IL48: The Misunderstood Economics of Africa ft. Joe Studwell
Top Traders Unplugged
Resource Endowment Is Overstated
Joe argues Africa is not exceptionally resource-rich per capita and mining often creates few jobs and governance challenges.
In this episode Kevin Coldiron is joined by bestselling author Joe Studwell who speaks about his new book How Africa Works: Success and Failure on the World’s Last Development Frontier. We discuss why many of our perceptions about Africa are wrong - why one big problem has been too few people, not too many and why the continent isn’t as resource-rich as we think. Joe talks us through some surprising success stories - like Rwanda’s emulation of Singapore and Botswana’s success in avoiding “the resource curse”. This is the time to begin researching and understanding the opportunities in a continent that has more land mass than the US, China and India combined and will eventually be home to the majority of the world’s young people.
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Episode TimeStamps:
00:01 - Introduction to the episode and guest
02:04 - Why the book was written and initial motivation
05:50 - Outsider perspective and reactions in Africa
07:22 - The core idea: population density and development
08:22 - Why Africa’s growth lagged historically
14:23 - Population growth and changing economic potential
15:39 - Colonialism in Africa vs Asia
20:14 - Land, agriculture, and development differences
23:55 - Rise of private sector and food production
25:57 - Resources and the limits of extractive growth
29:56 - Botswana and managing resource wealth
36:21 - Rwanda’s development model and governance
44:41 - Ethnic dynamics and future stability
50:24 - China’s role and manufacturing potential
56:04 - Investing in Africa and long term outlook
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