards representative government." Satisfaction
Powell explained some governments will be wise enough to reform themselves and satisfy the aspirations of their people and thereby earn their support. "The proper approach to the reform effort is to show people a path to a better life. The tsunami which is now passing through will eventually touch every shore -- no government is immune. All nations will have to deal with the challenge of providing their people with jobs, housing, education and dignity. Inspired, visionary leadership can make this tsunami a wave that will lift all boats." He reviewed the political transformation of the sort that is now being experienced in the Middle East he has seen over the past 25 years occur in other parts of the world. "It happened in Latin America in the 1980s, where dictators were overthrown and the people had to create a new form of government. Their main desire was for health care, housing, education, and -above all -- jobs. Chile, Brazil, El Salvador, and others were successful in promoting economic growth and reforming their political systems. "In Asia, South Korea was led by generals for decades; today, it is fully democratic. Compare this with North Korea, which has a selfish leadership concerned only with its own survival. China has opened up its economic system and normalized its political system. It has lifted 400 million people out of poverty, but 800--900 million remain poor. The Chinese know that their main goal must be to respond to people's aspirations. "In Europe, we all watched as a wave of reform unleashed by President Gorbachev's policies of glasnost and perestroika swept across Eastern Europe and destroyed the Soviet Union. Europe became a continent that was whole, free and decent." Powell said the United States believes in governing with the consent of the governed. "We believe that around the world people expect an increasing say in the way they are governed. This is a force that began several hundred years ago." This post was originally published in the ABDEL-KRIM KALLOUCHE/Gulf News
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January 05, 2012
Book Review Democracy, Governance, and Economic Performance (by Yi Feng , 2004) Reviewed by Seth Norton, Wheaton College
In Democracy, Governance, and Economic Performance, Yi Feng provides a panorama of some great puzzles of the intellectual landscape: Why are some countries rich and others poor? How important are political systems to economics? How do political forces affect economic performance? Feng as landscapist attempts an ambitious work. He succeeds by providing a compendium of relevant analysis and an extensive collection of original research—including statistical tests of the politics-economics nexus. Despite disparate and diverse subject matter, a coherent picture emerges. Politics affects economics. However, like impressionist landscapes, Feng‘s picture is fuzzy. Some details are missing. The principal findings are straightforward. The umbrella conclusion is that political instability and policy uncertainty adversely affect economic growth. Democracy does not affect economic growth directly but does increase economic growth indirectly by reducing political instability and policy uncertainty and by enhancing other variables linked more directly to growth—birth rates, education, investment, and economic freedom. Moreover, Feng provides evidence against some putative dysfunctional effects commonly attributed to democracy. For example, democracy does not generate more inflation than autocracy does. Feng makes two especially notable contributions that reflect his creativity and scholarship, add to our understanding of economic performance, and thus enrich important debates in economics
and political science. The first contribution links political stability and economic growth. Feng uses regression analysis to estimate the probability of irregular regime changes; then the estimated probabilities to measure political instability; and finally instability and policy uncertainty (approximated by income-distribution measures), along with a number of wellestablished control variables in cross-country growth equations, to show that political instability and policy uncertainty reduce economic growth. The second notable contribution involves Feng‘s use of Granger causality techniques to test whether political freedom causes economic freedom or vice versa. The tests indicate a causal flow from political freedom to economic freedom, not vice versa. It is both noteworthy and praiseworthy that Feng does not limit his analysis to statistical tests. He also examines anomalies and case studies in which the evidence does not fit the general statistical pattern. For example, Singapore is long on economic freedom and short on political freedom, but, contrary to the general pattern, flourishes—the ―Singapore paradox.‖ Feng argues that Singapore had a head start in some factors that contribute to economic growth and would have done even better economically had it enjoyed more political freedom. However, he notes that Singapore‘s struggle for survival and an astute compensation system for government officials led to economic growth despite the country‘s democratic shortcomings. Feng also addresses tricky issues related to path dependence in transitional nation-states in the post-Soviet era and the impoverished lock-in for much of sub-Saharan Africa. He considers neither case exclusively by purely statistical means. He provides nuanced facts consistent with his story about
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January 05, 2012
Career Talk Does Your LinkedIn Profile Serve As A Good Resume Supplement? By Jessica Hernandez A job search can easily move at a fast pace; so fast, in fact, that we don‘t consider the importance of the steps we take in the process. This can be true of searching for jobs, writing resumes and cover letters, and even choosing the companies to which we submit. LinkedIn has quickly become an amazing tool, aiding job seekers in finding employment thanks to its networking facilities. But it can serve as a great way to supplement your resume. Do you use your profile to meet this goal?
for job references, candidates are now adding two- or three-sentence testimonials to their resumes to have others back their qualifications. LinkedIn provides a similar tool known as recommendations that allows the people you‘ve connected with on the site to recommend you as an employee, employer, or business associate based on their experiences with you. You can use these recommendations to showcase the testimonials you‘ve already added in greater length, while listing more from additional connections.
Expand on Your Qualifications
Highlight Commitment to Your Field
Your resume provides a snapshot of your qualifications. It offers a bit of insight into who you are as a candidate, what skills you‘ve acquired from or provided to other companies in the past, and how likely you are to succeed in the role you want. Typically, your cover letter and interview provide additional insight into these qualifications, but your LinkedIn profile can also be used to fill in the gaps.
Another great way to use LinkedIn as a supplement to your resume is by expanding on your commitment to your field. In your resume, you may only have space to add two or three of your memberships and the links to blogs to which you contribute. On your LinkedIn page, you can add the complete list of affiliations and provide descriptions for your links.
The recommended length of a resume is in the ballpark of one to three pages depending on your depth of experience. This means you only have so much space to get your message across. So you can use your LinkedIn profile to expand on those qualifications. By using it to provide more examples, you can offer a broader scope of your expertise. Showcase Lengthened Testimonials Many job seekers have jumped on the testimonial bandwagon. Rather than waiting for the hiring manager to ask
It‘s worth taking the time to create an in-depth LinkedIn page that expands on the information that shows up in most of your resumes. With your cover letter already backing you up, your profile may be able to convince a hiring manager that you deserve an interview.
For additional tips and advice on resumes and cover letters, follow us on Twitter @GreatResume or visit our blog at www.greatresumesfast.com. Jessica Hernandez is an expert resume writer, a nationallyrecognized resume authority and former HR Manager .
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January 05, 2012
How to See a Shining Candidate Through a Lousy Resume By Tim Giehll I‘m not prone to feel sorry for people who don‘t put together a good resume and complain about not finding a job, just like I don‘t feel sorry for recruiters who complain about bad applicant tracking software but who never took the time research such a crucial purchase. But then again, I can‘t tell you the number a times a recruiter has asked, ―Why is it that the best candidate is never the guy/gal with the best resume?‖ In other words, a lot of good candidates lurk behind those mediocre, poor, and maybe even downright awful resumes. How do you find them without interviewing all of them? Assuming that a poor resume still contains all the basic information – education, experience, references – and is not padded, here are some good tips I‘ve picked up for seeing a good candidate through all the dross:
Look carefully at the work history. Two things speak well of a candidate: 1) A long time with one company and 2) No long periods of unemployment. Both suggest a solid work ethic, dependability, and initiative. Along the same lines….
Look at the work history within a company. Did this person stay in the same position for a long time or did they steadily advance? If the latter, he or she is almost certainly skilled and is probably ambitious and eager for challenges.
Study the time frame of graduate degrees. MBA‘s are great, but MBA‘s earned while working full-time suggest dedication and the ability to multitask. On the other hand, a Master‘s done between jobs can suggest a directed effort to enhance or
even shift a career, and there are few qualities better in a candidate than passion for what they do. Likewise….
Don’t dismiss “irrelevant” degrees. Everyone says that what‘s most important is the ability to think and learn, but when it comes to hiring, most recruiters revert back to experience and relevant degrees – with ―relevant‖ usually meaning something ―related to business‖ like finance, accounting, or the ever-vague ―business administration.‖ Philosophy and English Literature majors probably know more about analyzing an argument and communicating clearly than the average human resources major, so give them a break.
Have you noticed that I used the word ―suggest‖ a lot? Like all good recruiters, I know that it takes a few interviews to know if a candidate is a good fit (and even then, every recruiter has a ―He/She turned out to be a rotten employee‖ story).
Tim Giehll is CEO of Bond Talent Software (www.bondtalent-us.com ). LinkedIn: http://www.linkedin.com/profile/view? id=4902128 Twitter: http://twitter.com/TimGiehll
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Book Review Suite (Continued from page 13)
stability and democracy. His arguments are certainly plausible. The book‘s limitations are less straightforward. Given the large number of statistical tests and the fact that Feng builds on substantial existing research in economics, political science, and sociology, coherence sometimes gets short shrift. Building on previous research tends to diminish the role of formal theory and circumscribes the nature of the tests. Although Feng initially does some formal modeling, his empiricism dominates the book. The book‘s simplest important limitation is its halcyon picture of the democratic polity. The logical conclusion of Feng‘s evidence and his interpretation is that democracy is boundless. This flaw has two dimensions. One is more a matter of style. Feng clearly reveres democracy and the open society we associate with civil societies. Consider, for example, his documentation of the nexus between democracy and educational attainment. He notes, ―A democracy with little prospect of regime change fosters the spirit of learning among all children through the principle of equal opportunity and inspires scientific breakthroughs buttressed by academic freedom‖ (p. 211). It is difficult to suppose that Feng has watched children on a playground during school recess. There must be at least a few children, perhaps little boys, for whom democracy is not a sufficient condition for the absorption of the spirit of learning, at least learning all day long. A second dimension of this roseate view of democracy is that Feng gives models of public choice short shrift in the analysis. The term rent seeking does not appear. Everything apparently works out in democracy. Is democracy effective because it limits rent seeking, or is
rent seeking worse under autocratic regimes? In a book of 322 pages of text and tables, some attention to the dominant research streams of public choice seems warranted. Other limitations exist as well. The strong inferences Feng draws from his tests are not always clearly warranted. He does take pains to avoid ―endogeneity problems‖—treating variables as causes when they are really effects. For example, he uses predetermined rather than contemporaneous values of potentially troublesome variables such as gross domestic product. His approach is appropriate and logical, but it does not preclude all estimation problems. The data are open to a wide range of possible objections, many having to do with potentially omitted variables. Consider human-capital attainment. Like many other distinguished economists, Robert E. Lucas Jr. has argued that human capital drives growth. (―On the Mechanics of Economic Development,‖ Journal of Monetary Economics 22 : 3–42). Lucas, however, makes a unique argument by noting that urbanization enhances the beneficial properties of education because one person‘s productivity enhancements from human capital enhance the productivity of other people‘s human capital. In short, human capital generates important spillovers in urban environments. So urbanization renders human capital more valuable, and we should thus observe more human-capital accumulation in more urbanized countries. However, Feng‘s estimates of the relationship between democracy and human-capital attainment do not include measures of urbanization, and this omission may bias his results. Although he includes numerous con-
January 05, 2012
Blogs & Communities Active Learning Network For Accountability And Performance In Humanitarian Action www.alnap.org/ Aid Watchers www.aidwatchers.com/ Amnesty International www.livewire.amnesty.org/ Center For Global Development www.cgdev.org/section/opinions/blogs Center For International Private Enterprise (Cipe) www.cipe.org/blog/ Civil Society Watch www.cswatch.org/ Communities Of Practice www.reliefweb.int/rw/hlp.nsf/db900ByKey/ CoP_Home?OpenDocument Conversations For A Better World www.conversationsforabetterworld.com/ Dani Rodrik'S Weblog www.rodrik.typepad.com/ Devex www.devex.com/ Devj Connection www.devjconnection.com/ Disasters Emergency Committee www.dec.org.uk/ Economonitor www.economonitor.com/channel/emergingmarkets/ Eldis Communities www.community.eldis.org/indexhome.html Freedomhouse www.blog.freedomhouse.org/ Genardis www.genardis.apcwomen.org/en/frontpage Global Development Network www.cloud2.gdnet.org/cms.php? id=gdn_development_research Global Development Talk Point www.guardian.co.uk/globaldevelopment/2010/sep/14/globaldevelopment-talk-point Globalintegrity www.globalintegrity.org/blog
Submit your web link at http://devtimes.devj.org/ D ev Tim es
January 05, 2012
Development Books Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty by Abhijit Banerjee, Esther Duflo, 2011
For more than fifteen years Abhijit V. Banerjee and Esther Duflo have worked with the poor in dozens of countries spanning five continents, trying to understand the specific problems that come with poverty and to find proven solutions. Their book is radical in its rethinking of the economics of poverty, but also entirely practical in the suggestions it offers. Through a careful analysis of a very rich body of evidence, including the hundreds of randomized control trials that Banerjee and Dufloâ€˜s lab has pioneered, they show why the poor, despite having the same desires and abilities as anyone else, end up with entirely different lives. Through their work, Banerjee and Duflo look at some of the most surprising facets of poverty: why the poor need to borrow in order to save, why they miss out on free life-saving immunizations but pay for drugs that they do not need, why they start many businesses but do not grow any of them, and many other puzzling facts about living with less than 99 cents per day. POOR ECONOMICS argues that so much of anti-poverty policy has failed over the years because of an inadequate understanding of poverty. The battle against poverty can be won, but it will take patience, careful thinking and a willingness to learn from evidence. Banerjee and Duflo are practical visionaries whose meticulous workoffers transformative potential for poor people anywhere, and is a vital guide to policy makers, philanthropists, activists and anyone else who cares about building a world without poverty.
The Plundered Planet: Why We Must and How We Can Manage Nature for Global Prosperity by Paul Collier, 2010
Paul Collier's The Bottom Billion was greeted as groundbreaking when it appeared in 2007, winning the Estoril Distinguished Book Prize, the Arthur Ross Book Award, and the Lionel Gelber Prize. The Economist wrote that it was 'set to become a classic,' the Financial Times praised it as 'rich in both analysis and recommendations,' while Nicholas Kristof of the New York Times called it the 'best nonfiction book so far this year. Now, in The Plundered Planet, Collier builds upon his renowned work on developing countries and the poorest populations to confront the global mismanagement of nature. Proper stewardship of natural assets and liabilities is a matter of planetary urgency: natural resources have the potential either to transform the poorest countries or to tear them apart, while the carbon emissions and agricultural follies of the rich world could further impoverish them. The Plundered Planet charts a course between unchecked profiteering on the one hand and environmental romanticism on the other to offer realistic and sustainable solutions to dauntingly complex issues. Grounded in a belief in the power of informed citizens, Collier proposes a series of international standards that would help poor countries rich in natural assets better manage those resources, policy changes that would raise world food supply, and a clear-headed approach to climate change that acknowledges the benefits of industrialization while addressing the need for alternatives to carbon trading. Revealing how these are all interconnected, The Plundered Planet charts a way forward to avoid the mismanagement of the natural world that threatens our future.
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Book Review Suite (Continued from page 16)
trol variables in most of his estimates, the absence of some important variables must raise caution regarding the strength of his conclusions. The problem of omitted variables is related to a more imposing problem. Feng documents many goods things that stem from political stability, policy certainty, and liberal democracy. Some of these results may be tainted by omitting important variables, such as urbanization. That judgment, however, understates potential problems with the nexus of democracy and economic well-being. Other variables—economic freedom, the rule of law, common-law origins, and private-property rights may well have direct affects on the beneficial outcomes that Feng examines. His estimates of the benefits of democracy may be biased. More important, democracy may be capturing the effects of other fundamental variables—culture, ethnicity, ethnic conflict, religion, and others.
measurable and identifiable ways, but the full measure of that value remains unclear, and we are left with a bigger puzzle: Why isn‘t the whole world democratic? A more subtle limitation of the book pertains to the interpretation of the statistical measures. Feng makes much of the meaning of democracy. He emphasizes tests of the value of liberal democracy—an object of intrinsic value linked to civil liberties, as opposed to the more mechanical, narrower view of democracy identified by Schumpeter. Feng at times plays down Schumpeter‘s version of democracy. Yet much of his empirical analysis uses regular elections grounded in constitutional procedures as a measure of political stability, which is close to the Schumpeterian concept. Other analysis documents the benefits of liberal democ-
enhance economic growth? I think not. Would it enhance civil liberties? Perhaps it would not. Arnold Zellner, one of the world‘s great econometricians, argues that theories should be tested in the extreme (Basic Issues in Econometrics [Chicago: University of Chicago Press, 1984]).Given the numerous arguments raised through the years about the costs of democracy, (Continued from page 8)
likely to be the quality of development. Third, the dividends from political democracy are likely to be greater if it is combined with the development of competitive markets, particularly through external trade liberalization: the combination of democracy and liberalized markets is likely to be a powerful engine of development.
“... that authoritarian regimes “bottle up” problems while democracies permit catharsis ..”
Lucas refers to the mysterious economic force as the ―X factor.‖ Despite the impressive array of statistical tests Feng offers, there is no basis in the data to conclude that these measures have isolated the ultimate X factor. Polities and other human aggregations are complex. To be sure, Feng shows that political institutions affect economic institutions and performances in profound ways both directly and indirectly. Moreover, he notes that countries with particular kinds of cultural backgrounds have high thresholds for democracy. However, the complexities of human behavior and organization pose inherent limits on our understanding of them. Democracy seems to add value to life in
racy—largely unfettered civil liberties. Other versions of democracy also exist. In Law, Pragmatism, and Democracy (Cambridge, Mass.: Harvard University Press, 2003), Richard A. Posner labels these versions as Concept 1 democracy, in contrast to the Schumpeterian Concept 2 democracy. Concept 1 democracy stresses an informed citizenry and, paradoxically, delegation of power to the bureaucracy and the judiciary. Feng does not consider whether his liberal democracy eventually evolves toward the Concept 1 type. For example, would a powerful ―green‖ bureaucracy that strictly controls environmental policy
January 05, 2012
Democracy as a Political System and its Impact on Economic Development
Democracy, considered to consist of a troika—the right to vote and turn out governments, an independent judiciary, and a free press—defines both an ideology and a structure. The ideology is that of the process of governance-byconsent. The structure consists of the institutions by which that ideology is implemented. Both the ideology and the institutions of a democracy can be argued to contribute to development, though there are some downsides as well.7 The most plausible arguments in favor of democracy as being conducive to development on grounds of its ideological or process-of-consent content are twofold. One, for which there is now substantial evidence, is (Continued on page 19)
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(Continued from page 18)
that democracies rarely go to war against each other. The other, which is more speculative, is that authoritarian regimes ―bottle up‖ problems while democracies permit catharsis, the apparent chaos of democracy in fact constituting a safety valve that strengthens, instead of undermining, the state and provides the ultimate stability that is conducive to development. The Ideology of Democracy: Democracies at Peace among Themselves. Political scientists have now established that, in nearly two centuries, democracies ―have rarely clashed with one another in violent or potentially violent conflict and (by some reasonable criteria) have virtually never fought one another in a full-scale inter-national war.‖ But if democracies do not fight wars with one another, and they fight only with nondemocratic nations that fight each other in turn, the probability of entering a war if a nation is democratic would be less than if it is nondemocratic. That, in turn, could mean that democracies are more likely both to provide governance that is conducive to peace, and hence prosperity, and to spend less on fighting wars and preparing for them.
tion of disputes without war. But Kant also argued that the structure of democracy, or what we might call inter-ests, would also inhibit wars because democratic leaders would find it more difficult to mobilize their citizens to fight wars. It is not altogether clear whether the ideological or the structural argument should predominate as the explanation of democratic peace, even as both contribute to the outcome; some empirical tests suggest that the ideological one does. That is perhaps what one should expect: the habits of mind, and patterns of practice and procedure, set by the ―norms‖ that a society works with domestically, will surely constrain and shape behavior toward others beyond the nation-state.
Jagdish N. Bhagwati is professor at Columbia University. Website: http:// www.columbia.edu/~jb38/ Full version of this paper is available http://devtimes.devj.org/
In his ―Perpetual Peace,‖ published in 1795, philosopher Immanuel Kant argued why democratic ―republics‖ would naturally pursue peace. He thought
that the ideology of democracy, embodied in the idea of rule by citizen participation and consent, rather than monarchical decree, would mean that democracies, used to domestic governance by such consent, would naturally extend to other republics, similarly governed, accommodation by mutual discourse, dialog, and the resolu-
January 05, 2012
(Continued from page 9)
cause trade-offs get involved, and compromises may be needed. Turkey ha shown us that complex transitions of this type can take place in relatively stable ways. Radical forces, however, would try to perpetuate insecurity and chaos, denying the new order legitimacy. The dynamics of attacks and repression can lead ultimately to a military or a radical revolutionary outcome. While fighting extremism should be at the heart of the efforts of the founding coalition, this must be done in ways to win hearts and minds in a contest for legitimacy, through open social debates on the type of society people aspire to belong to. These aspirations are likely to include regional postures that may not be of the liking of the West, but external support for unpopular causes will, as in the past, only strengthen radical causes. Dependency on tourism, foreign direct investment, and capital markets will constrain the length of the window of opportunity that is opening up. Finding quick solutions, at least for orderly transitions, should be a priority. Later, it would be safer for the first wave of democratic governments to reduce dependence and improve resilience, even at a cost, at least until democratic traditions start taking root. It is going to be important to realize that the road to democracy will be long and bumpy. In the Mashriq, ethnicity and external influences also play a role. But chaotic multiethnic democratic orders are possible, perhaps even unavoidable. As Michael Young reminds us in a telling account of recent Lebanese politics , it is precisely the need for all to recognize the reality of more than one vision of the world as a precondition for their own security, which has lead to the creation of a liberal space in a multiethnic setting. History is unfolding. Let‘s try to figure out our role in making this historical transition work!
Ishac Diwan is a World Bank Country Director . He holds a PhD in Economics from the University of California at Berkeley.
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January 05, 2012
Job Opportunities Principal Banker
Organization: European Bank for Reconstruction and Development (ERBD) Location: United Kingdom, Closing: 14 January 2012 Banking Portfolio is a unit of the Banking Department that oversees the management of the Bank‘s portfolio of debt and equity in all aspects of post-signing activities. The unit works with team portfolio managers to enhance the value of the portfolio and improve the management accountability by ensuring the quality and timeliness of client engagement, timely identification and diagnosis of portfolio problems, and effective remedial actions. Specifically, the unit (i) engages in high level strategic decisions concerning portfolio projects, (ii) coordinates management of the Bank‘s equity portfolio, while maintaining up-to-date information of the portfolio and spearheading in the fair-valuing process, (iii) provides guidance in governance matters in equity portfolio, (iv) interacts with non-Banking departments in delivering the objectives set for the projects. Initially the focus is made to the equity portfolio and going forward the role will increasingly encompass oversight of the loans and banking bonds portfolio. A Principal Banker, reporting directly to MD Portfolio, will play a key role in fulfilling the unit‘s current responsibilities as well as in developing new portfolio functionalities. Requirements Minimum of 7 years of either one or more of the following experience (preferably a
minimum of two) from a major financial service company: asset management, performance measurement, investment banking (research/corporate finance/M&A), strategic consulting for financial services sector; where the candidate must have acquired high level financial analysis/portlfio management skills and demonstrable expertise in asset management or risk management Knowledge of fixed income analysis and portfolio management would be a benefit Superb writing and oral communications skills in English Good knowledge/practical experience of IFRS/USGAAP Advanced degree from a leading university, preferably in advanced finance or mathematics Professional financial qualifications such as a CFA designation, is preferable Advance level of computer literacy Knowledge and understanding of the Bank‘s operation cycle and inter-departmental workings may be considered favorably
Responsibilities The candidate is expected to perform, among other things, the following functions: assess/analyse risk-returns of a wide range of investment instruments, encompassing from senior secured debt to equity and equity derivatives including contract-based esoteric OTC derivatives; provide input to developing appropriate portfolio tools for loans and fixed income instruments
produce analytical materials for internal consumption and for discussions with the Bank‘s external auditors; make both strategic and specific observations based on the assessment of the portfolio; represent Portfolio in internal working committees and forums in Banking/Risk Management/etc. and deliver Portfolio‘s position effectively; contribute to the work of EPMU (Equity Portfolio Monitoring Unit), gaining necessary skills to perform required data analysis and processing work; assist Portfolio in sessions/meetings of the Bank‘s Board of Directors; coordinate workflows among the team portfolio managers and provide timely guidance and directives with respect to portfolio management matters; coordinate work with other support units such as OCE, OAU, Finance, EvD, etc. and from time to time produce on-demand analytical materials and perform all other functions that are relevant to portfolio management. The Individual Ability to operate sensitively in multicultural environments and build effective working relations with clients and colleagues. The applicant should be an excellent team player with strong communication and interpersonal skills. Apply at www.erbdjobs.com Submit your job ads at http://devtimes.devj.org/ D ev Tim es
January 05, 2012
Investment Officer - Private Equity Funds
Director For Country Operations
IFC seeks to appoint an Investment Officer to join its Nairobi team. The Investment Officer will work across Sub-Saharan Africa and other regions as required. Duties and Accountabilities: • Undertake reviews of funds and investee companies and prepare supervision reports, including portfolio performance analyses in comparison to relevant benchmarks; • track and monitor compliance of portfolio companies and propose courses of action in the event of non-compliance; • analyze corporate financial data and other industry information to identify and monitor issues that may affect IFC‘s investments and recommend actions where necessary; • develop an understanding of the target countries in Africa, provide market intelligence, and develop strong business networks; • conduct market studies and help develop a pipeline of potential fund investments; perform research to determine the level of activity and attractiveness of valuations and returns of funds, define future trends, and identify best of breed managers; • undertake due diligence of potential fund investments; participate in the structuring, negotiating and execution of deals; • prepare investment review materials and presentations to investment committees to obtain investment approval and negotiate fund documentation; • communicate IFC’s strategy for funds and its rationale for engaging in specific transactions.
Qualifications • Minimum of a Master’s degree in business administration, accounting or other relevant discipline or equivalent experience. • Minimum of 10 years, senior-level experience managing complex health or development programs in developing countries on a similar scale. Significant operations and financial management experience in Kenya strongly preferred. • Experience managing significant USG-funded programs and comprehensive knowledge of applicable regulations and requirements. Demonstrated success and familiarity experience in Kenya is particularly relevant. • Demonstrated leadership and management skills; experience mentoring and supervising staff at all levels within the organization. • Strong leadership, analytical and organizational skills demonstrated by ability to work both independently and within a team, assess priorities, and manage a variety of activities with attention to detail. • • Excellent conceptualization, facilitation, and planning skills. Possess outstanding professional reputation and have strong demonstrated interpersonal, written, and oral presentation skills. Excellent demonstrated cross-cultural communication and active listening skills. Fluency in English.
Organization: International Finance Corporation (IFC) Location: Nairobi, Kenya, Closing: 01/31/2012
Read full post and apply at www.ifc.org (job#112507 )
International Consultant For Final Evaluation Of Cb-2 Project Organization: UNDP Location: Armenia, Closing: 01/31/2012 Competencies • Experience in monitoring and evaluating capacity development projects, particularly in the environmental information and monitoring systems areas for UN or other international development agencies (at least in one project); • Recent knowledge of the GEF Monitoring and Evaluation Policy; • Recent knowledge of UNDP’s results-based management policies and procedures; • Recognized expertise in the environmental information and monitoring systems fields; • Familiarity with environmental management, environmental information and monitoring systems legislation, policies and management structures in CIS would be an asset; • Conceptual thinking and analytical skills. Read full post and apply at http://jobs.undp.org/ cj_view_job.cfm?cur_job_id=27155
Organization: Management Sciences for Health Location: Kenya, Closing: 01/13/2012
Read full post and apply at www.msh.org (job # 12-4541)
Senior Credit Manager
Organization: European Bank for Reconstruction and Development (ERBD) Location: United Kingdom, Closing: 15 January 2012 Qualifications • Responsible for monitoring the financial and operating risks of a part of the portfolio of the Bank's signed projects. • Regularly review individual projects and counterparties, establish risk ratings of exposures, make recommendations for impairment, and from time to time provide input in the form of a credit note to the Operations Committee. • Identify and present trends in portfolio segments to feed into strategic overviews and planning. • Regularly review fair valuations of equity investments to establish fair market values in accordance with IFRS and other relevant guidelines. Make decisions on waivers and amendments on individual projects in line with Bank policy and procedures, including pricing changes and restructurings. • Participate in the preparation of a quarterly Risk Management document for reporting to the Board on risk measures across the banking portfolio and comment on individual high risk projects. • Ensure a close dialogue on individual projects as well as wider sector and accounting issues with Banking project operation leaders and members of the operations teams, including Corporate Recovery, and with other Risk Management teams and the Finance Department. • Provide input as appropriate into credit policy issues and internal methodology across various risk management topics. • Participates as appropriate on specific projects on a wide range of issues. Read full post and apply at www.erbdjobs.com (Ref#50005990)
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Published on Jan 8, 2012
Development Times is a platform to share ideas and knowledge on international development and global issues. It is published every Thursday...