An essay for my African brothers and sisters in the diaspora

Traditional economic development model

Traditional economic development theory advocates the development of infrastructur as the necessary conducive environment to attract foreign investment. In return for their investment in a developing country, foreign multinationals create employment. They contribute to the gross domestic product and pay taxes. They may even get involved in social responsibility projects as good corporate citizens.

There is nothing wrong with attracting foreign investments. Most countries do just that. However, the emphasis on foreign investment as a trusted means of economic development presupposes the inability of developing the economy from within.

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