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The Importance of the Free Market in Africa

A Panel Discussion with Marian Tupy (Cato Institute) and Somachi Chris-Asoluka (Tony Elumelu Foundation)

Economists have long argued that free market capitalism is the best tool available for lifting countries out of poverty and promoting economic development. The Adam Smith Society’s “Capitalism Across the Globe” series examines the state of the free market, its performance, and consider the obstacles it faces—from public sentiment to local corruption and crony capitalism—in countries with developing economies around the world.

On March 30, the Vanderbilt Owen chapter of the Adam Smith Society hosted the Tony Elumelu Foundation’s Somachi Chris-Asoluka and the Cato Institute’s Marian Tupy for a vibrant conversation on capitalism in Africa. Vanderbilt chapter president Joshua Eniola moderated the discussion.

Panelists exchanged ideas on the current state of capitalism in Africa, primary hurdles and proposed solutions, and the efficacy of aid vs. investment in the continent.


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