Lessons from Africa: Africa is Poor Thanks To Government Intrusion
9 months ago
1 min read
Why is Africa poor?
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More than half of the world’s poorest people live in sub-Saharan Africa.
Why? Why is that region so poor? There are lots of theories — some blame a “colonial history.” Others blame the weather or discrimination.
But Magatte Wade, an African entrepreneur, tells John Stossel that she knows the biggest reason from her own first-hand experience: it’s crushing government regulation.
“Once you hire someone, good luck getting rid of them for any reason,” she says. Her home country, Senegal, requires government permission to fire an employee. That makes it hard to run a business. It also makes entrepreneurs reluctant to hire.
Then there’s the complicated tax code.