Economic development in Africa

This talk basically is about the paradox of financial aid given to Africa. Much of the talk is centered on showing that this aid is ‘dead aid’. This is done by giving illustrations that show why this is the case. The central argument is that many of the African countries are not used to a saving culture, consequently aid money acts as their save boxes.Advertising We will write a custom essay sample on Economic development in Africa specifically for you for only $16.05 $11/page Learn More This has led to these countries running their budgets on aid money implying that if there is a sudden stop in flow of the aid then government operations will not proceed smoothly. Financial aid hurts the economy because the governments do nothing to encourage private investment since the funds are sourced from donors and not from domestic taxes. The talk also touches on the standards of living in Africa. It is argued that the living standards in Africa are w orse than they were in the 1970s. Life expectancies is said to be quickly shortening. It is argued that this is due to epidemics such as the HIV Aids which have greatly spread in Africa without being properly contained. The talk also focuses on the Africa-China interaction. This interaction is argued to benefit the African continent greatly. The Chinese aid to Africa is therefore applauded unlike Western aid to Africa. The explanation given is that the Chinese come to Africa to do business and not to make policies. The Chinese aid is not attached to any policy issues but is purely focused on capital projects which have enabled Africans to acquire jobs and raise their living standards. In the closing minutes of the talk, Moyo reacts to a few critics. What comes out so well is that the aid given to Africa cripples the African continent. This aid does not let the Africans do what they are supposed to do. The arguments made in this talk are quite logical. I like the comparison made betw een the Western aid and the Chinese aid. It helps to illustrate where the problem with the Western aid is. The fact that the Western aid has been doing what the African governments ought to do is a great push back to the economic development in Africa. I agree that the western financial aid in a way acts as an incentive for the government not to engage in serious economic projects. Good examples to support this assertion came out in the talk. One of them was the drug assistance to people infected with aids.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This is the role of the local governments but because the western nations have always taken up this responsibility, the local governments, seemingly, have assumed that it is not their role to provide their people with the medication required. In my opinion, this kind of insulation has made the local governments to fall into laxity and there fore they have failed to stimulate economic develop in the various African nations. On the contrary, the Chinese aid seems to do the opposite of what the western aid has been doing for such a long time. The Chinese aid has been significantly in the form of infrastructure development. In the talk, road networks are mentioned. Making investment in infrastructure is significant for economic development and that is what the Chinese go to do in Africa. In conclusion, I am in agreement that Africa needs to be assisted to start off serious economic developments to cater for its own financial demands. This essay on Economic development in Africa was written and submitted by user Angeline Bailey to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.