Essay On Economic Independence

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The process of economic independence does not occur concurrently with the process of political independence. When a former colonial possession achieves political independence, their economy is still engaged in a colonial economic system; this is apparent nowhere more so than in sub-Saharan Africa. The ability for the new state to transition from the colonial system to the current global capitalist system is a process of establishing institutions within the state to foster domestic growth and create economic sustainability for the state. Independence politically occurs with the sweep of a pen and a handshake at a ceremony. Most of these occurred for sub-Saharan Africa during the 1950s and 60s. Dambisa Moyo, William Easterly and Paul Collier believe the lack of stable government institutions, poor domestic policy toward development and a misunderstanding about the continuing cycle of violence are all to blame for poor African growth over the last six decades. These misunderstandings about the strategic way forward for Africa from colonial to capitalist economies and liberal government systems creates a cycle of dependency which keeps developed nations forcing money onto a problem which cannot be resolved through money alone. Many believe that foreign aid is in the best interests of emerging African economies and governments.…show more content…
This system is based on resource extraction and creating imperial wealth. Once the African independence era began in earnest during the second half of the twentieth century, the newly independent states began to have problems adjusting to their new status outside the colonial economic system. Economic independence by nature takes longer to establish itself than political independence, in sub-Saharan Africa developed states deposited enormous amounts of aid into the region in hopes of speeding the process

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