Alexander Hamilton’s Credit System Is Necessary for Africa’s Development

Below is a half hour video presentation on the importance of Alexander Hamilton’s credit policy for the development of Africa. The forum was organized by Watch Democracy Grow, an organization promoting democracy and development in Africa, and was filmed Afrique Today.

As I discuss in the video and article below, African nations need long-term and low-interest lines of credit to finance trillions of dollars necessary for infrastructure projects across the continent. Government-backed authorities or the government itself can issued public credit in the amounts required. To provide credit for the newly united colonies, Hamilton designed the National Bank of the United States in 1791 at the request of President George Washington. It was a corner stone of the successful American System of Political Economy. Similar institutions are appropriate for African nations to finance vitally needed infrastructure today. Applying the Hamiltonian model, the Belt and Road Initiative, promoted by China, is helping Africa build and finance infrastructure that is essential for African nations to industrialize and expand their agriculture and manufacturing sectors.