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Are the Poor Exploited?

By Craig Wright | 17 Sep 2018 | Economics

In 2012, the US trade with Sub-Saharan Africa (SSA) came to a total of $48 billion [1] as a combination of both imports and export to the nations. This was mostly in the form of machinery and other capital equipment that could (if increased) help the African people develop. The trade with Africa accounts for a little less than 1.4% of the overall US trade to the world.

We see this in the figure below.

Notice, for all of the resources in Africa, they are insignificant and if all trade to SSA stopped overnight (incl. South Africa), the US would hardly notice it.

Overall, in 2012, the US GDP was $14.99 Trillion . Of this, only a small amount comes through trade with “poor” countries. This is the issue, a lack of trade and not exploitation.

Overall, the GDP from Africa as a whole (incl. the oil nations and South Africa) is tiny when compared to the USA. We see this below.

The entire African continent does less than the US. Not as we have seen through trade based exploitation, there is not enough trade, but through a lack of markets.

Next time you hear that the poor are exploited, know that it is through their own leaders and failed political systems and not through trade. It is trade that could help them no longer be poor.

GDP is not the best measure of trade and growth for a number of reasons I will not address here, but it is sufficient.

This is why Bitcoin as digital cash is SO important to the African continent. Not as some Chauma local group thing, but as a global money that can be earnt and exchanged over the internet and allow those in remote villages to fine tasks and jobs they may do.

Amazon uses the services of low paid (in the west) workers to do a myriad of simple and repetitive tasks. For many in Sub-Saharan Africa, this would be a great boon and income they never imagined. In a global world, there are many opportunities that will open to those in the remotest of places and Bitcoin (BCH) will help deliver this.

[1] http://www.agoa.gov/build/groups/public/@agoa_main/documents/webcontent/agoa_main_003964.pdf