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1/Today's post is about one of the two most important things happening in the entire world (the other being climate change):
AFRICAN INDUSTRIALIZATION!
bloomberg.com/opinion/articl…
AFRICAN INDUSTRIALIZATION!
bloomberg.com/opinion/articl…
2/What happens in Africa is of utmost importance, because Africa is quite literally the future of the human race. 
3/And Africa is also the epicenter of material deprivation.
Already, over half of the world's extremely poor people live in sub-Saharan Africa.
In just a few years, almost ALL extremely poor people are projected to live in Africa.
Already, over half of the world's extremely poor people live in sub-Saharan Africa.
In just a few years, almost ALL extremely poor people are projected to live in Africa.
4/How can African poverty be reduced?
Decades of effort by well-meaning Western aid and development programs have helped some people, but have not fundamentally changed the situation in Africa.
psmag.com/social-justice…
Decades of effort by well-meaning Western aid and development programs have helped some people, but have not fundamentally changed the situation in Africa.
psmag.com/social-justice…
5/Of course, the West can contribute lots of science and innovation to Africa - for example, the new malaria vaccine.
But much much more than vaccines will be needed if African countries are to escape poverty.
But much much more than vaccines will be needed if African countries are to escape poverty.
6/But a new force has arrived that really DOES have the chance to defeat poverty in Africa:
Industrialization.
Industrialization.
7/Chinese businesspeople are moving to Africa and setting up factories.
They are investing their own money (not loans!). They are employing local workers. They are providing education and training.
This is not colonialism. This is real development.
mckinsey.com/featured-insig…
They are investing their own money (not loans!). They are employing local workers. They are providing education and training.
This is not colonialism. This is real development.
mckinsey.com/featured-insig…
8/And African countries are putting up some impressive growth numbers.
Ghana, Rwanda, Ethiopia, and other countries are among the world's fastest-growing countries. Faster than China.
Ghana, Rwanda, Ethiopia, and other countries are among the world's fastest-growing countries. Faster than China.
9/Capitalism is working in Africa - warts and all.
10/But it's not just capitalism in general. It's a specific kind of capitalism - the "flying geese" theory of manufacturing.
Manufacturers are always looking for the "next factory of the world". China is played out. It's Africa's turn.
pdfs.semanticscholar.org/c905/6d95f98fc…
Manufacturers are always looking for the "next factory of the world". China is played out. It's Africa's turn.
pdfs.semanticscholar.org/c905/6d95f98fc…
11/It is IMPERATIVE that the U.S. and other rich countries help Africa industrialize as quickly as possible.
It's a race against time. A prosperous Africa benefits the whole world. An impoverished Africa destabilizes the whole world.
It's a race against time. A prosperous Africa benefits the whole world. An impoverished Africa destabilizes the whole world.
12/The U.S. and other rich countries need to fully open our markets to African-made manufactured goods, and even give African-made goods preferential access.
13/U.S. market access isn't necessary for Africa to industrialize. But it will speed up the process.
And it'll be more effective than all the foreign aid in the world.
We owe it to the human race to help Africa fulfill its destiny.
(end)
bloomberg.com/opinion/articl…
And it'll be more effective than all the foreign aid in the world.
We owe it to the human race to help Africa fulfill its destiny.
(end)
bloomberg.com/opinion/articl…
