Saturday, April 02, 2011

How to really solve poverty in Africa

Fr. Alexander Lucie-Smith:

You might find yourself wondering just what the solution to poverty in Africa is, if it is not government aid. Professor Philip Booth’s book provides a pretty good checklist of the necessary preconditions for economic development. In other words, if these things are not in place, you can forget about growth.

They are:
• Good governance
• The protection of private property
• Freedom of contract
• Enforcement of contracts
• The rule of law
• The authority of law
• The absence of corruption.

This is Economics 101 and should be taught in high school.