Public Procurement and Public Budgets – Management and Transparency Aleš Michl Portfolio Strategist September 2011

Prague – Changchun km

80’s in Changchun

Now!

China was the biggest economy in the world for almost all of the past 2000 years

China failed to keep pace with the Europe/US in the Industrial Revolution Source: Paul Kennedy/The Rise and Fall of the Great Powers, 1987.

CEO Marchionne: “Fiat would perform better without its loss-making Italian plants”

Advanced Economies: Central Government Public Debts (in % of GDP) Source: Reinhart/Sbrancia: The Liquidation of Government Debt, Working Paper NBER, March World War 2 NOW

Czech republic Global Competitiveness Report 2011 Source: World Economic Forum, 2011

Czech republic Unit Labor Cost indicators by economic activity Source: OECD

The UK government's new transparency intitiatives A letter from PM David Cameron to Government departments on plans to open up Government data (31 May 2010): “New items of central government spending over £25,000 to be published online from November 2010.” “All new central government contracts to be published in full from January 2011.” “New items of local government spending over £500 to be published on a council-by-council basis from January 2011.” Source: departments-on-opening-up-data/

If we fail to keep pace with China Industrial Revolution…

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