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Milton Friedman
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<blockquote data-quote="Hencredible Casanova" data-source="post: 443500" data-attributes="member: 2584"><p>It seems that Friedman's answer in that clip supports Speakeasy's point in that many of the people in these resource-rich African countries don't have broad access to capital and free market services (i.e. bank loans, just legal system, property rights, etc) thus no means to escape from poverty. The foreign multinationals in industries like mining simply extract the resources they need by cutting deals with the corrupt elite who could care less about developing the national reforms needed to uplift the majority of their countrymen.</p><p></p><p>There was an award winning Peruvian economist who talked about how the lack of rule of law and property rights keeps many people throughout the developing world mired in poverty.</p><p></p><p>[MEDIA=youtube]gw-da3CFh5g[/MEDIA]</p></blockquote><p></p>
[QUOTE="Hencredible Casanova, post: 443500, member: 2584"] It seems that Friedman's answer in that clip supports Speakeasy's point in that many of the people in these resource-rich African countries don't have broad access to capital and free market services (i.e. bank loans, just legal system, property rights, etc) thus no means to escape from poverty. The foreign multinationals in industries like mining simply extract the resources they need by cutting deals with the corrupt elite who could care less about developing the national reforms needed to uplift the majority of their countrymen. There was an award winning Peruvian economist who talked about how the lack of rule of law and property rights keeps many people throughout the developing world mired in poverty. [MEDIA=youtube]gw-da3CFh5g[/MEDIA] [/QUOTE]
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