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Why Africa Isn't As Developed As The Rest Of The World
#1
The treasurers of Africa and the complete relying of Africa on primary goods for export are a curse and prevent progress.

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Africa is the richest continent in terms of ground treasures. Half of the worldwide gold is found here, 90 percent of all platinum reserves. Lots of diamonds, copper and oil.

Germany in comparison has no gold, no platinum, no diamonds, no copper and only a tiny bit of oil which is probably gone and I just did not get it. But is technologically seen one of the most advanced countries in the world. Actually pretty similar to Japan which has not much in the ground as well.

Here is a map of patents granted in 2002: The world as you've never seen it before

See how huge Germany and Japan are? More than a third of all patents in the world were granted in Japan. And Africa is just not there. Not at all.

So when you have no resources you have to use your brain and invent. And you have no need for unskilled labour like mining and agriculture. Having NO treasures is a huge factor for human innovations. This process started with the Industrialization in Europe.

And treasurers in the ground can actually cause the opposite.

You do not only have huge conflicts and wars between the people in one African country or between African countries but with all other countries in the world who want the treasurers. Nowadays western countries send no armies they just send companies with billions of capital to get what they want from african governments.

And Africa is completely relying on the export of these treasures which are all primary products

As you can see you almost cannot find Germany or Japan on this map. They just do not export primary goods. Japan has even the lowest proportion worlwide.

Relying on the export of ground treasures and other primary products cause not only wars and conflicts, but this here:

Finite Resources. Primary products like metals, oil and gas are finite resources. Therefore, there is always a danger that when these resources are exhausted, the economy will lose its main export revenue.

Price Volatility. The price of primary products tend to be much more volatile. e.g. they can be influenced by weather and speculation. If prices fall and demand is price inelatic, then producers can go out of business and the country loses its main form of export revenue.

Lack of investment in education. Production of primary products is generally unskilled labour (mining, agriculture). Therefore an economy that specialises in primary products may fail to have enough incentives to invest in labour productivity which helps the long term performance of the economy.

Thanks for taking your time to read...


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