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Considering capitalism to be equal to colonialism, Africa’s founding fathers rejected it and adopted marxist-socialism in the 1960s. Foreign companies were nationalised, state-owned enterprises were created and all sorts of controls on rents, prices, imports and foreign exchange. According to Ghanaian economist George Ayitteh, the socialist experiment failed woefully all across the board. Please help support our growth subscribing to our Patreon: / newafrica Follow us on Twitter: / wearenewafrica Follow us on Twitter: / wearenewafrica Want to support our channel? You can help support our growth by making a donation here: paypal.me/NewAfricaDonate You can also support us by picking up one of our recommended books from Amazon: The Scramble for Africa: https://amzn.to/2MiaoTs The State of Africa: https://amzn.to/2YrmXya Dictatorland: The Men Who Stole Africa: https://amzn.to/2MmQIhi Africa: A Biography of the Continent: https://amzn.to/2MOkhZm The Looting Machine: https://amzn.to/2YSOysu