Magatte Wade
Magatte Wade is a Cheetah Entrepreneur who believes the Free Markets and economic freedom is the pathway for Africa to leapfrog ahead, with Africans taking the uncontested leading role in the co-creation of 21st century prosperity for all, innovation, culture and technology. My ideas are grounded in reality and my lived experience. The topic areas I am passionate speaking about are the role of free markets in overcoming poverty and the role of enterprise to tackle social issues and entrepreneurial Education.
Books Mentioned in this Podcast with Jordan Peterson & Magatte Wade:
Book Title: The Wealth And Poverty Of Nations – Why Some Are So Rich And Some So Poor
Author: David S. Landes
Book Title: The Mystery Of Capital – Why Capitalism Triumphs In The West And Fails Everywhere Else
Author: Hernando De Soto
Book Title: Superabundance – The Story of Population Growth, Innovation, and Human Flourishing on an Infinitely Bountiful Planet
Author: Marian L. Tupy & Gale L. Pooley
Insights from Magatte Wade on Economic Prosperity and Entrepreneurship in Africa
In episode #271 of the Jordan B. Peterson Podcast, Jordan Peterson engages with entrepreneur Magatte Wade in a thought-provoking discussion that challenges many preconceptions about economic development in Africa. Wade, known for her advocacy of a prosperous, innovative Africa through entrepreneurship and economic freedom, shares her journey and insights. Her story is not just about overcoming obstacles but also about understanding and implementing the principles that lead to genuine economic development.
Magatte Wade’s Entrepreneurial Journey
Magatte Wade’s story begins in Senegal, West Africa, where she was born. Her entrepreneurial journey is rooted in her early realization of the stark disparities between life in Africa and in developed countries like Germany, where she moved at age seven. This realization sparked a lifelong pursuit of understanding why some nations are wealthy while others, like her native Senegal, remain impoverished.
Wade’s path led her to the United States, where she immersed herself in the entrepreneurial ecosystem of Silicon Valley. Through her experiences in the U.S., she understood the power of entrepreneurship to create wealth and prosperity. This understanding was the driving force behind her skincare company, SkinIsSkin, which manufactures in Africa and sells products in the U.S. Her business model is designed not only to generate profit but also to create jobs and preserve cultural heritage in Africa.
The Root Causes of African Poverty
Wade argues passionately that the key to African prosperity lies in economic freedom and free markets. She asserts that pre-colonial Africa had thriving trade systems and practiced free enterprise, which was disrupted by the imposition of foreign governance systems during colonialism. Post-independence, many African nations adopted socialist models, influenced by Marxist ideologies, which Wade believes further hindered their economic development.
Her critique extends to current international attitudes towards Africa, particularly the anti-capitalist sentiments prevalent among some Western circles who claim to champion African development. She challenges these views, asserting that genuine care for African prosperity must involve support for free market systems and economic freedom.
The Power of Free Markets
Wade’s insights are based on both her personal experiences as an entrepreneur and her extensive research. She emphasizes that economic freedom, exemplified by minimal government interference, clear property rights, and the rule of law, is crucial for entrepreneurship to flourish. This environment allows individuals to innovate, create wealth, and uplift communities.
Her advocacy for economic freedom is not just theoretical; it is evident in her work. She collaborates with organizations like the Atlas Network, promoting policy reforms in African countries to reduce barriers for local entrepreneurs.
Conclusion
Magatte Wade’s discussion with Jordan Peterson offers a refreshing and insightful perspective on African development. Her story is a testament to the power of entrepreneurship underpinned by economic freedom. It challenges conventional narratives about Africa’s poverty and development, urging a reevaluation of the role of free markets and entrepreneurship in creating prosperous societies. As Africa continues to evolve, Wade’s insights provide valuable guidance for those seeking to understand and contribute to its economic progress.