In this guest article, William Laraque discusses economic growth and the myth of democracy.
This guest article was written by William Laraque who is the Managing Director of US-International Trade Services.
Africa and Technological Myths
One of the great myths repeated at Davos recently is what I term the African pole vault. Because Africa was able to leap to cell phones, it is forecasted that it is just a matter of time before the continent embraces all other forms of technological progress. Kenya has adopted M-Pesa and M-Kopa and so it is assumed that soon, just as cell phone use spreads throughout Africa, so will other forms of Fintech, e-commerce, technological wonders. These economic prognostications remind me of John Kenneth Galbraith who wrote that "the function of economic forecasting is to make astrology look respectable."
As we have seen with the U.S. sponsored Power Africa program, the continent is filled with tyrants, corruption and misconceptions about the need for democracy as an essential precursor to economic progress. Furthermore such absurdities as Nigeria, a country with enormous oil reserves, having frequent blackouts, exist.
China, through its Resources for Infrastructure Investment (R4I) program, provided most of the money to develop African infrastructure. There was no need on the part of African rulers to adopt democracy as a political system or the free-market economy as a model. Now that Chinese economic growth is moderating, it will be interesting to see how this changes African attitudes toward democracy and free-market economics.
Political and Economic Corruption
Essential to our discussion is the understanding of the difference between political and economic corruption. Much on display in the world, tyranny, despotism and plutocracy are examples of political corruption. Also prevalent are many examples of economic corruption, such as monopoly, oligopoly and oligarchy. Some political systems are harder to define because they Bridge the expanse between the political and the economic. These are called plutocracies.
Inversions, Subversions and other Versions
Last night, I heard Jeff Inmelt, the Chairman of GE, say that the US should adapt Simpson-Bowles and fix the U.S. tax code which presently admits inversions and other perversions. Google, Pfizer-Allergan and a number of other deals recently display the growing dysfunction of the U.S. tax code.
Plutocracy and Taxes
The great misconception about the U.S. being declared a plutocracy by Princeton University and others, is that this is a purely political term. It is not commonly understood that plutocracy is an economic term and has an economic impact because of tax policy. Regrettably, the notion that the U.S. is a democracy is flawed. The U.S. is at best a plutocracy whose culture favors the buying of politicians who make policy. According to Jared Bernstein*, "there is this notion that the wealthy use their money to buy politicians; more accurately, it's that they can buy policy, and specifically, tax policy."
* Member of the Center on Budget and Policy Priorities.
This guest article was written by William Laraque who is the Managing Director of US-International Trade Services.
Africa and Technological Myths
One of the great myths repeated at Davos recently is what I term the African pole vault. Because Africa was able to leap to cell phones, it is forecasted that it is just a matter of time before the continent embraces all other forms of technological progress. Kenya has adopted M-Pesa and M-Kopa and so it is assumed that soon, just as cell phone use spreads throughout Africa, so will other forms of Fintech, e-commerce, technological wonders. These economic prognostications remind me of John Kenneth Galbraith who wrote that "the function of economic forecasting is to make astrology look respectable."
As we have seen with the U.S. sponsored Power Africa program, the continent is filled with tyrants, corruption and misconceptions about the need for democracy as an essential precursor to economic progress. Furthermore such absurdities as Nigeria, a country with enormous oil reserves, having frequent blackouts, exist.
China, through its Resources for Infrastructure Investment (R4I) program, provided most of the money to develop African infrastructure. There was no need on the part of African rulers to adopt democracy as a political system or the free-market economy as a model. Now that Chinese economic growth is moderating, it will be interesting to see how this changes African attitudes toward democracy and free-market economics.
Political and Economic Corruption
Essential to our discussion is the understanding of the difference between political and economic corruption. Much on display in the world, tyranny, despotism and plutocracy are examples of political corruption. Also prevalent are many examples of economic corruption, such as monopoly, oligopoly and oligarchy. Some political systems are harder to define because they Bridge the expanse between the political and the economic. These are called plutocracies.
Inversions, Subversions and other Versions
Last night, I heard Jeff Inmelt, the Chairman of GE, say that the US should adapt Simpson-Bowles and fix the U.S. tax code which presently admits inversions and other perversions. Google, Pfizer-Allergan and a number of other deals recently display the growing dysfunction of the U.S. tax code.
Plutocracy and Taxes
The great misconception about the U.S. being declared a plutocracy by Princeton University and others, is that this is a purely political term. It is not commonly understood that plutocracy is an economic term and has an economic impact because of tax policy. Regrettably, the notion that the U.S. is a democracy is flawed. The U.S. is at best a plutocracy whose culture favors the buying of politicians who make policy. According to Jared Bernstein*, "there is this notion that the wealthy use their money to buy politicians; more accurately, it's that they can buy policy, and specifically, tax policy."
* Member of the Center on Budget and Policy Priorities.
Insurtech, Crypto, and Blockchain: The Fintech Trifecta of Q1 2024
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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