Why Socialism failed in AFRICA | George Ayitteh

Published on Sep 24, 2021
Considering capitalism to be equal to colonialism, Africa’s founding fathers rejected it and adopted marxist-socialism in the 1960s. Foreign companies were nationalised, state-owned enterprises were created and all sorts of controls on rents, prices, imports and foreign exchange. According to Ghanaian economist George Ayitteh, the socialist experiment failed woefully all across the board.

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