I listened to Magatte Wade, an entrepreneur from Senegal, Africa, speaking about how to end poverty. You can listen to her speech at a Ted Talks HERE.
She says that in order to end Africa from existing as the most poverty stricken region of the world, GOVERNMENTS need to GET OUT OF THE WAY. She states that the only way create a more prosperous region is, “We need greater economic freedom“. Words of great wisdom. Someone tell Bernie Sanders and the rest of the socialists.
Many would argue that corruption is the root cause. Wade says that “Corruption is the natural consequence of stupid senseless idiot laws“. And that, “The way to eliminate corruption is to simplify“. It’s hard to argue against what she has to say.
The young socialists here in the United States should listen to what Magatte Wade has to say. Big government controlling the means of production (true socialism) or regulating all industries will inevitably create poverty as it has in Africa.
Magatte also argues against FREE good and wealth redistribution. As an example in her village she is very critical of a US shoe company which has a program of buy one pair of shoes and the company will give away a pair of shoes in a “needy” country. Why is supplying shoes to poor regions counterproductive? Wade says that local shoemakers have gone out of business because they cannot compete against FREE. She said that there were 29 local shoe manufacturers in her small village each of which employed about 15 people. 435 employed making shoes. Those businesses cannot compete against a supplier who gives away products for free hence they end up going out of business.
Free stuff as it turns out is not a way out from poverty.
Out of curiosity I wondered where the FREE shoes are made. Just like most shoe companies, the shoes are made in China and Vietnam. Hmm, US consumers buying products made in China which inadvertently crushes small businesses in Africa. People’s hearts can be in the right place but without looking at all the consequences, their actions may end up hurting instead of helping.
Once again the young socialists should consider that all the FREE STUFF and wealth redistribution that they seek will lead to a life of BONDAGE in POVERTY.