The Canadian government under Justin Trudeau is attempting to alter the narratives about our country's relationship with the African continent. Beware the initiative is largely an ideological chimera devoid of concrete action, but even worse, it is blatant hypocrisy.
While inequality has become a topic of increased popularity and politicization in recent years, most of the attention has focused on how 1% own an increasingly large share of the world’s wealth, rather than on inequalities between nations. In a global context in which national borders and citizenship pose few barriers to the mobility of capital, the reality is also a story of the world’s richest nations continuing to reap a disproportionate amount of the globe’s profits.
It is dubious that African middle classes by their sheer existence promote economic growth. Their increase was mainly a limited result of the trickle down effects of the resource based economic growth rates during the early years of this century. Their position and role in society has hardly economic potential and dynamics inducing further productive investment contributing towards sustainable economic growth.
America’s policies under the Donald Trump White House are likely to hurt Africa. Nations on the continent should aim to diversify their products away from exporting raw materials, foster home-grown small and medium enterprises and intensify intra-Africa trade. They should also diversify their global trading partners.
Once we rid ourselves of the false notion that the market economy, as a system, could be objective or benevolent, and we distinguish it from the market as one economic institution instead of a system, we can aptly move towards rejecting the market economy while embracing healthy regulated markets.