SINCE 1956, more than 100 million Africans have won their independence. In the U.N. Assembly, they carry considerable weight. Their attitudes are considered part of "world opinion," their allegiance is eagerly sought by East and West, and their new nationhood is widely celebrated as progress. Yet by any measurement, material or spiritual, most of the new Africa still is a long, heartbreaking distance away from modern civilization.
In Nyasaland last week, some of the world's leading economists discussed African economic and social problems. Among the greatest obstacles, they agreed, are abysmal shortages of capital...