FORMER governor of Florida, Jeb Bush, yesterday identified a government’s commitment to entrepreneurial capitalism and a vibrant education system as the two most critical components needed for a state to catalyse growth in the ever-changing global economy.

Speaking at the annual Scotiabank Lecture Series, themed ‘Confronting Radical Change to bring future Economic Rewards’ at the Jamaica Pegasus Hotel in Kingston yesterday, Bush, who is the brother of United States President George W Bush, said that countries that fail to adhere to the accelerating world of changes face the risk of severe economic stagnation.

“The simple fact is that the world is moving at a (rapid) speed, what used to take a year, now takes a month etc….as the world becomes more interdependent,” he said. “Some would hope that the effects of this, these new realities that do exist, will just go away… well the simple fact is that they won’t, the countries that seize these timeless opportunities will come out ahead, those that stand pact with what they have will see incomes decline etc.”

Bush said that developing countries should look closely at the successes of countries such as Korea, Chile and Ireland – economically-challenged countries that with the adaptation of innovative government policies, had achieved significant prosperity over time.

“In times past, countries have developed strategies that has (achieved) quantum leaps in progress, ” Bush said.

“Who will be the next Ireland, Korea or Chile? Which countries will be in the ascendancy and which will be in decline?” Bush asked rhetorically, to which he said that a combination of bold public leadership, a commitment to entrepreneurial capitalism and a focus on education is key.

In terms of a government’s leadership style, Bush noted that it is critical for an administration to move away from monotonous policies and “have a healthy disrespect for the status quo”.

“A lot of times, the way we do things is because we have been doing it that way before, not because it is rational, not because it improves the human condition or creates the chance for people to pursue their dreams, but because we have been doing it that way,” said Bush. “So in a world where change is happening a lot, whether the government is changing or not, it is important for leadership to have a healthy disrespect for the status quo.

“You won’t change everything but the things that don’t work needs to be changed and without leadership, this won’t happen,” the former governor added.

Bush also stated that “rewarding the achievers of society and more importantly working to create more achievers should be the primary goal of countries in this world that we live in.”

“A transformed education system and entrepreneurial capitalism in my mind are the two best ways that that can be achieved,” he added.

In entrepreneurial capitalism, which he said is the most dynamic form of capitalism, a commanding focus is paid in encouraging businesses through low taxes, open markets, less regulations etc. This, he said, stimulates individual entrepreneurial goals, which is critical for any economy, but added that a good education system is the critical foundation that needs to be laid out.

“Individual pursuits truly matters, they should be protected and they should be held as the highest examples for other aspiring achievers in our society,” said Bush.

“Every Jamaican, every Caribbean [national], no matter the standing in society, no matter the level of income of their family, should be given the tools to succeed and to do that we would need a radical transformation of our education system,” he added.