In 1978, after years of state control of all productive assets, the government of China embarked on a major program of economic reform. In an effort to awaken a dormant economic giant, it encouraged the formation of rural enterprises and private businesses, liberalized foreign investments and relaxed state control over prices and invested in industrial production and education of its workforce. That was the beginning of the China we see today.
Of all the definitions of freedom I found, the most striking one is: exemption from external control. Now follow me on this please. Pre-1978 china saw a growth of just 6% with painful ups and downs but in a few years after 1978 she saw real growth of more than 9% with fewer ups and downs. Several years down the line she holds steady at 13%. Per capita income has nearly quadrupled in the last 15 years and she has an economy now that could surpass the United States in as little as four years. This is all because she gave power to her most valuable resource: THE PEOPLE.
Capitalism is defined as an economic system in which the means of production and distribution are privately or corporately owned and development is proportionate to the accumulation and reinvestment of profit gained in a free market. In a continent like ours, a free market puts our destiny in our own hands. Without sounding overly political, we have been run by a mindless clueless succession of governments. The benefits of a free market in Africa cannot be overstated. It is in every sense of it the freedom we require to steer our lives, our continent, our destiny in the direction we want. It gives us the freedom to grow at will. Growth without fear of government attacks either from the Internal Revenue Service or any other arm looking to serve selfish needs. The role of Government would be purely limited to policy formulation. Policies that will encourage business growth which in turn will encourage economic growth vis-a-vis job creation are the way forward. More jobs mean better spending power leading to improved standard of living leading to a decline in poverty rates ultimately leading to a decline in crime rates. A free market creates healthy competition. The telecommunication sector is a shining example of what I am talking about here. We should be in the business of freedom. All with guided rules that protects the consumers of course. Freedom to be our own people. Freedom to light our own path is the freedom that’d guarantee economic justice and prosperity. Freedom to grow in our own way, Freedom to build our own Africa.
