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KN editorial is wrong on Africans’ capacity to save

May 14, 2016 Letters

Dear Editor, 

Thank you for a most informative editorial entitled ‘“Looking for Answers “ (KNews, 11 May). I must however correct the statement quoted in the editorial, namely:
“In Guyana, we can appreciate the effects of culture on this variable by considering the differential imperatives promulgated by the regimes of slavery and indentureship. During slavery, there was little incentive for slaves to save since, in the absence of legal family relationships, the inheritance of property was not secured. During indentureship, on the other hand, the labourers could own and pass down property which encouraged them to save and invest in the future.”
Slaves (the enslaved as no one is born a slave), were never paid. What therefore did they have to save? As you correctly pointed out, after emancipation, the Village Movement, which was the greatest entrepreneurial movement in any post slavery society, happened in Guyana and no where else. Kindly correct your statement as it continues to give the historically incorrect view that Africans culturally don’t save.
 Eric M. Phillips

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