BOTTOM-UP ECONOMICS

Ruto defends bottom up approach amid criticism

"Trickle down failed for aiding patronage and cronyism, breeding cartels and monopolies that benefit a few"

In Summary

•According to the DP, the approach championed by former Prime Minister Raila Odinga only created monopolies that benefited a few individuals.

•Ruto explained that the bottom-up approach will promote millions of people who are unemployed and small scale business people.

Deputy President William Ruto in Kayole on January 10, 2021
Deputy President William Ruto in Kayole on January 10, 2021
Image: DPPS

Deputy President William Ruto has once again defended his bottom-up economic approach, saying that the trickle down approach failed because it bred cartels.

According to the DP, the approach championed by former Prime Minister Raila Odinga only created monopolies that benefited a few individuals.

Ruto explained that the bottom-up approach will promote millions of people who are unemployed and small scale business people.

"It is the economy. Trickle down failed for aiding patronage and cronyism, breeding cartels and monopolies that benefits few."

"Bottom up is anchored on deliberately promoting investments & financial instruments targeting the millions who are unemployed, hustler enterprises/farmer groups," the DP tweeted on Thursday.

The second in command was reacting to a headline by the Standard saying that he had triggered a storm with his bottom-up plan.

Ruto and other leaders allied to him have insisted on using an economic model that empowers, by injecting money to the low income businesses as the perfect way to build the economy.

They say that the current system only benefits a few people who are at the top of the food chain, in the name of having these people get resources to those at the grassroots.

Those opposed to Ruto’s approach have also insisted that what the country needs is good infrastructure and favourable policies, to better the lives of Kenyans.

A few weeks ago, Former Prime Minister Raila Odinga outlined his economic vision to make Kenya the African continent’s headquarters for global business.

Raila's macroeconomic vision varied somewhat from the DP’s bottom-up approach which focuses on the microeconomic aspect.

Raila said he imagined a country with a firm foundation for the rule of law backed by efficient government structures that can withstand pressure.

"End result; We make Kenya Africa’s leading financial centre; a logistics, shipping and aviation hub; Africa’s headquarter for global business, manufacturing and diplomacy. Jobs come, upward social mobility comes for all. I believe it’s possible," he said.