Can Africans learn something from today's Chinese and Indians? Can we learn that a strong market for goods and services is a leading cause of economic growth, and that market is itself a major cause of capital, investment, and technological advancement? Are we now convinced that economic growth is an organic process, involving many interrelated factors? What about understanding that even the banking industry and other financial institutions do not create the conditions for economic growth, since they are only important when an economy is sufficiently sophisticated to make efficient and creative intermediation between savings and business?Well, I, for one, hope so.
Tuesday, June 21, 2005
Interesting opinion piece from allAfrica urging Africa to learn from the Chinese and Indians and join the world economy here: