Why is Africa poor? Is it because of its colonial past or is it because of present-day policies? Senegalese-American entrepreneur and philanthropist Magatte Wade answers these questions, and offers a new path for a brighter, more prosperous future for the continent.
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Transcript:
Free Markets Can Free Africa
Presented by Magatte Wade
Is colonialism the source of poverty in Africa?
The answer to that question is a resounding…
No!
If you think it is, put the idea out of your head.
It’s a falsehood.
So, what is the source of Africa’s problems, you might ask?
That’s another easy one to answer.
Most people in Africa don’t have enough money.
And why is that?
(Such easy questions!)
Because they don’t have jobs.
And why don’t they have jobs?
Because they don’t have capitalism and free markets.
They don’t have enough entrepreneurs.
Entrepreneurs create jobs.
Free markets allow them to do so.
This should be obvious.
Sadly, it’s not.
Instead people — you may be one of them — are blinded by ignorance — ignorance about how the world works not just in Africa but everywhere and for all time.
In the 1950’s, Singapore was a swamp with zero natural resources.
No minerals.
No precious metals.
No oil.
Today its income per capita is twice that of the United Kingdom.
What created Singapore’s wealth?
Capitalism!
The free market!
And the property rights and business friendly environment that go along with it.
In the 1990s Dubai was a patch of bleached sand.
Now, it’s one of the great financial centers in the world.
Why?
Capitalism. Free markets. Light regulation.
The strongest economy in Africa right now is a country that you’ve never heard of: Mauritius.
One of the fastest-growing economies is Rwanda.
They have both embraced free market ideas and encouraged local entrepreneurs by making it easy for them to start businesses.
News flash: only one economic system lifts people out of poverty.
Capitalism.
Here’s the topper.
It works every time!
And one economic system guarantees people will be poor.
Socialism.
Venezuela was once the wealthiest country in South America. Socialists took over and turned it into a basket case.
Guess which continent has been overrun with socialism.
Answer: the poorest — Africa.
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