Moreover, the experience of other periods of American history demonstrates that protectionist measures are not an effective means of promoting the diffusion of technology in a more developed economy. The detrimental economic effects associated with the passage of the Smoot-Hawley tariffs in 1930 provide one important example.
I should also point out that it was the microfinance practitioners who helped to initiate the process of developing Kenya’s microfinance legal and regulatory framework through a consultative process. Your Excellency; The MFI sector is now transforming to deposit taking institutions.