The Economics of Poverty
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The Democratic Republic of the Congo is the world's poorest country, with a large majority of its 70 million citizens living in absolute poverty. For a long time, poverty in Africa has been seen as a purely humanitarian issue. But could the answer just be good economic management? Unfortunately, this is a situation with a very clear solution that is impossibly hard to attain.
Poverty is a tough issue to deal with, but in this video, we'll attempt to explore some of the fundamental causes of this poverty and see how they impact the Congo's fragile economy.
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📚 Want to learn more about the Congo and the economics of poverty? We recommend reading "Congo: The Epic History of a People", by David Van Reybrouck
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#DRC #Congo #Economics
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Sources & Citations -
Nest, M.W., Grignon, F. and Kisangani, E.F., 2006. The Democratic Republic of Congo: Economic dimensions of war and peace (Vol. 53). Boulder, CO: Lynne Rienner.
Clément, M.J.A., 2005. Postconflict Economics in Sub-Saharan Africa, Lessons from the Democratic Republic of the Congo. International Monetary Fund.
Cingano, F., 2014. Trends in income inequality and its impact on economic growth.
Benedek, D., Crivelli, E., Gupta, S. and Muthoora, P., 2014. Foreign aid and revenue: Still a crowding-out effect?. FinanzArchiv: Public Finance Analysis
Zhao, F., Squires, N., Weakliam, D., Van Lerberghe, W., Soucat, A., Toure, K., Shakarishvili, G., Quain, E. and Maeda, A., 2013. Democratic Republic of the Congo». Bulletin of the World Health Organization
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@EconomicsExplained 4 жыл бұрын
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@dujardinmtl 4 жыл бұрын
Economics Explained I can see your agenda here. Comparing Congo under the belges with Congo after independence. You’ve left aside all the history related to the Cold War and the fear that the new administration will turn to the Russian which lead to a coup d’état encouraged by the USA, France, Belgium and the puppet president they installed right after that. Foreign aid is a disease because it brings ressources from outside the country. Any meaningful strategy must be built on local businesses and access to capital. There, I agree that stability can attract the capital needed to jump start the economy.
@dujardinmtl 4 жыл бұрын
volce wagen I have to agree with you on this
@dujardinmtl 4 жыл бұрын
Vlad the guru nope because of a certain bias. See how the introduction was made from comparing the country now with the country during colonial time and South Africa (which both of the period referring to were period of white supremacy in the countries, exploitation of the locals ressources and population, but hey when you don’t pay people, of course you can do wonders. We have the example of the south of othe USA during the colonial era for proof. So many became wealthy but is this model sustainable). I was disappointed in this analysis. Not enough research.
@dujardinmtl 4 жыл бұрын
Vlad the guru somebody had to...this video was poorly prepared just to get some views and monetize it on the channel. I was expecting more like real research and in depth history
@MijinLaw 4 жыл бұрын
Yep thumbs down to this video. The video starts in 1960 conveniently just at the end of the massacres (why would a population that have had their hands cut off by flemish soldiers not have a better work ethic?!), and ignoring the reparations that DRC needed to pay out and the power vacuum. i.e. the actual reasons why DRC is the poorest country now. In as far as the video gives reasons, it comes down to "poor because they're poor". Which, yes, is more than just a tautology, as we can indeed talk about how capitalism has negative and positive feedback at the bottom and top respectively. However I would expect a video on "The Economics of Poverty" to go into far more depth than this. Even videos that just tangentially touch on this topic (e.g. CGP Grey's "rules for being a ruler") break it down in more detail than this.
@marks9127 4 жыл бұрын
Africa is not poor, it is poorly managed.
@shauncameron8390 4 жыл бұрын
Poorly governed.
@XEnzo68 4 жыл бұрын
And poor
@brob657 4 жыл бұрын
@@XEnzo68 By NO means is africa poor. Africa is absolutlty stuffed with amazing resources throughout. To the point that an african kingdom at one point in the history was one of the wealthiest kingdoms. By how much? Well the king litelarly just went a tour with a few hundred ELEPHANTS (aka super high value animals) and just gave out gold to people to show off how wealthy he was. Africa is extremely poorly managed, and it dosent need dictators it needs people that know how the minds of people work and how their hearts also work.
@devvv4616 4 жыл бұрын
@@brob657 it needs leaders who actually care for their people. That story of Mansa Musa was great
@nomadkickbox4049 4 жыл бұрын
Slavery, corruption of african leaders by economic hitmen and looting of natural resource by western countries is the cause of poor management!
@stupidcommentmaker 4 жыл бұрын
"Those who come with wheat, millet, corn or milk, they are not helping us. Those who really want to help us can give us ploughs, tractors, fertilizer, insecticide, watering cans, drills, dams. That's how I define 'food aid'" - Thomas Sankara.
@afroman91794 4 жыл бұрын
talk about lost potential, RIP Sankara
@AnimatedStoriesWorldwide 4 жыл бұрын
Then again we don't owe you aid, buddy. Refuse it if you're above it.
@hersenskim 4 жыл бұрын
China is giving them dams/power stations/farms etc yet they still fuck it up. Africa is it's own biggest enemy. Regards - a South African
@mennovanlavieren3885 4 жыл бұрын
Except that as long as the country is run by local warlords and corrupt politicians those investments will end up in disrepair or will be confiscated. For example a lot of welfare workers have stopped installing electric pumps and install rope type pumps instead. because those can be repaired by the local uneducated community.
@mayainverse9429 4 жыл бұрын
food aid is literally the worst thing you can do for such a country. the worst thing in my opinion the west has done to Africa is not the slave trade nor colonization nor the poorly made borders but charity. charity has been by far the worst thing the west has done to Africa.
@kalebbruwer 4 жыл бұрын
I know a guy who does trucking in mid-Africa, Congo included. He says it's impossible to get anything done without bribes.
@mookosh 3 жыл бұрын
In America we call those duties
@kalebbruwer 3 жыл бұрын
@@mookosh He calls it incentive money. Says they need to budget for it
@mookosh 3 жыл бұрын
@@kalebbruwer honestly this is the case in every country. What's bad about countries like the Congo where you have huge instability is the regime change. We can all factor in bribing our warlord now and again, but when you have rival powers fighting over your land constantly, you could bribe one guy last week, and a different guy shows up this week asking for his bribe. There's no way to budget for that. In developed countries we all know who to bribe. Much more stable and predictable
@boygenius538_8 3 жыл бұрын
@@mookosh it’s still stable, at least you don’t get an AK in your face
@rachaelstanley7986 3 жыл бұрын
Yes, he left out a very important piece of the jigsaw - culture.
@Dankro91 3 жыл бұрын
"When someone lives in absolute poverty, it officially means they live on less than us$2.12 a day.." Me living on $2.77 a day: "Phew, at least I don't live in absolute poverty"
@andyhaochizhang 3 жыл бұрын
I think that amount includes everything, including shelter, utilities, clothes, etc. Not just consumables. That would mean less than $4000 in total in 5 years, assuming no donations or welfare.
@nicklevi5537 3 жыл бұрын
Eat no eat gather 😁👍
@basleals7285 3 жыл бұрын
@@andyhaochizhang you do know rent isnt the same every where cause here 4000 dollars could pay rent for a year in a desent condo
@alans5414 3 жыл бұрын
Actually that sentence quiet wrong, because every country have different purchasing power with their currency, maybe in US you must be above 2 usd to not live in absolute poverty, but in singapore, that rate maybe higher than in US, or in India, that rate will be lower
@annach109 3 жыл бұрын
Poverty is measured in international dollars. That currency does not exist, but it is meant as a placeholder for purchasing power. So basically $2 international a day in Congo is same as US $2 a day in the USA.
@flyingficti0n196 4 жыл бұрын
How to be rich: Step 1.Move to DRC Step 2. That’s it
@ANonyMouse627 4 жыл бұрын
Just because you have the money, doesn't mean there's the supply of things you'd want to buy there... But I guess you'd be rich in relation to everyone else.
@RichardCide5090 4 жыл бұрын
@john smith except theres probably a dead guy mummified and buried somewhere next to loads of gold so yeah...
@flyingficti0n196 4 жыл бұрын
john smith good point
@Flashyfinancier 4 жыл бұрын
Shut up Mexico
@flyingficti0n196 4 жыл бұрын
Flashyfinancier no u
@cruffatinliveth 4 жыл бұрын
3:05 Stock video producer 1: What do homeless people eat? Stock video producer 2: I don't know... Molotov coctails and orange skins? Stock video producer 1: Sounds about right.
@inspiringbrainofficial 4 жыл бұрын
I just edited the comment
@goldenhorde106 4 жыл бұрын
@@inspiringbrainofficial kk
@tinycockjock1967 4 жыл бұрын
the man in the chicken costume Swear down bruv
@ESPmrBrough 4 жыл бұрын
i think the tissue was there to stop evaporation
@Nietabs 3 жыл бұрын
Isn't molotov cocktails a flaming cocktail used for war? if I'm correct
@Peterblack12 4 жыл бұрын
He who feeds you, controls you. ~Sankara
@chrono-glitchwaterlily8776 4 жыл бұрын
Parents explained. (Sorry. I love mine.)
@tanzid5490 4 жыл бұрын
Who is he
@aminuabdulmanaf4434 4 жыл бұрын
@@tanzid5490 he was once a communist dictator in Burkina Faso. I don't know why they're quoting him as if he was some smart man
@yaj1v 4 жыл бұрын
@@aminuabdulmanaf4434 bro? sankara greatly improved the quality of life for his people. he had flaws in the cdrs and revolutionary teachers, but he was one of the best leaders ever
@yaj1v 4 жыл бұрын
god i miss sankara, belgium actually overthrew luambua who probably could have fixed the congo
@Gully2k 4 жыл бұрын
One day I hope to change my country🙏🏾🙏🏾🇨🇩
@jacobarmour6325 3 жыл бұрын
Wow you are actually from DRC 😦
@Gully2k 3 жыл бұрын
@@jacobarmour6325 yes I am
@achintdhiman4807 3 жыл бұрын
Good Luck man I hope things change
@basleals7285 3 жыл бұрын
good luck brother, hope things change!!
@tsepzz4742 3 жыл бұрын
I hope the same for mine! I'm certain we both will!
@CALEBBYPRODUCTIONS 4 жыл бұрын
One way to avoid stifling the local producers are to buy products locally before donating them. This would basically reward producers who would have a small boost to their earnings and therefore either help them boost their productivity or standards of living over time
@russelldevaney7001 3 жыл бұрын
Ah, but that would negate the true purpose of American foreign good aid, which is to provide an income stream to the US food producers. You are naive if you think that food aid gas very much at all to do with saving people from starvation. If t's about making money
@merlevegan7685 3 жыл бұрын
Or just give the clothings free to the markets who can sell them for a little price so its a win win
@uusername7454 4 жыл бұрын
There's no vice documentary linked in the description
@hagen4264 4 жыл бұрын
lol
@TovenDo.O.Video- 4 жыл бұрын
We've been bamboozled
@felipeoyarzun5424 4 жыл бұрын
Of course there isn't
@sharpears 4 жыл бұрын
Here you go: kzfaq.info/get/bejne/ob-hpcmdrNa4gnk.html
@panamahub 4 жыл бұрын
better leave it that way. Vice is a leftist propaganda series.
@jacksonyt3020 4 жыл бұрын
The way he says “but” is so dramatic and epic
@leontrotsky3602 3 жыл бұрын
Lol yeah that "but" has true power, he also does the "now"
@Flashyfinancier 3 жыл бұрын
Austraaaahhhhlian accent
@icanfinnsmh6824 3 жыл бұрын
@@leontrotsky3602 p
@kaynawests262 3 жыл бұрын
What makes a man use this pfp well into 2021
@Energyturtle09 Жыл бұрын
its really annoying
@HamzaKhan-sf8hy 4 жыл бұрын
Congo (Zaire) with it's natural resources could have been one of the richest countries in the world but corruption ruined the country. While Switzerland with no natural resources could is one of the richest countries in the world with efficient and mostly honest politicians.
@betiedu 3 жыл бұрын
Switzerland, Japan.. blessed countries, hope we can see Congo become a prosperous *neutral* nation some day
@DacLMK 3 жыл бұрын
@@betiedu It will never happen, unless educated people took over and change the whole system but that has 0.1% chance of happenin in the next 100 years.
@ceterumcenseocarthaginemes455 3 жыл бұрын
Usa and belgium fucked congo over. They killed their First President lumumba and installed a puppet dictatorship so they Could extract AS many Ressources AS they wanted. Lumumba was a Pan african and Nationalist and put his people first thats what got him killed
@ceterumcenseocarthaginemes455 3 жыл бұрын
@Streat Did I say that? No. I said that the west fucked the congo still corruption today destroys it. Do you know leopold th 2nd?
@jamescpalmer 3 жыл бұрын
...Lol no what you mean is, efficient and DISHONEST BANKS ;)
@jascrandom9855 4 жыл бұрын
The DRC is Not the poorest country in the world. That would be South Sudan with only 246 U$D per capita. Also, the DRC absolutely had No chance of having the same growth as the rest of the world in the 60's. At the time of Independence, there were only 30 people with a University diploma in the Entire country. And that's after the Horrors of the Congo Free State under the King Leopold II.
@MegaTang1234 4 жыл бұрын
You seem to e forgetting how it got utterly robbed to death in the Congo wars. Rwanda managed to pillage so much wealth from it that Rwanda is on it's way to becoming one of the richest countries in Africa.
@jascrandom9855 4 жыл бұрын
@@MegaTang1234 Yeah, no. At 830 U$D per capita, Rwanda is still among the Poorest countries Africa, and the world. If there was wealth plundered from the DRC, it ain't in the Rwandan economy.
@WongPenasaran 4 жыл бұрын
@@MegaTang1234 what are they pillaging? the only importand resource is still there in congo. the humans, if they keep being stupid they wont progress
@Flyguyc12 4 жыл бұрын
I'm glad somebody else here watches Caspian Report!
@KrishnaDasLessons 4 жыл бұрын
Jasc Random Well technically it is Burundi since South Sudan's economic data hasn't been really posted due to the civil war. But the difference of GDP per capita in these poorer African countries are somewhat insignificant.
@pungolay6586 4 жыл бұрын
South Korea was poorer after the Korean War. So was China, Singapore, Rwanda, Indonesia, etc.
@koharaisevo3666 4 жыл бұрын
A country is poor because it's undeveloped not the other way around.
@lordkenten4136 4 жыл бұрын
They were Poor but at least they have and had a stable government with ferm control of it's land. Also all of those countries gave there companys the complete support of the Government to ensure that they will succeed.
@johndavidmanuel2189 4 жыл бұрын
@@lordkenten4136 stable government? Did you know how many revolution happen at korea before they got the stability they had. Also China recently just became stable look at their history, .
@lordkenten4136 4 жыл бұрын
@@johndavidmanuel2189 during the the pereeds of large scale economic growth all of these had a stable government. In South Koreas case the coups never led to any long turn instabliy. In China the Communist Party has had unquitioned control expect for breaf periods of time. Which have always been followed by huge crackdowns.
@johndavidmanuel2189 4 жыл бұрын
@@lordkenten4136 Pretty much. Congo it self makes up many ethnic groups and the idea of them being one is just new while Asian countries had the idea for centuries
@user-fp1go9fl7n 3 жыл бұрын
Poverty was one of the things that everybody knows exists, but it never really clicks with anyone exactly how poverty is formed. Thanks for the video. I've learnt a lot of things I needed to know in forming poverty.
@simplethings3730 4 жыл бұрын
The last I heard, the DRC provides most of the world's Cobalt which is used in Lithium-ion batteries. It's probably just a coincidence that they are receiving a lot of "help" from China.
@vladdythebear5872 4 жыл бұрын
David barnes stuff 2 China: sees struggling African country China: "Congratulations! You are being rescued! Please do not resist"
@Quicksilver_Cookie 4 жыл бұрын
Economies that solely rely on whatever accidentally happened to be underground are neither strong, or reliable, or clever. Selling raw resources is the least profitable way to use them, realistically.
@awoo1622 4 жыл бұрын
@@Quicksilver_Cookie qatar dubai and the whole of Middle East
@awoo1622 4 жыл бұрын
it's just the corrupt leaders. and now there is no hope in sight has ppl have taken corruption as a way of life.
@y2k21 4 жыл бұрын
@@awoo1622 The hope is actually in China's exploitation and the foreign students who don't become part of the brain drain.
@gregorflopinski9016 4 жыл бұрын
Corruption and lack of stability, thats about it
@rutvikrs 4 жыл бұрын
Caused due to colonialism. There I completed the sentence for you.
@ataraxieabrutissante267 4 жыл бұрын
Also low IQ and tribalism
@axirnindar4171 4 жыл бұрын
@@ataraxieabrutissante267 IQ tests are mostly bunk
@ataraxieabrutissante267 4 жыл бұрын
@@axirnindar4171 And yet Africans never went to the moon
@axirnindar4171 4 жыл бұрын
@@ataraxieabrutissante267 neither did Europe
@jeffblunte 4 жыл бұрын
Man I watched your NKorea vid and now I’m hooked, you make excellent points
@EconomicsExplained 4 жыл бұрын
Thanks mate glad you enjoyed:)
@HowMoneyWorks 3 жыл бұрын
Getting a country out of poverty: Step 1: Encourage international investors to deploy capital in your country Step 2: Provide the necessary means (uncorrupt police force, stable government) to protect that investment Step 3: Profit I will be sending a bill for my consulting services to the DRC now
@princemc35 4 ай бұрын
What about Brundi?
@norsejohn7248 4 жыл бұрын
"Unfortunately, congo was not always in grinding poverty"
@bobjones2959 4 жыл бұрын
I'm gonna guess they either misspoke, or the implication is that the fact that it is in poverty *now* is unfortunate.
@norsejohn7248 4 жыл бұрын
@@bobjones2959 I think it was clear that it was a muddle up of words, I think what he meant to say was that "it is unfortunate congo are now...blah blah, but it was not always the case...."!
@NovelNovelist 4 жыл бұрын
Yeah, I tilted my head at that one too.
@bloodcountess81 4 жыл бұрын
I think what he meant is that it is unfortunate that Congo is worse off in present times
@matchalatte5415 4 жыл бұрын
Sad to say I chuckled a bit
@FizzFizzFizzFizzFizz 4 жыл бұрын
BUT...
@scubametalhippy 4 жыл бұрын
As an Aussie it's annoyed me to the point where I've stopped paying attention and now searching the comments for other who find it annoying.... BUT, I've only found a few...
@danthonyem3420 4 жыл бұрын
It was funny at first, but I find it so annoying now, it’s too much, I’ve even stopped watching videos because of that. And also an ad every 2 sentences.................
@FizzFizzFizzFizzFizz 4 жыл бұрын
@@danthonyem3420 he seems to have taken it onboard in more recent episodes!
@ozzyfromspace 4 жыл бұрын
At the top of Maslow's hierarchy of needs we have "flexing with a Gucci belt" *PERFECT* 👌🏽😭😂🎊💯
@WK_MERCURY 4 жыл бұрын
I did a report in college about the “Resource Curse”. It applies perfectly to the Congo.
@DaBloons1 4 жыл бұрын
3:10 Me and the boys showing up to DRC with 20$ on our way to buy a city
@ajithreddy4596 4 жыл бұрын
@ur mom DRC's GDP is 46 billion dollars.
@atulanand4646 4 жыл бұрын
@Einar Figueras it will be useless, the people there are BRAINDEAD due to no education.
@g2trashtxd781 4 жыл бұрын
a few trillion yes.
@tallest4eva 4 жыл бұрын
10 minutes later, you and the boys are dead in a ditch, with the first gang of locals you met $20 richer. There is money being made in these countries; the diamonds from those diamond mines you saw still make it to the international markets to be sold. it is just distributed very very unequally! The problem is not so much about lack of money, but a broken corrupt system.
@g2trashtxd781 4 жыл бұрын
@@tallest4eva It's kind of sad, Europeans cut up Africa not regarding any groups living in the countries, the region is really unstable and the government is corrupt.
@Birdylockso 4 жыл бұрын
You had me at "Africa, the economic superpower it was destined to be."
@kasperknutsen8283 4 жыл бұрын
China is colonizing it
@DerpEye 4 жыл бұрын
@@kasperknutsen8283 Africa is good for nothing by itself. At least the chinese will put it to good use.
@kasperknutsen8283 4 жыл бұрын
@@DerpEye that's what many said when europeans colonized them but because they're white the contrast is immense and then it's "racist"
@DerpEye 4 жыл бұрын
@@kasperknutsen8283 Well, i guess the chinese will be the new europeans then...
@kasperknutsen8283 4 жыл бұрын
@@DerpEye guess so. The world is confusing
@Ozjockey111 3 жыл бұрын
You guys ROCK! In these turmoil laden times we all need to have a better understanding of economic issues in the world
@haydengell7442 4 жыл бұрын
These videos let me procrastinate by watching youtube without feeling guilty as they're educational!
@theauz8600 4 жыл бұрын
Just stumbled across your channel. Instant sub, well put together videos with tons of information. Channels like yours are hard to come by, keep up the great work.
@EconomicsExplained 4 жыл бұрын
Thanks mate always really nice to hear that people are enjoying my little videos :)
@kephas-media 4 жыл бұрын
Video is biased my friend. At least this one. Having lived in Africa, and heard my family worry about having to abandon south Congo bc of war, I know that this video is biased.
@kephas-media 4 жыл бұрын
@@EconomicsExplained how can you say that Congo was the second most industrialized country in Africa and not mention that there were slaves who did the dirty work.
@nederlandshiphop 4 жыл бұрын
@@kephas-media because it's not relevant
@disneydisney1490 2 жыл бұрын
@@kephas-media that’s not relevant. Whether there were slaves or not, the statement rings true
@THE3FATGUYS 4 жыл бұрын
From what I understand, it wasn’t a colony of Belgium, it was the personal colony of King Leopold of Belgium. How that’s different, I’m not sure, but fact nonetheless.
@KonEl-BlackZero 4 жыл бұрын
Yes. But after Leopold died it became a Belgian colony
@ireneuszpyc6684 4 жыл бұрын
@@KonEl-BlackZero plus, king Leopold's power came from Belgian people
@MsJubjubbird 4 жыл бұрын
responsible for one of the biggest genocides in history
@shutout951 4 жыл бұрын
It's a really complicated history. Zero Black is right that eventually Leopold II lost it. Here's the wikipedia page for the dossier that lost Leopold the colony: en.wikipedia.org/wiki/Casement_Report Here's a wikipedia page that relates the story of how Leopold's Congo became the Belgian Congo: en.wikipedia.org/wiki/Congo_Reform_Association I'd love to hear if the Belgian administration was any more humane than Leopold's personal regime in Kinshasa Congo. I know that today's government more or less uses the country's minerals as an ATM and has been used as a haven for foreign criminals who have become personae non gratae in the rest of the world due to their own barbarism and crimes against humanity.
@mansamusa1743 4 жыл бұрын
CPU Alex Leopold was actually forced to hand control of the colony to Belgium's government due to how cruel he was, and after he lost power in it things began to improve(Congo was pretty much at rock bottom after all)
@MoneyGist 4 жыл бұрын
"Foreign aid is a lot like life support."
@wigglebot2368 4 жыл бұрын
Why are you quoting that?
@MoneyGist 4 жыл бұрын
@@wigglebot2368 Cause the implications of that analogy are sadly true. Life support, much like foreign aid, is not meant to be a permanent solution to an individuals health condition. It's meant to keep the person alive while they recover. What needs to be done to ensure economies like Congo actually recover beyond the stage while they'll need life support? I really wish the video had spent a bit more time on that bit 7:38
@Nietabs 3 жыл бұрын
Yes, I kept that quote in my mind
@FakeAssHandsomeMcGee_ 3 жыл бұрын
@@MoneyGist Europe and many wealthy regions should help. It is in their interests. Especially Europe. I think by the end of the century 1 in 3 people will be from Africa. Lot of poor Africans are going to flood Europe.
@LebaneseBaron 2 жыл бұрын
@@MoneyGist agreed. Foreign aid which is not invested in the local economies (in other words, money used to buy stuff from the country's own businesses) is superficial and does not solve anything
@mattmckenna4532 4 жыл бұрын
Your videos are awesome mate. Been on a binge and just want to say thank you and well done
@Srab23 4 жыл бұрын
That ringing noise is very unpleasant, it made me worry my tinnitus had worsened.
@futureshock382 4 жыл бұрын
What ringing noise?
@snp4619 4 жыл бұрын
Ringing noise?
@Srab23 4 жыл бұрын
@@snp4619 4:05
@luckylarry18 4 жыл бұрын
@@Srab23 I still don't hear any sound?
@czechmeoutbabe1997 4 жыл бұрын
Maybe it has? Just kidding that was a trap, I find the sound a bit annoying as well
@christianlibertarian5488 4 жыл бұрын
Phrased another way, and more classically, is that the Congo lacks the Rule of Law. You can essentially graph a linear relationship between wealth and strength of the Rule of Law. That's why both Britain and Rome had such huge empires.
@killermachine6454 3 жыл бұрын
Mongol Empire bru don't self praise yourself
@beepbop6542 3 жыл бұрын
@@killermachine6454 Just because we didn't mention every empire doesn't mean we are praising ourselves, lol.
@GeorgeMonet 3 жыл бұрын
You are seeing correlation and assuming causation without any evidence. Isn't it possible that both wealth and rule of law are a result of a third factor? In other words people who get along with each other create wealthy nations which follow the rule of law?
@christianlibertarian5488 3 жыл бұрын
@@GeorgeMonet You are correct that correlation does not mean causation. But there are plenty of other, well established mechanisms that show this effect wherein the Rule of Law produces wealth. The Roman Empire is a well known example, though the laws were brutal and the wealth was only relative to the times. It is certainly possible that your hypothesis is correct, but that purported third factor has not made itself known.
@andro7862 3 жыл бұрын
Britain was not rich because of the rule of law, whatever that means, it was rich because of iron and coal deposits and their many colonies.
@anasaldowajy375 4 жыл бұрын
i really appreciate you doing all of these videos. always interesting ! i like it.
@Ozzynl111 3 жыл бұрын
What you said about charity being a live support, that has always been my statement as well. Sadly people always look at me quiet angry when I say that. It is good to see someone on KZfaq saying the same and giving us a bigger picture as to why and how.
@frigginjerk 3 жыл бұрын
Yeah, I get the same look when I unplug people's life-support machines, even though I tell them it's for their own good in the long run.
@gavasiarobinssson5108 3 жыл бұрын
Aid is not the same as charity. Charity is done by a private person who may have opinions toward the recipient. Foreign aid from a government is done for political reasons and serves the governments buddies on both sides.
@512TheWolf512 4 жыл бұрын
yep. giving people good jobs is the solution to poverty, not hands-off donating of stuff
@-haclong2366 4 жыл бұрын
It's as if you didn't watch this video, stability is more important at first, if you have an unstable job that can be raided every day it's not likely that it will be invested in enough to warrant a living wage.
@lordkenten4136 4 жыл бұрын
That is the reality of Capitalism. In order for it to happen thousands must die in monstrous working conditions and poverty to allow for the Capitalist to make a profit.
@johndavidmanuel2189 4 жыл бұрын
@@lordkenten4136 Harsh but the best for now.
@tuckerctwitter 4 жыл бұрын
@@lordkenten4136 lol sure
@thonmoyrahman2270 4 жыл бұрын
hehe "hands-off"
@jmontgomery1178 4 жыл бұрын
Thanks for noting the devastating effects on a local economy that foreign aid has. Try to be a tailor in a city with piles of free clothes. Or sell cloth, or make cloth, etc.
@ArmaniCultura 4 жыл бұрын
I always appreciate the optimism you have during your final thoughts.
@tadeomartinez4246 2 жыл бұрын
Amazing video crack!! I love this all the content seems incredible!! I hope you continue like this with this excellent quality
@green5270 4 жыл бұрын
Nice production value dude. You earned my sub 👍
@Me-by8qi 4 жыл бұрын
Their natural resources was the problem, right? Rules for rulers by CGP grey
@tofuchicken2 4 жыл бұрын
en.wikipedia.org/wiki/Resource_curse
@06AntSel 4 жыл бұрын
Just a big thanks for the great videos! :)
@skatei 4 жыл бұрын
Just found your channel. I can immediately tell that your content is very high quality and thoroughly researched. Just subbed with notifications turned on 👍
@douglasianscott3599 4 жыл бұрын
Nice channel, I also just came across it and as someone with a background in economics I find it delightful. On the topic of this video. There are a number of other, in many ways complementary, theories as to why a country like the DRC is so very poor. One of the most compelling recent theories is the institutional economics based theory (relaying on economic history) outlined in Why Nations Fail: The Origins of Power, Prosperity, and Poverty by Acemoglu and Robinson where they argue that over the long run the tendency is for democratic countries with accountable governments and institutions will create the conditions for real economic growth and prosperity. They use the DRC as both a contemporary and ancient example of this. A fun video to do would be to do multiple different analysis of why the DRC is poor based on the different explanations offered by different economic theories such as Classical, Neo-Classical, Hetrodox, Marxist, and Austrian in addition to institutional.
@ireneuszpyc6684 4 жыл бұрын
read.oecd-ilibrary.org/education/pisa-2015-results-volume-i_9789264266490-en#page29 that map shows that the entire Sub-Saharan Africa avoids OECD PISA studies (Maths & Science tests): can you guess what Sub-Saharan Africa tries to hide this way? isn't poverty related to performance of education system?
@danielfarina4851 4 жыл бұрын
Try reading "Kicking away the ladder" by Ha Joon Chang and some geopolithical authors. Fact is the world system was not meant to bring development to each and every country on Earth. It's not mearly about institutions or education, but mainly about the lack of theories truly answering the underdeveloped countries questions and the political incapacity to aply something better... After being exploited through colonization, imperialism and et caetera, saying that poor countries are poor because they aren't stable and don't want to overcome their internal struggles enough is just bullshit.
@amazon37mustafa9 4 жыл бұрын
great great analysis and documentary you just got a subscriber good job
@LikaLaruku 3 жыл бұрын
I like how you inject a little bit of humor with Minecraft icons.
@anwitmondal6417 4 жыл бұрын
The force with which you say "but" is impressive.
@arhgentumm 4 жыл бұрын
Corruption is the reason number one why poor nations are poor.
@EconomicsExplained 4 жыл бұрын
Yep couldn’t agree more. Short term personal gain vs the greater good
@vienlacrose 4 жыл бұрын
*looks at the entirety of the americas circa 1970s. (excluding canada)*
@VinyZikss 4 жыл бұрын
Exactly. That's why the poorest countries in western europe are the more corrupt ones, such as Portugal,Italy,Greece,etc
@clayton7757 4 жыл бұрын
Viny Ziks In the US corruption is completely legal and the US still does fine. The reason is geography and how early a nation industrialized.
@kentbolhano3049 4 жыл бұрын
There is another problem too. People vote corrupt politicians like the Philippines for example.
@omerjameel3524 4 жыл бұрын
Africa will never be more than a resource ground
@metadragon7500 4 жыл бұрын
I love how all the videos show that the people are happy
@sirrathersplendid4825 3 жыл бұрын
That’s because in Congo, outside of the big cities, almost everyone is happy. You see as many smiles as in Thailand. I walked and hitchhiked across half of Congo many years back, and the only glum faces I saw were those of policemen and border guards (fishing for bribes).
@armaganaydn2347 4 жыл бұрын
very nice and proffessional aproach to economic situations in the world. you are doing great job. keep up like that
@SilvanaDil 4 жыл бұрын
Mmmmm resources China: Allow me to introduce myself...
@SuperVladamere 3 жыл бұрын
China, even though I despise them, is doing it right. Get rights to a mine, only employ their own people.
@Real_Tower_Pizza 3 жыл бұрын
@@SuperVladamere To only employ your own , people only makes it worse. Like if a country doesn't have enough proffesors/engineers... then it would be nice to get some elsewhere. Take my country for eksample (Norway). If we didn't allow workforce from other countries then we would be screwed. The baltics has given us 250.000 working people. And without the regular migration to my country, a lot of buisnisses would have to deal with lack of workforce, because people in my country often choose not to get into hard labor jobs. And so the for eksample building companies would lack workforce. I get it. Norway =/= China. But I still think it would improve their economy.
@SuperVladamere 3 жыл бұрын
@@Real_Tower_Pizza I get it, but I'm strictly putting it in the context of the Chinese and the Congolese. I'd much rather have an army of Chinese workers than the latter. Han Chinese are hard working and obedient. Good traits to have a productive work environment.
@victoriap1561 3 жыл бұрын
@@SuperVladamere they are going to get killed if they are to overt.
@maximusstirnimus5210 3 жыл бұрын
Yeah, you don't think the west has been exploiting the DRC?
@sirius_b_13 4 жыл бұрын
Great video but I would've liked you to explain a bit more of the different wars, coups and crisis that led to the DRC of today. The economic policies put in place by Belgium back in the colonial days and what followed also explains the situation really well. Today, the largest problems are what you stated but the root of those problems are bad leadership and that can be solved with the never ending political movements in the country.
@grantmandigora1192 3 жыл бұрын
Exactly! Who is behind the constant wars in resource rich nations across Africa? No geniuses needed to figure that out.
@ZayanK 2 жыл бұрын
Yeah tbh this video was kinda bad. All he says is DRC bad, but glosses over the history of colonialism, coups, civil wars and foreign meddling that have kept the country down.
@celestelongway7315 4 жыл бұрын
Thanks for your great educational videos ....we have been watching many of them. Very well done!
@th3b0yg 4 жыл бұрын
This is a really good channel. I'm pretty knowledgeable about economics but I still consistently hear new ideas here.
@SacredDaturana 4 жыл бұрын
Really good video! One thing though, I've noticed that the audio for your videos tend to be mixed a little low. It's especially soft here, I cranked the volume to max and it's still a little hard to hear at parts. :)
@EconomicsExplained 4 жыл бұрын
I have gotten that feedback a lot, I will increase the volume on adobe premiere for my next videos :) hope you still enjoyed otherwise
@Madhattersinjeans 4 жыл бұрын
I've heard that issue with aid as well. And there are some workarounds for it. Ratcheting the aid seems to make sense. Start with basic needs, then work up to other things like buildings, training and schooling in various trades and instititions. Ratcheting the aid up each time. As mentioned here, otherwise all you create is a life support system and not much else. Then again, it's still nice to not have to worry about dying immediately. So criticism of foriegn aid is a little undeserving. And if your country is constantly embroiled in civil war there's not much chance people are gonna start building clothing factories any time soon. so...you can go in swings and roundabouts there. But yes improvements to how aid is distributed does seem like it would have a big knock on effect on whatever economy you're looking at. Not an expert on that subject at all, but it's interesting all the same. And as you mention there's a fascinating social/psychological need for stability that seems to permeate everything. Without that you can't do anything, people will just leave the region and anything built up will simply be abandoned or leave the country in one form or another. I theorise it's why you'll see dictatorships rise and fall in some areas for a while. They provide stability, even in spite of the other drawbacks, stability is key for keeping a country ticking over. That said, there is some merit to social disorder as well. Perfectly run countries should still have some level of protest, it's a good way of calculating how aware the population are of their rights and if they feel like it's worth protesting for them. If people don't feel like they have a voice they will use violence to speak out. It's not sophisticated but it gets the message across. Violence is a form of communication, as much as we do try to avoid it. For obvious reasons I hope. And if they cannot use violence or even speak out, then you've probably killed or displaced an awful lot of the people who would have in their place. Always be careful of countries that appear a little too perfect.
@sdmugabe 4 жыл бұрын
Very good assessment!
@markcarey8426 3 жыл бұрын
Well done. Agree w everything and particularly liked yr closing comment about the civility of comments. A small matter, some might think, but to me it is everything.
@alejandrosolis1388 3 жыл бұрын
A sad but necessary topic to tell. Thank you for this top-notch content on your channel.
@Monkykrap 4 жыл бұрын
I Love the fact that you left the video on a high note baced on facts and not hope. Good job.
@DomyTheMad420 4 жыл бұрын
Great video but all i can think about now was the last line before the outro: "And in so doing so..." X'D
@EconomicsExplained 4 жыл бұрын
Oh god damn it I didn’t ever realise until now!! Why you point this out?!
@chowfun1976 4 жыл бұрын
6:23 goofy white people dancing is just what they need lol
@daofoa6123 4 жыл бұрын
They are ridiculous, I wonder if they really believe that they are working for the development of those countries xD
@CountingStars333 4 жыл бұрын
@@daofoa6123 they are connecting with kids ya daft Idiot.
@miguellira9903 3 жыл бұрын
Yet yall here doing nice
@darbrett1106 3 жыл бұрын
Dancing is central to Congolese culture. Look up "Congolese Wedding Entry" for example. Visitors would just be weird if they didn't dance.
@dadikkedude 3 жыл бұрын
Goofy white people buying these blood diamonds is the way to go for this country...
@PlaylistProductions 4 жыл бұрын
Foreign aid is mostly for the spiritual benefit of the richer foreign helpers and for the careers of the top organisers in their homeland..
@sirrathersplendid4825 3 жыл бұрын
Some of it gets through and is extremely welcomed. Sadly far too much disappears on the way.
@pfw4568 3 жыл бұрын
@@sirrathersplendid4825 It still doesn't work if people just stop producing goods themselfs because it's far cheaper to get some from the west. We should rather donate goods, which can not yet be produced by themselfs and which would help develope the country, like farming equipment for example.
@sirrathersplendid4825 3 жыл бұрын
@@pfw4568 || I agree totally. Send them T-Shirts and they won’t bother making clothes; send them obsolete computers and they may come in useful, especially when you specify they are for schools (ain’t no way they’re going to be produced in Kinshasa anytime soon).
@arbysregionalmanager7032 3 жыл бұрын
Foreign aid is meant to keep them alive till they can help themselves, you can lead a horse to water but you can't make it drink.
@danieldeli3196 5 жыл бұрын
Im really excited about the African Free Trade Zone! The best thing that has happened in Africa in a long time. There are some african countries that are doing quite OK and getting relatively stabil. Like Etiopia. They were the precursors of the AFTZ. Even if they are not on a democratic path yet. But like you said stability and confidence is first now.
@EconomicsExplained 5 жыл бұрын
Daniel Deli exactly I don’t want to be overly optimistic but it truly has the potential to do some fantastic things for the region. People are a lot less likely to wage war on one another when they are getting rich doing business together. Even for my own selfish reasons I hope these countries do really well just because most of them are so beautiful I hoe to one day be able to visit them as a regular traveller.
@EconomicsExplained 5 жыл бұрын
@@danieldeli3196 gonna take some time to do the things we never had!!
@ssssaa2 4 жыл бұрын
@@EconomicsExplained The free trade agreement will make it no easier on the ground to trade between the countries, at least that will be the reality for many of them.
@NoName-be8vp 4 жыл бұрын
NAGIUXS there’s a growing anti-western and anti-African puppet leader mindset all over Africa. That’s why many Africans are in protest right now. We know our leaders are traitors and soon enough, they’ll be thrown out
@DeOnlyBobblehead 4 жыл бұрын
this channel is a gold mine!
@EconomicsExplained 4 жыл бұрын
Thanks mate I am glad you have enjoyed my little videos :)
@lars1228 4 жыл бұрын
Yeah, I just love how you go full in to this video without it become a massive collection of jargon. Well done!
@sunyboy333 4 жыл бұрын
For anyone actually interested in a more in depth analysis of the economics of poor African countries I recommend The looting machine by Tim Burges. The book shows how keeping these countries poor and having corrupt leaders is well within the interest of multinational corporations that use this to their advantage.
@tuke3541 4 жыл бұрын
Thumbs up for the good type of source showing!
@lovehonourhonour7253 4 жыл бұрын
They should build a Gucci store in the middle of that soccer field. And sell $1500 Dollar dresses and men's slacks.
@classycassie1118 4 жыл бұрын
If people don't have money how are they going to buy 1500 clothing?
@jackkelly9781 4 жыл бұрын
@@classycassie1118 Are you thick?
@jakecostanza802 4 жыл бұрын
That would attract a lot of tourists.
@y2k21 4 жыл бұрын
Africa needs more people willing to invest. Not foreign aid and that's the reason why the West is losing favorable trade deals to China.
@bobofthestorm 4 жыл бұрын
@krispy kreme I did my share of the upvoting
@AlexBiohazardous 4 жыл бұрын
Argues anything, anything at all: EE: BUT!
@Themessageislam1234 4 жыл бұрын
Alex Biohazardous it’s a fundamental part of economic thinking to evaluate every point you make as we can never be certain given the variables that our theory is 100% factual.
@AlexBiohazardous 4 жыл бұрын
@@Themessageislam1234 It's a joke buddy. He says "but" a lot.
@zephyr1327 4 жыл бұрын
It’s sad and unfortunate that the richest continent is also the poorest continent (rich in natural resources) (poor in gdp)
@Chernobog958 3 жыл бұрын
(we got it)
@xyzzz1000 3 жыл бұрын
Excellent and helpful info. Thank you.
@dgf8768 5 жыл бұрын
Found you from real life lore comment section I guess it works
@EconomicsExplained 5 жыл бұрын
haha well welcome mate, not nearly as big as those channels but hopefully you still find the content interesting and learn something along the way :)
@TheThompson425 4 жыл бұрын
African free trade zone half the countries do not have border guards anyways so that is just politicians showing off.
@Zero-of9me 4 жыл бұрын
Yeah they pretend to do shit when they actually dont
@sodapop1794 4 жыл бұрын
@@Zero-of9me weird im south african never heard of this "free trade zone" i know east african nations are planning some trade zones but not the whole continent and can confirm basically nothing is done to enforce borders even here in SA
@mmans8191 4 жыл бұрын
@@sodapop1794 *It's been on the news since March 2018. Just because SA and Nigeria, along with about 12 other African nations, didn't want to be part of it, the media/gov't in those countries were NOT interesting in it. When more than twenty African Parlement countries ratified the African FTA before July 2019, it's put into use. Then SA accepted and so did Nigeria at the end. Not because they wanted, but they had to with conditions.*
@Imtotallydiggingthis 4 жыл бұрын
Even worse, where there are border guards, they will still want their bribes to let anyone through.
@theman9048 4 жыл бұрын
They do which is why trading is difficult
@colin8696908 3 жыл бұрын
Unfortunately another big problem with Africa is just the mentality of the people. A friend of ours owned a marble quarry in Sierra Leone, he was complaining about worker retention my mom suggested giving them a bonus and his response was that he had tried that and if workers had disappeared before 2 weeks and only showed back up when the money ran out.
@kasendekevin4772 3 жыл бұрын
I have been searching for this video and the one you did about the modern economics of the USA led me here! The true problem of DRC I think started in the 70's after a very bad nationalization of businesses. In fact we can say that after our independence, we were given a very strong and solid economy with little to no political experience to run it. We can further stipulate that we became prey to foreign intelligence agencies who, in an effort to secure their grip on the country, ensured that the early democratic processes were ousted. This of course promoted corruption, unaccountability, the looting of the country and subsequently a state of mind where everyone wants to serve itself before serving the nation. If poverty is rampant, inequality is even more noticeable as it is only the one percent of the one percent who has total access and control of the mineral resources that the country is rich of. it is now very ironic that our country is said to be one of the richest in the world yet appears on the top five of poorest countries.
@user-lp2vt5ct1u 4 жыл бұрын
I love how you say "but"
@EconomicsExplained 4 жыл бұрын
Haha thanks a lot of people find it annoying :( BUT I don’t care and thank you for liking it :D
@Mich_-mu7fz 3 жыл бұрын
And "power"
@N0xium 4 жыл бұрын
Take a shot everytime he says "But..."
@chrisshelswell3222 3 жыл бұрын
I had never considered that by free aid such as clothes would have an impact on the people living in the country trying to sell clothes. That was an amazing insight that’s so obvious when you’re told but probably wouldn’t have thought of. What would be your opinion on giving away old clothing and where they should go to genuinely help people?
@dreamcastH 4 жыл бұрын
So I was watching a video from the channel Atlas Pro. He explained that there might be so much instability in the continent because the Colonies carved up the communities and created these Countries. So tribes and cultures that were separate were now forced to be one nation. Atlas Pro goes pretty in depth on it and I feel like he is on to something.
@beepbop6542 3 жыл бұрын
Tribalism is definitely a big part of it. If I could change 1 thing about the history of Africa, it would be decolonization. If decolonization was slower and more gradual, there could have been new borders, better governments, more developed civil responsibilities, and better economies and jobs.
@crikxouba 4 жыл бұрын
5:37 where is the link of the documentary?
@slodo-the-show 4 жыл бұрын
the part with the foreign is too simply explained. It highly depends on the aid. Doctors without borders for example builds up structures of medical assistance and leaves it after some time to the local people, numbers show that little by little those structures grow
@johnd3687 4 жыл бұрын
You said you'd leave the link to that documentary in the description, but it's not there :(
@BenShutUp 3 жыл бұрын
Wow this is so good to know!
@angelburgos2921 4 жыл бұрын
"hold my beer"- Venezuela. 24 USD a year average salary
@ireneuszpyc6684 4 жыл бұрын
most Venezuelan economy is probably black market (just like in Ukraine) so it's hard to find out what the real wages are
@reginap.255 4 жыл бұрын
@@ireneuszpyc6684 i think u underestimating how poor they are lol
@ireneuszpyc6684 4 жыл бұрын
@@reginap.255 I think you have no idea how to estimate real wages
@reginap.255 4 жыл бұрын
Ireneusz Pyc i still think u havent seen their living conditions
@ireneuszpyc6684 4 жыл бұрын
@@reginap.255 I still think you watch too much KZfaq
@riddlerandsa8161 3 жыл бұрын
I would suggest that while the Europeans did love themselves a war or two, the biggest problem in Africa (in this respect) is that a big majority of military conflicts are actually classified as internal or civil wars. And the international community really seldomly has shown any interest in getting involved then...
@Bolognabeef 2 жыл бұрын
When the West gets involved for peacekeeping (see Mali) Africans will blame them for every problem they have, if they don't intervene they're not using their wealth for the good of Africans. Smh...
@savyor9985 4 жыл бұрын
Perfect example of how overpowered governments and corruption are always correlated, the freer the markets, the freer the people. This has been the case in EVERY single case.
@pramitlahiri1978 3 жыл бұрын
Very well explained.
@hindugoat2302 4 жыл бұрын
even if the congo developed into a modern industrial nation with no corruption, most of the money generated would go to international western corporations because they are the ones who would be coming in with the money and technology to build mines and infrastructure to cash in on it. And if they dont bring in those western companies, they dont have the money, experience or technology to do it alone
@ireneuszpyc6684 4 жыл бұрын
what's your solution? hopelessness & despair?
@hindugoat2302 4 жыл бұрын
@@ireneuszpyc6684 its no solution, but yes
@JasmineJu 4 жыл бұрын
Leadership makes all the difference. RDC needs a strong leader who will take responsibility for his initiatives. Only then will there be progress.
@ByddinRhyddidCymru 4 жыл бұрын
中原マリ the united satans of America tried that with their puppet Mobutu, he's the one who drove the Congo into poverty by giving their recourses to western capitals
@Rawrzyyy 4 жыл бұрын
A few times in this video a high pitched tone played in my left ear. It REALLY flared my tinnitus :( I want to watch more of your videos but I don't know if I can with that tone.
@Ngokalo 3 жыл бұрын
Hello. Very nice video. Do you have a video on the economic impact of free trade zone such as the EU ? I am a DRC national so this topic is very interesting.
@siromanecvlogs8490 4 жыл бұрын
Goosebumps on the last words
@Btt8 5 жыл бұрын
Really well made and informative video!!
@EconomicsExplained 5 жыл бұрын
thanks mate I appreciate the kind words. it certainly is nice to know that people are enjoying the video's I make as I start out with trying to make this series.
@TamimLB 3 жыл бұрын
I'm South African, I must say, there are SO MANY Zimbabweans and Congolese people here.
@axelamk 4 жыл бұрын
Could you also make a documentary on the worlds most powerful nations who feed on that Country’s natural resources?
@albertsutanto6003 4 жыл бұрын
Hey would you make a video about non-Keynesian new economic model ?
@scifiwierdo 4 жыл бұрын
What is your thoughts about Thomas Sowell's Applied Economics. I believe he has some ideas to solve poverty that you over looked.
@greenleafyman1028 4 жыл бұрын
What is his greatest idea? I never heard about him before.
@bencosta7316 3 жыл бұрын
Even tho im only 20, all my life i have been advocating for a European union type agreement within Africa, and finally it has been realised, i just wish i was old enough to take part in the process
@MoneyGist 4 жыл бұрын
Please do a video on why the largest economy in Africa (and the 7th largest population in the world) is still not living up to its potential, with 60% of its population living in poverty.
Economics Explained
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