RETHINKING THE POLITICAL ECONOMY OF AFRICA FROM A HUMANIST-MORAL ANGLE

Abstract

The present paper is a work in normative ethnics and social philosophy. Many countries in Africa are
faced with, at least one of these problems, to with, stagnation and crisis. The source of these problems
is identified to be associated with the economic policy of unbridled capitalism based on the conven-
tional economic wisdom of the western world. This approach places the rights of the individual above
that of the society. It is noted that this approach runs contrary to the traditional African value system.
Africans are naturally humanistic and usually owe allegiance both to their relations and to their society.
Also, in the contemporary world laissez-taire libertarian economic models are difficult to bring about
and more difficult to sustain. Government must play crucial roles to guide the economy with the pur-
pose of creating a society that is fair and equitable to all. Enterprise should be encouraged but private
concerns must not be allowed to dominate the society. As a matter of fact, it is not every aspect of the
economy that can be or should be in private hands. Furthermore, the government ought to provide the
guide for the systematic and even development of all parts of the country and every part of the econ-
omy. The methodology adopted for this paper is the approach of critical analysis, conceptual clarifica-
tion and reconstruction.