Rethinking Capitalism in Africa

This chapter examines the complexities of capitalism in Africa, questioning its necessity and emphasizing the importance of productivity and structural transformation. It highlights the historical ramifications of colonialism on current economic policies and advocates for increased intra-African trade and cooperation. The discussion underscores the role of industrial policy and local investment in fostering sustainable growth and economic competitiveness across the continent.

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Africa is a resource-rich continent with immense potential. When countries within the continent demonstrate good governance and sound economic judgment, they thrive. It is, of course, overly simplistic to discuss Africa as a monolith. Yet some regions, particularly sub-Saharan Africa, continue to grapple with debt, poverty, and civil conflict. This is why the continent remains the most underdeveloped, leading to a brain drain of its most talented individuals to more prosperous nations. To what extent has the legacy of colonialism, in both its historical and contemporary forms, contributed to these challenges? How do we evaluate its potential, and what about the Muslim population, which numbers around 437 million – almost half of the continent?

To help us untangle and demystify Africa, we are honoured to have on The Thinking Muslim Professor Abdoulaye Ndiaye, an Assistant Professor of Economics at NYU Stern. He has written extensively about his home country, Senegal, and has recently published intriguing article examining Islamic concept of zakat and economic inequalities in the Muslim world within an Islamic understanding.

Also, for the past 16 months, we all know how difficult it has been for food and essential supplies to reach the beleaguered people of Gaza. This, Insha'Allah, is changing. We have partnered with a charity, Baitulmaal, because now, more than ever, there is a need not only in Gaza but also in Turkish controlled Northern Syria and in all the places we routinely talk about in this program where our ummah is subject to abject poverty. We have chosen this charity because Baitulmaal is a non-profit with people on the ground who organize well-thought-out projects and serve the most needy.

To donate to their Critical Aid campaign, please visit the link on our screen now and in the description. Please do remember that charity never reduces our risk and gives Barakah to our wealth.

You can find Prof. Abdoulaye Ndiaye here:

X: https://x.com/AbdouNdiayeNYU

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