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May 08, 2010
Developing
As part of a brief but wide ranging question and answer session with the Financial Post, Niall Ferguson makes an important observation about Africa. And, not incidentally, about socialism vs capitalism.
Chinese capitalism is working better for Africa than decades of Western socialism.
Q How does Africa fit into all this?
A In the eyes of the Chinese, it is a place with a lot of commodities and very poor infrastructure, and the Chinese have figured out they can access the commodities if they provide the infrastructure. So, they have a pretty instrumental view of Africa. Given the West has a sentimental view of Africa, which is they want to [help with] water, give it aid, help Africans by giving them free malaria meds. And China, of course, thinks that’s absurd. They want to come in and buy stuff, give them highways in return. And right now that model is working better.
Q Working better for China or Africa?
A Working better for Africa. Just look at the growth rate. Africa is enjoying … rapid growth, and it is mostly on the back of sales of commodities and the improvement of infrastructure. By comparison, we’ve had 50 years of development aid and achieved less.
A In the eyes of the Chinese, it is a place with a lot of commodities and very poor infrastructure, and the Chinese have figured out they can access the commodities if they provide the infrastructure. So, they have a pretty instrumental view of Africa. Given the West has a sentimental view of Africa, which is they want to [help with] water, give it aid, help Africans by giving them free malaria meds. And China, of course, thinks that’s absurd. They want to come in and buy stuff, give them highways in return. And right now that model is working better.
Q Working better for China or Africa?
A Working better for Africa. Just look at the growth rate. Africa is enjoying … rapid growth, and it is mostly on the back of sales of commodities and the improvement of infrastructure. By comparison, we’ve had 50 years of development aid and achieved less.
Posted by Ghost of a flea at May 8, 2010 08:31 AM