Professor of Public Policy at Blavatnik School of Government at the University of Oxford, Mthuli Ncube, has called for big business in South Africa to stop sitting on piles of cash during uncertain times and urged them to spend it in programs that would create jobs.
Ncube teaches and researches in areas on macroeconomics, finance, development economics, political economy, and health economics. He spoke at the Old Mutual Wisdom Forum in Joburg, commenting on whether globalisation is crumbling or not.
You see the seeds of deglobalisation beginning to germinate is in things like Brexit, for instance, or the anti-immigration policies right across Europe.— Prof Mthuli Ncube. University of Oxford
Ncube points to the Syrian crisis as having brought on the perfect storm for Europe. The increase in that country's immigrants to central Europe occurred alongside the slowdown of those economies putting pressure on jobs, identity, social services and health.
_Prof Mthuli Ncube _(second from the left) appears on the Old Mutual Wisdom Forum panel with JP Landman (far left), Jeffrey Sachs and MC Eusebius McKaiser.
Worryingly, Ncube is of the opinion that mistakes are still being made. He cites credit lines to local banks that are being withheld, often in the name of managing risk. He says that has a demonstrable impact on trade financing on the continent.
There are real issues for Africa for example, the fact that global banks are no longer willing to give credit lines to some banks in Africa.— Prof Mthuli Ncube. University of Oxford
Asked whether the time for globalisation is over - Prof Ncube is of the opinion that a subtle tweak is all that is needed, that we should not weaken those institutions that facilitate globalisation but rather strengthen them, with some appointed to guard their integrity going forward.
Click below to watch the full interview...