Bogotá Eyes the Irish Model

The Wall Street Journal ^ | March 24, 2008 | MARY ANASTASIA O'GRADY

[CHUCKfromCAL]

No sooner had Luis Plata sat down then he started talking about the Irish economic transformation -- from impoverished ugly duckling to swanky swan of Europe in just two decades -- and why a similar growth model is just what Colombia needs.

Some of the necessary policy adjustments are already under way in Bogotá, he said, and with any success, the reforms can be deepened. But the big question mark is whether the U.S. Congress will approve the pending Free Trade Agreement. The FTA, Mr. Plata explained, is as important to Colombia's growth as European Union membership has been to Ireland's.

To think that Democrats might undermine Mr. Plata's visionary agenda is troubling. In 2006, U.S. official development assistance aimed at alleviating poverty around the globe was $23.5 billion and it was pretty much money down a rat hole. That's because development requires economic liberalization, and leaders of poor countries have little incentive to disturb the status quo of monopolies and protectionism that put them in power. Their incentives are even less when rich-country handouts are flowing.

[padre35]

What is missing from that story is who would a FTA benefit America and American Workers.

[Hop A Long Cassidy]

Colombia doesn’t need NAFTA to bring on the miracle that Ireland reaped. Just keep dropping the taxes, tariffs, and government interference while providing a safe political environment (property rights, most importantly).

[AFPhys]

Well, I certainly didn't get the gist of this story from the headline... Here I thought I would have an appropriate comment but it turns out I didn't...

Here's my comment about Irish models anyway!