Last month the Bulgarian Academy of Sciences awarded the title “Doctor Honoris Causa” to the world-famous economist Prof. Steve Hanke.
In his academic speech , Prof. Hanke thanked for the honor and expressed concern about the current situation in Bulgaria. He went back 15 years, to 1997, when the Bulgarian government turned to him for advice. Prof. Hanke said that then and now, the biggest problem of our country is corruption. The difference today, however, is that there is a serious shortage of hope. To get Bulgaria out of the crisis Prof. Hanke recommended the Singapore strategy to be implemented. He told the story of Singapore from the separation and independence from Britain in 1963 until today.
“Then (in 1963, editor’s note) Singapore was ranked among the poorest countries in the world, much poorer than Bulgaria today.” – Prof. Hanke said. “But there the success is attributable to investment, Singapore took a few steps that revitalized the economy – a currency board was set up for financial stability and external borrowing was carefully monitored; the market and prices were liberalized; an emphasis was put on equitable justice and internal order and all the possibilities for corruption were eliminated. And today there’s no corruption, unlike Bulgaria. “- Said Prof. Hanke.
The professor said that the crisis is an opportunity for progress. According to him Bulgaria should aim towards an economy based on knowledge and added value.
Catch his speech here.
Dr. Hanke posts at Cato, Business Insider, and HuffPo.
