Technology aids East Asia growth, says Stiglitz

Technology has been the basis of economic growth in east Asia and government policies have played a critical role in promoting growth by bridging the technology gap, Nobel laureate Joseph Stiglitz told the global workshop on ICT (Information and Communication Technology) for Sustainable Development here.

International agreements should not limit governments' ability to play that role, he added, distancing himself from the 'Washington consensus'.

The critical theoretical flaw in the package of inflation control, liberalisation and privatisation that the consensus recommended to allow the invisible had of the market to hold sway was to assume that technology remained constant.

The workshop is a follow-up of the World Summit on Information Technology and is being sponsored by the UN, WB, the Indian Institute of Science and NIAS.