I just came back from the United States of America (USA) – the world’s economic and military superpower. A nation that global investor, author of a new book “What went wrong with capitalism”, Ruchir Sharma, has said will remain economically dominant till at least 2060.
I spent a month in the USA, and it was a wonderful experience. I got to meet accomplished people – including famed economist and former President of Harvard, Professor Larry H. Summers. I also got to meet the legendary author and columnist David Brooks. When I asked Brooks about his encounter with late Nobel economist Milton Friedman, he replied, “He taught me economics."
With some of these esteemed people, I had dialogues on Africa, and classical liberal values in the 21st century. The dialogues were intellectually enriching.
I visited America at its crucial year. The country will hold its presidential election this November – where Donald J. Trump will challenge the incumbent President Joe Biden of the Democratic Party.
With the election now four months away, it’s a ‘politics frenzy’ in the USA, with both Biden and Trump intensifying their campaigns.
During my stay, I was invited to speak at the Aspen Ideas Festival 2024 in Aspen, Colorado.
It was a great honour to be part of such a big occasion and get to engage some of the world’s finest minds on economics, politics, technology, and other affairs.
Meeting famed American musician and actor, Common, was an exhilarating experience - something that I will always cherish.
At the Festival, I was a member of a panel that explored the opportunities, the challenges, and the future of Africa.
On the panel was me, Obiageli Ezekwesili former presidential candidate in Nigeria, and Chiedo Nwankwor of Johns Hopkins University.
The view shared by panellists was that the world should engage Africa from a business perspective, not from a humanitarian perspective. Africa is a business case, not a humanitarian case, Obiageli said.
The African continent is an opportunity that should be exploited by Africans.
What I said in Aspen
I made three fundamental points during the panel discussion at the Festival.
The first was that democracy was real and functioning in South Africa, as demonstrated by the recent free and fair election that saw the African National Congress (ANC) that has governed South Africa since 1994 losing its majority.
The ANC conceded the election peacefully, allowing for the coalition government process to take effect. There were no tensions or bloodshed – the transition to coalition governance has been smooth so far.
During the panel discussion, I cited one of The Economist magazine’s recent articles; where the magazine wrote, “Despite flaws, South Africa’s democracy is stronger than its neighbours’”.
The Economist was correct in its assessment of South Africa’s democracy, I said during the panel discussion.
Elliot Gerson, who was moderator of the panel, asked me how I would advise South Africa's new government on what the priorities should be to address South Africa’s enormous challenges.
Rapid job creation must be priority number one, I responded to Elliot. South Africa has the highest unemployment rate in the world. The youth are the most affected by unemployment. According to Statistics South Africa, the youth unemployment rate is 46% in South Africa. These are young people aged 15-34.
As I’ve posted numerous times on social media, South Africa's socioeconomic problems will be addressed by entrepreneurship and rapid job creation – not redistribution programs such as social grants, employment equity, and black economic empowerment.
My second point was about crime. This is one of things that should be a priority for South Africa’s new government.
When I was in Israel last May, a lady who runs projects in Africa lamented South Africa’s crime crisis that has made it difficult for her to operate in South Africa.
Fast-forward to this past month, during my stay in America, four people pointed to crime as something that taints South Africa's image.
Educational reform is very important since our country does terribly on educational outcomes, I said.
The third important point I made – was that it's Africans themselves who shoulder the responsibility to fix Africa. No foreign institution, or foreign government will be Africa's saviour.
Africans must address the issues of governance to attract investment.
And then there is the Cold War II that Hoover Institution historian Sir Niall Ferguson, has contended is already underway between the US and China.
If Cold War II intensifies African nations will find themselves in a difficult situation, I said during the discussion.
We’ve already seen what the Ukraine-Russia war has done – disrupting global supplies which negatively impacted Africa.
It was an intellectually stimulating session with an engaged audience. Loved it. Loved Aspen!
Biden’s disastrous performance during the first presidential debate
The Aspen Ideas Festival coincided with Biden - Trump first presidential debate – a rematch.
The debate was an Aspen Ideas Festival evening screening event, with a pre-debate panel discussion moderated by Jonathan Capehart of MSNBC.
The audience, the panelists, and the moderator, were all Democrats. The Aspen Ideas Festival is a gathering of people whose values align to those of the Democratic Party in America. So, I was watching the debate with the voters of the Democratic Party – who abhor Trump and support Biden.
By the end of the debate, everybody in the room was devastated by Biden's disastrous performance.
Turns out the devastation was not only amongst the Democrats I was watching with in the room, but across America. After the disastrous debate, The New York Times editorial board called for Biden to step down.
The Economist in London wrote, “Joe Biden should now give way to an alternative candidate”.
Democrats see Trump as a threat to America's democracy. An evil man and “fascist” who will destroy America. Hence, Democrats sell Biden’s campaign as a defence for America's democracy.
It's difficult to tell who will win in November. The race is too close to call. Biden's disastrous debate hurt him badly though, and elevated Trump who was full of energy, and present on the debate stage.
Biden's campaign has vowed to fight on after Biden’s disastrous performance. For how long fighting on we shall see – there is enormous pressure for Biden to step aside.
I enjoyed my stay in America. With a few travels and conversations with American citizens, I got to understand the country better. I will visit again in future.
Phumlani M. Majozi is author of a new book “Lessons from Past Heroes” and a political economist. He’s the host of The Phumlani Majozi Show on YouTube. Subscribe to his show here: Phumlani M. Majozi - YouTube.
