Joseph Mubiru is the first Governor of the Bank of Uganda (1966-1971). He is honored annually by a lecture organised by Bank of Uganda. This lecture was instituted in 1988 after the death of Joseph Mubiru.
The 25th Annual Joseph Mubiru Memorial Lecture this year is happening today Friday December 1, 2017. This will be at Kampala Serena International Conference Center from 2pm to 5pm.
The keynote speaker at this lecture is Dr. Ha-Joon Chang (University reader in Political Economy of Development, University of Cambridge).
Other speakers include the panelists: Allen Kagina, Professor Charles Kwesiga and Mr. Owor Wilbrod.
The day’s moderator is Edmond Kizito.
The Deputy Governor of the Bank of Uganda, Dr. Louis Kasekende took to the stand as the first speaker, also introducing the Keynote speaker.
“We are particularly privileged to have our guest speaker this afternoon, Dr. ha-Joon Chang. He is a University Reader in Political of Development, University of Cambridge.” He went ahead to talk about him as a published scholar especially in fields of Economics.
Dr. Ha-Joon Chang is also the author of the book-Bad Samaritans: The Guilty Secrets of Rich Nations and the Threats to Global Prosperity. this book is used to explain and argue the economic system of most countries.
Dr. Chang talks about the general economy from the historical times, comparing the economy of different countries before and after economic development. This is before he goes deeper into ‘rethinking the role of the state in economic development.’
According to Dr. Chang, these are some of the problems with commodity dependence;
The long-term decline in the terms of trade for primary commodities against manufactured products.
- Large fluctuations in primary commodity prices make the management of balance of payment very difficult.
- Countries that rely on primary commodities are also vulnerable to technological shocks due to innovation in more advanced economies.
He goes ahead to highlight the benefits of special benefits of manufacturing such as increase organisational innovation, raising productivity is much easier as well as it is also a center of capitalism.
“The fact that we need stage intervention doesn’t mean that any intervention will do.”
According to Dr. Chang, developing countries need to be ambitious in terms of their final goals. That is to say keeping in mind that one need to be realistic as well as very pragmatic.