Systemic debt and deficit spending are intrinsic features of today’s economic system. Unlike classical economics, where markets play the leading role and governments the supporting one, the existing economic model, driven by Keynesian theory, has inverted the roles. Keynesian economics, like other statist economic theories, is distrustful of (free) markets, thus making the state, an inherently bureaucratic and coercive institution, the captain of economic and social life.
African countries emerged as “independent” nation-states in this context of state-centered economic thinking and a debt-based fiat monetary system. Consequently, African politicians chose state-led economic development (and maintain this approach to date). […]
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