Saturday, August 15, 2009

The secret behind Lebanon's laissez faire?

"Thirdly, it's not just government cash that is unlikely to flow into low income countries in such volumes in the coming months and years – private sector capital, too, will be much harder to secure.

Attracting foreign investment has been at the heart of many governments' recipes for economic success in recent years. The World Bank's closely watched "Doing Business" report encourages countries to compete on how welcoming they are to cash-rich foreign suitors shopping for local firms, or multinationals pondering where to site their next factory.

Onerous regulation or strict limits on the powers of foreign capitalists get governments relegated; those most successful in reducing local rules and regulations are invited to join the "Doing Business Reformers' Club"."

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