As part of International Week at Midwestern State
University’s Dillard College of Business Administration, the 35rd Annual
Streich Family Lecture Series on Free Enterprise will present two MSU
professors who have personal experience in major economic transition in foreign
countries. Dr. Pablo Garcia-Fuentes and Dr. Agim Kukeli will speak about “Experiences
of Economic Transition from Socialism to Capitalism” at 11 a.m. Thursday, Feb.
16, in Dillard 101.
Garcia-Fuentes is Assistant Professor of Economics,
Finance and General Business at MSU. Kukeli is Director of the Bureau of
Business and Government Research and Assistant Professor at MSU. Their
presentation will focus on the economic transitions of Nicaragua and Albania,
specifically the relationship of the Washington Consensus and trade
liberalization, openness and privatization.
Garcia-Fuentes will focus on how
Nicaragua has promoted trade, foreign direct investments (FDI), and
the privatization of state-owned enterprises, and the effect
these three policies have had on the country’s economy regarding its economic
growth and development since 1990. This includes discussing economic growth,
the growth of exports, the growth of FDI, poverty reduction, terms of trade,
unemployment rate, and income inequality. Garcia-Fuentes earned his bachelor’s
degree from the Universidad Nacional Agraria in Managua, Nicaragua, during his
Albania had been under communist rule for 45 years
until revolts brought about change in the early 1990s. Its transition was
hampered by corruption and pyramid schemes. Kukeli earned his bachelor’s degree
from the University of Korca in Korçë, Albania, in 1990, during his country’s turbulent time.
The Washington Consensus is 10 policy reforms that international
financial institutions, such as the International Monetary Fund, the World
Bank, and the U.S. Treasury Department, considered necessary to promote
development in Latin America in 1989. The policies are:
Reduce budget deficits.
Conduct public expenditure in areas of
higher economic return.
Tax reform to broaden the tax rate and cut
marginal tax rates.
Financial liberalization to let the market
determine interest rates.
Exchange rate that promotes nontraditional
Promote trade by eliminating trade quotas
and reducing tariff levels.
Promote foreign direct investment (FDI).
Privatization of state-owned enterprises.
Eliminate barriers to entry of new firms
to promote competition.
Develop a legal system that guarantees
secure property rights.
The Streich Family Lecture Series is named in honor of
the Streich family, owners of former area Gibson’s Discount Centers, and is
designed to give MSU students, staff, and the public insight into the American
free enterprise system in relation to today’s economic status. Former speakers
include author Robert Bryce, Bloomberg economist Richard Yamarone, Texas
businessman T. Boone Pickens, Dr. Robert Z. Lawrence of the Brookings
Institute, Lindley H. Clark Jr. of The Wall
Street Journal, international economist Dr. John Marthinsen, and Texas
Comptroller Susan Combs.
Admission is free. The event is sponsored by the
Dillard College of Business Administration, the Mamie Raborn Center for
Economic Education, and Delta Sigma Pi. Admission is free. Call 940-397-4379
for more information.