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Ridley's Statement

1779 Words8 Pages

Africa is a very large continent with over 50 countries and the second most populous continent, but it also is the poorest continent in the world and so Matt Ridley claimed “Africa needs to be rich rather than green”. There is many reasons why he said that, either from all the natural resources that Africa could trade with or the corrupt government that could be replaced and solve all their problems. This essay will show whether Matt Ridleys Statement would also apply to developing economies and I will describe the role of The World Bank and The International Monetary Fund on developing countries.

Countries around the globe have been trading their natural resources in exchange for other resources or money. Africa has been known for their …show more content…

“The IMF’s and The World Bank structural adjustment policies (SAP) ensures the repayment of the loan by asking them to reduce spending on education and health”(www.globalexchange.org). The international Monetary Fund and The World Bank were first created to help developing countries get an economic advantage, but has now become a “pot of gold” for rich countries to reach in and grab all the money they need. Rich countries such as United States and United Kingdom are controlling the IMF and The World Bank because of their high GDP, these countries have an immeasurable “debt” that cannot be repaid, and they are still getting credits from the World Bank. “The IMF and The World Bank often advise countries to attract foreign investors by weakening their labor laws and by doing so they have to reduce wages and take some workers out of their …show more content…

It has been argued by many that the world doesn’t need the IMF or The World Bank, but others claim the opposite because some people might not see the “bigger picture” of what the IMF is really trying to do. IMF can be beneficial in some different ways for example “The IMF assists member nations in numerous different capacities, If a country has a balance of payments deficit, the IMF can step in to fill the gap and IMF’s most significant role is its capability to provide credits to member nations in need of a bailout, IMF can attach conditions to these loans, including prescribed economic policies with which borrowing countries must

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Throughout the ages, many nations have been known to do whatever it takes to sustain a valuable supply of resources. For this reason, however the exploitation of resources by countries using unfair means is an enduring issue for many groups of people. Exploitation of resources is when the government or outside forces take advantage of a nation’s resources. This issue is significant because it causes civil conflict and war, can impact people of nations terribly, and can destroy industry. Problems created by exploitation of resources can be seen in examples from Sierra Leone, the Congo and British India.

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Society has a misconception about the reality’s in Africa. This has everything to do with what we are being taught (family and schooling), what we see in movies and tv shows, even at amusement parks. A stereotype is a preconceived notion. Stereotypes are usually about a group of people. There are many stereotypes about Africa such as wild Africa, cannibalism, primitive Africa, dark continent, and helping Africa.

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(Anderson,271). Because of Africa’s growing national economy, companies such as the liquor company Diageo have been moving resources there to tap into the growing market. Diageo has invested over $1 billion into the African market in the last five years. (Wall Street Journal, 2). This increase in activity has created jobs for the people of Africa as well as stimulated the national

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The foreign aid program is created to bring an end to poverty, conflicts and other difficulties that poor-developed countries are enabled to solve it. Everything is not about money, but it is about power, political view or group society. In many well-developed countries, corruption and political control are being reviewed by the UN and other governance, because they could be penalized or have sanctions. In a less-developed country that are already being helped with foreign aid, the governance and other aid programs must have their hands tied when it comes to penalized or sanctioned, because they are already in need, therefore corruption is created in those less-developed countries and hunger follows. There is the end of hungriness that is currently trying to be solved in the world, but there are still conflicts with political control that keeps the foreign aid to cause hunger in

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