Terry, thanks for reading and for your thoughtful comment. From my perspective, capitalism is what has allowed private business to flourish (with government supervision to help smooth out the extremes of human nature). Before capitalism we had businesses that could only exist by right of the king. The rich were literally chosen by the government, which was typically held/taken by force. In America today, the rich are mostly self-made (https://www.forbes.com/sites/jonathanponciano/2020/09/08/self-made-score/?sh=5a8713d41e47). This is a massive change that has helped to fuel prosperity.

Africa today is a bit like England was before democracy and capitalism. There are “kings” that dictate who can have approved monopolies and get very rich.

Although capitalism and democracy aren’t perfect, they would certainly bring a lot of needed change to much of the world. The middle-class that Africa does have mostly work as employees in foreign companies. More of this would be a good thing and would improve the lives of millions. Waiting for a better version would doom those people to poverty, which I don’t think is the right way.

Much better to work with what we have that can improve lives today and then transfer to a better system once it exists.

A great book on the subject, if you haven’t read it already, is “Why Nations Fail” by Acemoglu. He does a great job explaining all of the things I have seen in my two decades living and working in the developing world.

Just my thoughts.

Thanks,

Jason

Self-taught investor helping busy professionals learn how to ignore mainstream advice and build real wealth. Build your ark today!

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