TRIGGERnometry Africa is NOT Poor Because of Colonialism: Here’s Why. - Magatte Wade
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Jan 24, 2024 Magatte Wade is an entrepreneur and author dedicated to advancing economic development in Africa. In a thought-provoking discussion, she challenges the stereotype that colonialism solely causes poverty, emphasizing the pivotal role of entrepreneurship. Wade critiques overregulation and systemic corruption, viewing them as symptoms rather than root causes. She advocates for innovative solutions like startup cities and encourages self-sufficiency through local empowerment, all while pushing back against dependency on foreign influence.
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Poverty and Prosperity
- The solution to poverty is prosperity, driven by entrepreneurs.
- Entrepreneurs need an enabling business environment to thrive, which many African nations lack.
Business Registration
- Registering a business in Senegal took almost two years, contrasting sharply with the 20 minutes it took in the US.
- This illustrates the overregulation hindering African entrepreneurship.
Socialism's Impact
- Overregulation stems from the adoption of socialist ideologies post-colonialism.
- This led to top-down economic planning and stifled entrepreneurial freedom.
