ENABLE THE PEOPLE TO SAY, “WE DID IT!”

Authors

  • Yeomin Yoon Seton Hall University

DOI:

https://doi.org/10.60154/jaepp.2020.v21n4p555

Keywords:

foreign direct investment, economic development, emerging economies, “dead” capital, leadership

Abstract

Foreign direct investment (FDI) is an effective means of attracting productive capital required for economic growth and development. Developing countries, however, should also look inside and mobilize inactive domestic capital they are sitting on. The leader's task in every developing country is to initiate and accomplish the necessary national reforms, enabling it to transform the "dead" capital into "live" capital that would be utilized productively together with FDI. Developing countries must keep the economy humane, and that requires leadership. According to a great thinker of ancient China, Lao Tsu:
A good leader is the one whom people respect and love. A bad leader is the one whom people fear. The worst leader is the one whom people despise. An ideal leader performs actions without unnecessary speech (that is, without resorting to propaganda or spin), and his people say, "We did it!" Every leader should strive to become an ideal leader, as envisioned by Lao Tsu. Under such a leader (or leaders), the people will say, "We did it!" when they make remarkable economic development and enjoy high living standards in a civilized manner.

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Published

2023-04-24

How to Cite

Yoon, Y. (2023). ENABLE THE PEOPLE TO SAY, “WE DID IT!”. Journal of Accounting, Ethics & Public Policy, JAEPP, 21(4), 555. https://doi.org/10.60154/jaepp.2020.v21n4p555