Capitalism is not “unAfrican”. Pre-colonial Africa had markets, trade, private property, profit-sharing, and credit. The myth that enterprise is foreign to Africa has held back prosperity for too long
Ayanda, our people are extremely adept to capitalism if you only observe what is going on around us. The vibrant African informal sector is testament to that. Spazas and street vendors and open-air markets abound all over Africa. It is the policy makers/politicians coming with nonsense socialist ideas/ideology, forcing it top-down on us as Africans. But in spite of that we act as capitalists in our modest ways and create livelihoods for ourselves, and put our children through school and even university.
I want to make the bold statement that we Africans will cause a great capitalist revolution if restricted policies are eradicated and environments created which are conducive to capitalist ventures. Evidence on the ground all over our continent shows that we are capitalists par excellence, even when governments do their nonsensical best to dampen our natural capitalist instincts by means of - let's call it by name - stupid policies...
African maket places are the definition of the free market. The price is determined by supply and demand. This is pure capitalism. Unfortunately the anti-capitalsim propaganda has convinved so many people that capitalism is the opposite of what it really is. The idea that "we" should all share the wealth actually means the government will take your wealth and "we" will al be poorer.
The modern capitalist system is not simply a "Western concept". It evolved in response to the changing economic environment, mainly the industrial revolution.
The early institutions enabling capitalism: markets, paper currency (a Chinese invention), futures markets (originally in Mesopotamia and reaching their first organized form at the Dojima Rice Exchange in Osaka, Japan, in 1730), courts and Rule of Law, etc evolved as trade replaced barter.
The industrial revolution increased the demand for further capital-raising institutions which we take for granted today: Joint-stock companies, auditors, stock exchanges , insurance, and so on which allow investors to place the stewardship of their wealth in the hands of others. They were not introduced on a whim but to facilitate the fruits of the various industrial revolutions: from prepacked food to cellphones to high density housing.
If Africans wish to benefit from the fruits of the Industrial Revolutions, they, too, need to adopt its institutions.
PS: Slavery is very much an African institution, at least as far back as biblical times. Where does it fit in to the socialism/capitalism, central power/markets continua?
Ayanda, our people are extremely adept to capitalism if you only observe what is going on around us. The vibrant African informal sector is testament to that. Spazas and street vendors and open-air markets abound all over Africa. It is the policy makers/politicians coming with nonsense socialist ideas/ideology, forcing it top-down on us as Africans. But in spite of that we act as capitalists in our modest ways and create livelihoods for ourselves, and put our children through school and even university.
I want to make the bold statement that we Africans will cause a great capitalist revolution if restricted policies are eradicated and environments created which are conducive to capitalist ventures. Evidence on the ground all over our continent shows that we are capitalists par excellence, even when governments do their nonsensical best to dampen our natural capitalist instincts by means of - let's call it by name - stupid policies...
The much-hated taxi industry is a classic market response to commuters' needs.
African maket places are the definition of the free market. The price is determined by supply and demand. This is pure capitalism. Unfortunately the anti-capitalsim propaganda has convinved so many people that capitalism is the opposite of what it really is. The idea that "we" should all share the wealth actually means the government will take your wealth and "we" will al be poorer.
The modern capitalist system is not simply a "Western concept". It evolved in response to the changing economic environment, mainly the industrial revolution.
The early institutions enabling capitalism: markets, paper currency (a Chinese invention), futures markets (originally in Mesopotamia and reaching their first organized form at the Dojima Rice Exchange in Osaka, Japan, in 1730), courts and Rule of Law, etc evolved as trade replaced barter.
The industrial revolution increased the demand for further capital-raising institutions which we take for granted today: Joint-stock companies, auditors, stock exchanges , insurance, and so on which allow investors to place the stewardship of their wealth in the hands of others. They were not introduced on a whim but to facilitate the fruits of the various industrial revolutions: from prepacked food to cellphones to high density housing.
If Africans wish to benefit from the fruits of the Industrial Revolutions, they, too, need to adopt its institutions.
PS: Slavery is very much an African institution, at least as far back as biblical times. Where does it fit in to the socialism/capitalism, central power/markets continua?