Continental Impoverishment
The Effect of Extractive Institutions Resource Extraction, Neoliberal Policies, and Patrimonial Governance in African Nations and a Policy for Economic Development
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Africa is a continent of contrasts, with some of the lowest literacy rates and nations with the highest number of people living in poverty. Yet beginning a few hundred years ago, this same continent was rich in resources coveted by more advanced nations, today’s wealthy Western and European countries. African minerals, raw materials, and even humans were traded for cash or services that benefited African leaders, families, or tribes, but this wealth was not distributed across the general population. The combination of resource extraction, neoliberal policies, and patrimonial regimes is the foundation for the abject poverty and poor literacy that exists in many African nations today.
This book uses data provided by highly regarded international organizations, such as the Index of Economic Freedom, The Global Innovation Index, The Intelligence Unit Democracy Index, and Corruption Perception Index. This research supports the theory that Africa’s perpetual poverty is a result of the extractive transfer of natural resources, the implementation of neoliberal trade policies, and the ongoing support of bad governance and poor leadership.
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