Monday, November 28, 2011

Africa Unleashed

I don't remember if I posted this awhile back. It's from Foreign policy magazine.

What is less well known is that Africa's prospects have changed radically over the past decade or so. Across the continent, economic growth rates (in per capita terms) have been positive since the late 1990s. And it is not just the economy that has seen rapid improvement: in the 1990s, the majority of African countries held multiparty elections for the first time since the heady postindependence 1960s, and the extent of civic and media freedom on the continent today is unprecedented. Even though Africa's economic growth rates still fall far short of Asia's stratospheric levels, the steady progress that most African countries have experienced has come as welcome news after decades of despair. But that progress raises a critical question: what happened?...

long article explains what happened.

In Radelet's view, five main factors have conspired to turn Africa around. Expanding democratization has opened up governments, bolstering popular accountability. Improved economic policies have curbed the worst tax and regulatory policies that had plagued African households and investors. Debt reduction has freed up resources for education and health care. New technologies (most notably the ubiquitous cell phone) have boosted Africans' access to markets. And the rise of a new generation of energetic leaders, the so-called cheetah generation (in the evocative terminology of the Ghanaian scholar George Ayittey), has brought new ideas and attitudes to the fore.

and presumably China has a role in the upswing of capitalism..

from "Making it" magazine: the investments are small but growing.

but so far, China is importing raw material and exporting manufactured goods....

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