I came across this article about some very interesting African entrepreneurs on the Freakonomics blog. But what caught my eye was one of the comments below by one Joe Smith. He very succinctly summarizes the “preconditions for economic development”:
We’ve known for a long time what the preconditions are for economic development: (1) physical security (no one will accumulate capital if it will only result in their being murdered) (2) the rule of law (property rights are enforceable and corruption is at a minimum) (3) the right to trade more or less freely.
These pre-conditions of economic development have not changed in thousands of years.— Joe Smith