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Old 10-01-2016, 11:37 PM
 
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This makes me wonder if more African countries just need to modernize their traditional approaches to economics and apply them to their country?


Quote:
They cite Cameroon. In the first half of the 1980's, this Central African nation had the continent's highest average economic growth rate, 7 percent a year. Cameroonians' rate of participation in tontines - 47 percent - was the highest in five French-speaking African countries surveyed by Marcomer Gallup International. By contrast, only 13 percent of the people surveyed in the five nations had savings accounts.

''Banks don't match the mentality of the people,'' said Theodoret-Marie Fansi, the director of an economic consulting firm here. ''They are colonial structures.''

Social Pressure for Payment

Tontines work, economists say, because their loans are backed by social pressure, a system familiar to Africans. Banks perform poorly because their loans are backed by paper guarantees made to strangers, a concept alien to Africans...

Informal Capitalism Grows in Cameroon - NYTimes.com
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Old 10-02-2016, 12:02 AM
 
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What did Africans get from Europeans that's useful and what in their traditional culture is still useful is the question? Because both European ways of doing things and African ways of doing things can be beneficial. It's just a matter of each African country sorting these questions out.
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Old 10-02-2016, 09:06 AM
 
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I wonder if the "Asian Tiger" countries economics are based on indigenous economic systems and/or European banking systems since these are developed countries...If this can work fine, but it seems with "African Economics" there is a
danger of Africans being held to a different standard?
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Old 10-02-2016, 12:44 PM
 
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^

I view "African economics" as being about Africans adapting capitalism to their particular countries in ways that work best for them.

Even with the Asian Tiger countries they've adapted capitalism to their countries. I found a book on this.

Quote:
Specific topics discussed range from the use and reinvention of Confucian and Islamic legacies in South Korea and Malaysia to promote a particular vision of the economy, to the role of family- and network-structured firms and the reliance on trust-based personal networks in Southeast Asia, to the cultures of labor and management in Chinese village enterprises and Vietnamese ceramics firms, as well as in South Korean export processing zones and the current Chinese labor market...

https://www.amazon.com/Culture-Econo.../dp/0472085980
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Old 10-02-2016, 06:55 PM
 
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Here's some more current info on Tontines in relation to microfinance.

Microfinance in West Africa Grows Up - MFTransparency.org
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