Economic Freedom and Development

Brett D. Schaefer writes that"...To reach upper-middle-income status (gross national income per capita of $3,256 or higher), the average sub-Saharan African with an income of $536 would have to experience real compound growth in per capita income of over 5 percent for over 35 years.[11] To become as wealthy as the United States, the average country in sub-Saharan Africa must grow at 5 percent per year for nearly 90 years. Quite simply, without high, sustained levels of eco­nomic growth, sub-Saharan Africa will not close the gap with the developed countries..."He concludes that "...Foreign assistance alone cannot increase eco­nomic growth and development. Achieving these objectives requires the political will to implement policy change to expand opportunities and remove barriers to growth. Developed countries can assist development by encouraging good policy and opening their markets to developing country products, but success in development ultimately depends on developing countries’ adopting and implementing policies that promote economic freedom, good governance, and the rule of law. Only then will developing countries be on the path to economic development..."