How entrepreneurship can be a strong driver for sustainable economic development

How entrepreneurship can be a strong driver for sustainable economic development

Reference Main Arguments Key Issues Major Findings/Insights
Friedman, T.L. (February 22, 2006). “Empty Pockets, Angry Minds.” New York Times.
The solution of the current socioeconomic problems of the region Thomas L. Friedman finds in the development of the entrepreneurship but he underlines that countries of the Middle East and North Africa do not conduct an efficient policy which could stimulate the rapid growth of entrepreneurship and, therefore, economy at large. Unemployment.
Low productivity and efficiency of work.
Lack of open market economy and development of entrepreneurship The author reveals basic problems of the contemporary Middle East and North Africa. To put it more precisely, the author underlines the fact that the Middle East and North Africa is the region with the highest rate of unemployment in the world, which constitutes 13.2% (Friedman, 2006). In addition, the socioeconomic situation in the region is aggravated by the low productivity which prevents countries of the Middle East and North Africa region from a substantial GDP’s growth. In such a way, the economy of the region is rather stagnating than grows steadily. For instance, he argues that “so many young Arabs and Muslims live in nations that have deprived them of any chance to realize their full potential” (Friedman, 2006). In this respect, he compares countries of the Middle East and North Africa to India and other Asian countries, where the development of entrepreneurship, especially in the field of software and IT, proved to be highly efficient for the sustainable economic growth.

Thomas, L. Jr. (August 9, 2007). “Islamic Finance and Its Critics.” New York Times.
Landon Thomas Jr. in the article “Islamic finance and its critics” (2007) argues that the situation is not absolutely desperate in the Middle East and North Africa and can be improved through the development of entrepreneurship Development of entrepreneurship.
Financial markets.
Risks (terrorism, instability)
the author focuses on the development of finance in Saudi Arabia and some other Islamic countries, but he also reveals the fact that the development of finance is accompanied by the development of entrepreneurship in the region. In such a way, it is possible to estimate that the development of entrepreneurship and a real economic growth can create conditions for the stable development of financial markets of the Middle East and North Africa. In this respect, it is worth mentioning that Landon Thomas Jr. underlines that entrepreneurship is very important for the region and people living in the Middle East and North Africa region can be successful entrepreneurs like the Saudi Prince Muhammad (Thomas, 2007). However, the author points out that there is a threat to the development of entrepreneurship in the region from the part of terrorist organizations, such as Al Qaeda.

Newman, A. (November 14, 2005). “Their Mission: Spreading the Word through Business”. New York Times.
In actuality, the development of entrepreneurship in the Middle East and North Africa is really problematic. Regardless of efforts of the local state or the lack of such efforts, there are numerous factors that prevent fast development of entrepreneurship and economic growth. Obstacles and problems of the development of entrepreneurship.
International business cooperation. Along with such risks as terrorism and interference of state in entrepreneur activities, it is possible to mention the impact of religion on the development of entrepreneurship in the region. For instance, Andy Newman in his article “Their mission: spreading the word through business” (2005) reveals the fact that the Middle East and North Africa are not really open for the development of entrepreneur cooperation between their countries and foreign businessmen and investors. As a result, the latter have to overcome biased attitude of the local authorities and people to develop their business in the region.


References:
Friedman, T.L. (February 22, 2006). “Empty Pockets, Angry Minds.” New York Times. Retrieved on May 24, 2008 from <http://select.nytimes.com/2006/02/22/opinion/22friedman.html?sq=entrepreneur%20North%20Africa&st=nyt&scp=7&pagewanted=print>
Newman, A. (November 14, 2005). “Their Mission: Spreading the Word through Business”. New York Times. Retrieved on May 24, 2008 from <http://www.nytimes.com/2005/11/14/giving/14newman.html?sq=entrepreneur%20North%20Africa&st=nyt&scp=4&pagewanted=print>
Thomas, L. Jr. (August 9, 2007). “Islamic Finance and Its Critics.” New York Times. Retrieved on May 24, 2008 from <http://www.nytimes.com/2007/08/09/business/09trust.html?sq=entrepreneur%20middle%20east&st=nyt&scp=4&pagewanted=print>