Summary of In Praise of Macro – Yes, Macro – Finance in Africa
Teach a man to fish and you feed him for a lifetime. Invest in a man’s start-up fishing company and the ensuing rising tide will lift all boats.
An old English proverb warns against the futility of aid – “give a man a fish and you feed him for a day” – and praises the virtues of microcredit – “teach a man to fish and you feed him for a lifetime.” But despite microcredit’s good intentions, it is unable to generate the kind of large-scale trickle-down economics required to lift masses of Africans out of poverty. Entrepreneur Sangu Delle refutes the notion that microcredit is the answer to Africa’s prayers. In this provocative, contrarian presentation, he concludes that “macrocredit” is the only viable solution. Though he doesn’t discuss corruption or Africa’s weak institutions and governance, getAbstract recommends Delle’s refreshing ideas to disenchanted aid workers seeking a better way and to venture capitalists in pursuit of new business opportunities.
In this summary, you will learn
- How poverty-reduction programs have evolved in Africa
- Why microcredit won’t generate large-scale prosperity in Africa
- Why macrocredit offers a more promising solution to poverty
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