A Quote by William Graham Sumner
The great hinderance to the development of this continent has lain in the lack of capital.
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The great hindrance to the development of this continent has lain in the lack of capital.
This is a great continent. I went to primary school on this continent, secondary school, university. I've worked on this continent, and I think that it's a great disservice that, for whatever reason, people have usurped an imagery of Africa that is absolutely incorrect.
I want to deal with the homeless situation here in Washington, D.C. I think it is a travesty that we've got men - and increasingly women - families, across the street and the in shadow of this great capital, that shows a lack of concern, not just for the capital, but for American, when we are allowing something like that to happen.
The key to ending extreme poverty is to enable the poorest of the poor to get their foot on the ladder of development. The ladder of development hovers overhead, and the poorest of the poor are stuck beneath it. They lack the minimum amount of capital necessary to get a foothold, and therefore need a boost up to the first rung.
But, because my private lectures and domestic pupils are a great hinderance and intteruption of my studies, I wish to live entirely exempt from the former, and in great measure from the latter. ... in short, I should wish to gain my bread from my writings.
China surely must be interested in a more stable, non-antagonistic relationship with the African continent precisely because of its own needs. And therefore would have to say in our own interests, as China, it is necessary that we participate in the process of the development of the African continent.
Great leadership and great companies aren't built overnight, and they're not built without capital. And capital can sometimes be counter-productive to building a great culture.
Access to capital is important for all firms, but it's particularly vital for startups and young firms, which often lack a sufficient stream of earnings to increase employment and internally finance capital spending.
I admit that one should never underestimate the capacity of banks to destroy enormous amounts of accumulated capital and reduce, temporarily, the supply. After all, capital is the accumulated savings of mankind. And banks are great masters in destroying enormous amounts of capital with great regularity.
You know, development sometimes is viewed as a project in which you give people things and nothing much happens, which is perfectly valid, but if you just focus on that, then you'd also have to say that venture capital is pretty stupid, too. Its hit rate is pathetic. But occasionally, you get successes, you fund a Google or something, and suddenly venture capital is vaunted as the most amazing field of all time. Our hit rate in development is better than theirs, but we should strive to make it better.
In my International Development Scheme, I propose that the profits of this industrial development should go first to pay the interest and principal of foreign capital invested in it; second to give high wages to labor; and third to improve or extend the machinery of production.
New York [cannot] remain the center of commerce and capital for this continent, unless it has an independent bar and an honest judiciary.
What moved us was not so much what would it do for South Africa, but there has been a great keenness on the Continent that the location of the Pan African Parliament must add to its credibility. And, so we said, fine, it's a contribution to this process of the democratisation of the African Continent.
The financial doctrines so zealously followed by American companies might help optimize capital when it is scarce. But capital is abundant. If we are to see our economy really grow, we need to encourage migratory capital to become productive capital - capital invested for the long-term in empowering innovations.
If one fourth of the capital of a country were suddenly destroyed, or entirely transferred to a different part of the world, without any other cause occurring of a diminished demand for commodities, this scantiness of capital would certainly occasion great inconvenience to consumers, and great distress among the working classes; but it would be attended with great advantages to the remaining capitalists.
The issue here is this, that the Government's argument at the present moment is the argument that now the war is over, terrorism is defeated, we have to focus on economic development which in the north and east particular, being the areas where the war was fought, development has to proceed at a pace. That people from those parts of the country are leaving seems to suggest a lack of confidence and certainty in the trajectory of this kind of economic development.
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