A Guyana perspective on the six mechanisms Petrostates apply in addressing poverty

By Dr Clive Thomas On In Guyana and the Wider World |

Introduction

Last week’s column referenced six mechanisms utilized by oil-rich economies pursuing poverty eradication.  These are reproduced below. The first five are cited in the World Bank’s, Guyana SCD 2020 namely;

universal direct cash transfers [universal basic income, UBI]

cash transfers targeted at poor and vulnerable groups;

transfers targeted at mitigating adverse effects of oil expansion

subsidies and taxes

public sector jobs/employment 

6   Third Sector optimization [volunteerism, charities, social enterprises, cooperatives along with community involvement and social inclusion].