Racial and social discrimination is a breeding ground for all manners of inequality, and none of them are felt more keenly than wealth and economic disparities in African and Black economies. It was a question that Magatte Wade wrestled with after seeing the abundance of places like Germany and the United States versus her homelandof Senegal. Why are some countries poor? Why are some countries rich? Yes, geography and natural resources certainly play a part. Saudi Arabia's vast oil fields are a testament to that. But for the people of Africa and African communities, the results of colonialism and subjugation disrupted once prosperous trade routes, self-sufficiency, and self-government. It set them back hundreds of years. Once colonialism allegedly ended, and the African nations regained a level of their independence, many ended up with socialist presidents (explained by Magatte here) and, therefore, limited economic freedoms. This kept them from making similar advancements on the economic world stage as their capitalist peers. Since that time, Africa and the pro-African diaspora economies have significantly improved over the years. Unfortunately, many regulations still make doing business extremely challenging between Africa and the African Diaspora. One reason is corruption. Corruption often occurs at all levels of the government, with bribes and favors the expected norm. They will only do what's good for the people if they get something in return. The other is regulations and legislation that is seemingly very anti-free-market capitalism. |