The government gets their power from the people who vote for their leadership.
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West African economic growth rates have been insufficient in most countries to make significant reductions in poverty. Essentially, West Africa’s farmers and firms produce and trade in highly localized markets and do not achieve the sufficient economies of scale required to attract broad-based investment that could accelerate growth and reduce poverty.
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During the late 1940s and early 1950s, the prospect of communist subversion at home and abroad seemed frighteningly real to many people in the United States. These fears came to define–and, in some cases, corrode–the era’s political culture. For many Americans, the most enduring symbol of this “Red Scare” was Republican Senator Joseph R. McCarthy of Wisconsin.
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The theme common to the diplomatic policies of Presidents Roosevelt, Wilson, and Taft was about advancing US economy across different continents. Basically those Presidents were protecting the US business interests. For example, they supported the law which places heavy tariffs on imported goods.
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William Baumol, the 88-year-old shoo-in for a Nobel Prize in economics, has spent years understanding why and how capitalism works. The key ingredient, he says, is the risk taker, the person willing to gamble time and money on an unproven idea. Since 1900 the U.S. has enjoyed a boom in productivity and living standards unparalleled in human history. The central actor in that rise has been the entrepreneur, supported by the four pillars of free enterprise: the free flow of ideas, the free flow of capital, open and fair competition, and respect for property rights. "It is like a mechanical watch, where if one wheel is missing the whole thing stops," says Baumol. On the following pages we kick off a new series in which we profile entrepreneurs who are champions of each pillar. Paul Tierney puts money into capital-starved Africa, seeking above-average returns. Krisztina Holly speeds the flow of ideas out of her university so they can turn into businesses. Alan Miller is one of the staunchest advocates for private competition in health care. Web pirate Peter Sunde, an unlikely hero of property rights, has a new company helping digital creators get paid for their work. They're proving Baumol's economic theory every day.
