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08 February 2012

Africa's Economic Success: Capitalism!

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One of my favorite economists (Zambian pro-market activist, Dambisa Moyo) explains the recent success of African economies: Capitalism, innovation and adaptation. Success is likely to continue and to be unaffected by Europe´s financial meltdown. The article, publised in the Financial Times is entitled "Africa Can Remind the World of the Capitalist Way". Here is an extract:

“What’s more, the story extends well beyond the well-hyped resources sector – the majority of the stocks that trade on African exchanges are non-commodities, including telecommunications and consumer goods, and financial services, where even a relatively small country like Zambia has 18 registered foreign and domestic banks.

Investments will continue to benefit from the Africa demographic story, which is decidedly skewed towards the young. Over 60 per cent of Africans are under 24 years of age. If well harnessed, such statistics portend a boom in local private demand in decades to come. Changing dietary preferences from grain-based to protein-based foodstuffs, underlie a boom in food producers. Africa is home to many of the 2bn people who have a mobile phone but no bank account. The rapid integration between the financial products and mobile telephony creates a myriad of opportunities to directly serve the consumer, and to cut out the bureaucratic middle men."

I like that.

Read the entire article HERE.

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INTRODUCTORY NOTE

Starting January 30, 2012, I decided to put the random (economic) thoughts that I was posting on Facebook, in a blog. In this site you will be able to read all Facebook notes going back to 2008, (without my Friend’s comments, unfortunately), but we will only maintain the new thoughts. If you want to check out the old comments, they are still posted on Facebook. If you want to comment on them, you have two options (1) Become a Facebook Subscriber. Since all the posts will also appear in Facebook, you will be able to comment there. (2) Comment on Twitter, as each post will also be announced in Twitter.

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