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February 23, 2007
Institutions Matter: Guinea and Zimbabwe Editions
But why is Guinea — the world's leading exporter of bauxite used to make aluminum — locked in a stand-off? The simple answer is that many are desperately poor in a potentially rich country, with mineral resources galore. "People are fed up," says political commentator Souleymane Diallo. "Fed up of fighting. Last year, Guineans were fighting for the bag of rice. Now they are fighting for a plate of rice. Poverty is growing very fast. Corruption is at the highest. Corruption and corruption and corruption. So it could only explode... You can see it's a general revolt all over the country." NPR also has a report on the awful situation in Zimbabwe. Mugabe is throwing an expensive party to celebrate his 83rd birthday; meanwhile people struggle to find food and clean water. Disgraceful. Posted by E. Frank Stephenson at 02:00 PM in Economics
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The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith
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