William J. Malecela
R I P
- Apr 27, 2006
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Wanabodi niliipitia hii article nikaiona to be interesting:
NO ONE IS LAUGHINH AT CHINA ANYMORE,
BY: FEMI AKOMOLAFE
NO ONE IS LAUGHINH AT CHINA ANYMORE,
BY: FEMI AKOMOLAFE
(1). It is now official, China has overtaken the UK to become the 4th largest economy in the world, behind the US, JAPAN, and GERMANY. Given the fact that just 20 years ago China was a country that was lampooned as a "sleeping giant", this is nothing short of an astounding miracle, if you do not believe this go to www.made-in-China.com.
(2). Since both China and most of Africa were in the same economic badlands in the 70s and 1980s, China rapid economic transformation holds special lessons for those of us in Africa. Whilst the Chinese opted for an indigenous solution to their economic backwardness, African governments, against the advice of eminent economists such as professor Adedeji, chose to follow the prescriptions of the World bank and the IMF!
These Western-dominated organizations prescribed the vile Structural Adjustment Programmes (SAPs) which later metamorphosed into the Enhanced Structural Adjustment (ESAP) which, in turn, metamorphosed into the insulting Highly Indebted Poor Country (HIPC) programmes.
The results, which could not be more contrasting, are there for all to see, whereas African economies which devoutly followed the IMF/World Bank's prescriptions have been devastated, While China's economy managed by Chinese themselves, is surging ahead at an unprecedented, breathtaking pace.
(3). Africa was dealt a double-whammy:
1. The economic prescriptions of the IMF and World Bank comprehensively ruined the African economies, and
2. Africans got blamed for the continuing economic non-performance!
The overpaid Western consultants dumped Africa on a laughed all the way to their banks, and the Africans have to pick up the pieces of their crumbled infrastructure, destroyed education and health services, and ill-fed citizens. Sadder still, the Africans have to look on as the Western media continue to lampoon the continent, as though their "experts" have nothing to do with the pictures they are airing of us!
There are five lessons to be learned by Africans from China economic success;
(1). It is possible, people with confidence, determination and vision can achieve!
(2). National economic development always comes through the effort and determination of the nationals!
(3). Rapid economic transformation is possible within two decades!
(4). There is no alternative to industrialization!
(5). There should be more intra-African trade and commerce!