Uganda is not yet financially independent enough to rely on its own resources, a renowned professor and scholar has said.
Prof. Yash Tandon, who was speaking at a roundtable discussion on Uganda's development prospects, described development as a process.
He said the current economic crisis has mainly been a result of the discredited neoliberal paradigm that emphasizes free trade, the supremacy of private enterprise and the minimalist role of the state.
This, he said, has translated into a development crisis for many poor countries like Uganda.
"Development is a process. It can be said to occur if the people are allowed to rise up and demand for their share of the country's natural resources. Without these demands, we cannot talk of development," said Tandon at Hotel Triangle.
He said in a country like Uganda where a few people have trillions of shillings, while majority live in abject poverty with no jobs, the issue of development is far from being noticed.
"It is a struggle between those who have and those who don't have. You may not agree with me, but the fact is that Uganda is not yet independent. We may be politically independent but not economically," he said at the Tax Justice Network Africa meeting.
Tandon said Uganda is still under neocolonialism. He said the objective of the economy should be social welfare. "Development is equal to growth factor plus social welfare minus imperialism," he said. He said capitalist nations basing their growth on such systems have failed globally.
He said the objective of the economy should be social welfare. "Development is equal to growth factor plus social welfare minus imperialism," he said. He said capitalist nations basing their growth on such systems have failed globally.
Prof. Tandon is currently the executive director of the South Centre, an intergovernmental think tank of the developing countries.