These governments need to put in place institutions and rules that allow markets to function well. They need to make public investments in critical areas such as health care and education. They need to promote the effective rule of law through good governance, transparency, and support for the emergence of a healthy civil society. Developing nations also must introduce and maintain solid macroeconomic policies to accelerate and sustain economic growth. Finally, the private sector needs to take proactive measures to integrate developing nations into the global economy.
Companies have a social responsibility to act as good corporate citizens.
However, this potential market in the developing countries cannot be fully tapped unless economic and social conditions improve. The overarching economic and humanitarian challenge of our time is to build a successful and truly global economy that works well for all the world's people. This challenge can be met by continuing to promote open economies and strengthening the rules and institutions with which they operate. This can be done with a concerted effort by both the public and private sector, while at the same time protecting those most vulnerable to the impact of economic forces. Eizenstat's presentation was part of the Baker Institute's Shell Lecture Series.