How Socialism Destroyed Africa
Posted
March 11, 2019
Views
13,551
Likes
361
Comments
275
Engagement
4.69%
March 11, 2019
13,551
361
275
4.69%
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1:02:46Now PlayingEquating capitalism with colonialism, Africa’s nationalist leaders rejected it and adopted socialism in the 1960s. Foreign companies were nationalized, a string of state-owned enterprises were established and a plethora of state controls on rent, prices, imports and foreign exchange were imposed to capture the commanding heights of the economy. But nowhere in Africa was the socialist experiment successful. It was a miserable fiasco in country after country including Angola (under dos Santos), Benin (under Kerekou), Ethiopia (under Mengistu), Ghana (under Nkrumah), Guinea (under Toure), Mali (under Keita), Mozambique (under Chissano), Tanzania (under Nyerere), and Zambia, among others.
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