Economics
Nkrumah attempted to rapidly industrialize Ghana's economy. He reasoned that if Ghana escaped the colonial trade system by reducing dependence on foreign capital, technology, and material goods, it could become truly independent. However, overspending on capital projects caused the country to be driven into debt—estimated as much as $1 billion USD by the time he was ousted in 1966.
Read more about this topic: Kwame Nkrumah
Famous quotes containing the word economics:
“There is no such thing as a free lunch.”
—Anonymous.
An axiom from economics popular in the 1960s, the words have no known source, though have been dated to the 1840s, when they were used in saloons where snacks were offered to customers. Ascribed to an Italian immigrant outside Grand Central Station, New York, in Alistair Cooke’s America (epilogue, 1973)
“I am not prepared to accept the economics of a housewife.”
—Jacques Chirac (b. 1932)
“The animals that depend on instinct have an inherent knowledge of the laws of economics and of how to apply them; Man, with his powers of reason, has reduced economics to the level of a farce which is at once funnier and more tragic than Tobacco Road.”
—James Thurber (1894–1961)