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posted 9 Nov 2016, 09:58 by Gerry Kangalee   [ updated 9 Nov 2016, 10:01 ]
Dr. Godfrey Vincent
On October 31, 2016, Andre Worrell, in his article, “Farrell: Private sector must lead diversification,” reported

Dr. Terrence Farrell
that Dr. Terrence Farrell, Chairman of the Economic Development Advisory Board (EDAB), noted that, “the private sector must lead efforts to diversify the T & T economy.” 

In advocating his preference for private sector led development, Farrell posited the following: (a) the local private sector has better management capability, (b) stronger marketing skills, (c) superior discernment of business opportunities, (d) have access to some amount of capital.

As one of the nation’s top economists who loves to crunch numbers, Farrell has provided no empirical evidence to support his claims. These characteristics of the private sector are all subjective. These claims are spurious at best and are all talking points that support the IMF’s position that the state should retreat from playing the leading role and only become an umpire.

I know that Farrell knows the history of T & T and remembers when Dr. Eric Williams called the private sector “mark-up capitalists.” I know he knows that during the “oil boom” of the 1970s, the private sector “lived off” the state. I know that Farrell knows that the private sector dismantled the bulk of the manufacturing sector when the economy went belly up after the economy crashed in the 1980s.

I know that Farrell knows his history that during the gas boom of the 1990s that the private sector became mass importers of premium wines, whiskey, and cars, and began the construction of multi-million Hollywood type homes. I know that Farrell knows that the private sector became “franchise capitalists” and dotted the environment with US fast foods outlets. I know that Farrell knows that the private-sector is a “parasitic oligarchy.” He knows that since independence, the private sector has funded the various political parties that give them control of the treasury.

So why does Farrell continue promoting the myth of the private sector? He does so because he is a member of the transnational elite who believes in the ideology of neo-liberalism. Farrell is one of the leading spokespersons for privatization, destruction of trade unions, public private partnerships (PPP), and trade liberalization.

Terrence Farrell is a well-educated man. He is one of the “bright boys” who studied economics and can articulate economic ideas. However, his ideas that the private sector is best for the diversification of the economy can’t be supported by historical evidence. Farrell knows better that private sector led diversification is a myth, but he continues to promote a lie.

The private sector in T & T has never diversified the economy and never will. Farrell can’t speak the truth and confront the “myth of the free-market” because his mind is infected with “the liberal virus.” He is who he is: a mouth-piece for the IMF.