Mon | Jul 22, 2019

Don't distort Prof Williams' assertion

Published:Friday | July 15, 2016 | 12:00 AM


I usually read the letters and I came across one ('Small-minded 'wisdom' from UWI academic', Gleaner, July 11, 2016)) that complained about Mona School of Business executive director, Professor Densil Williams, concerning his statement about Jamaica being too small to generate wealth.

In all fairness, I believe Professor Williams' statement was taken out of context. First, Nigeria is not a poor country. The country boasts of the richest black business people on earth like Aliko Dangote, Mike Adenuga and others, but, of course, there will always be those that belong to the lower class. So be careful with the 'facts'.

In addition, a large population provides a large domestic market for the economy. Moreover, population growth encourages competition, which brings about technological advancement and innovations. However, a large population growth can impose constraints on foreign exchange, and human and natural resources. Generally, there is no consensus whether the size of a place can determine economic growth. Well, this is the only valid statement in Phillip Harrison's letter.

Second, Professor Williams' statement must be understood in its entirety. The lecturer stated that "we are in the business of wealth creation ...". He made it clear that making money isn't just the purpose of business. He went on to say that wealth creation means that the people must beat the market.

The last time I checked, the market is an integrated practice for global trade where buyers and sellers meet from all over the globe to trade. So, in my opinion, I believe the professor is coming from the perspective that if one is willing to create wealth, he or she must beat a global market. It is possible the lecturer didn't mean a literal "small Jamaica" in terms of a physical land size.

So, making money can be done locally, but more money can be made when one competes in the global market, which would require doing business overseas. Thus, questions should be directed to the lecturer for clarity instead of throwing stones at him.


UWI WJC Media Student