11-24-08, 12:53 pm

HAVANA, Cuba, Nov 23 (acn) Nobel Economy Laureate Josepth Stiglitz said in the Dominican Republic that the way of the current world economic crisis entails a difficult and long process.

During a two-day seminar underway in the Dominican Republic, Stiglitz said that it is difficult not to question the basic aspects of economic science when you observe the huge scope of the current crisis, PL news reported.

The seminar titled “The Emerging World Financial Order: a Regional Perspective” was aimed at considering suggestions on the world crisis from the Latin American and Caribbean views.

In his address to participants at the seminar, President Leonel Fernandez and the executive secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), Alicia Barcena, agreed that the origin of the crisis lie in the US real estate market speculation and its further spread to the rest of the economic sector.

Both Fernandez and Barcena blamed the weakness of state regulatory mechanisms and the lack of accounting transparency for the phenomenon. President Fernandez warned that the fall of markets of developed economies will pose a threat on the stability and governability of underdeveloped countries.

In that direction, Stiglitz called for a reconsideration of economic philosophy and the role of developed and emerging states in order to face the world quivering situation. He said that the impact by the crisis on underdeveloped nations will be “very serious” mainly due to inequalities.

The seminar, which closes sessions today, is also being attended by Honduras´ President Manuel Zelaya, Haiti´s Prime Minister Michelle Pierre Louis and by representatives of several countries of the region.