The Age of Magic Money
Can Endless Spending Prevent Economic Calamity?
At the end of January 1967, the Tanganyika African National Union (TANU), the ruling party on the mainland of Tanzania, announced the Arusha Declaration, named for the town in the northern part of the country where the Declaration was first promulgated. Supplemented by subsequent formulations throughout 1967, it has become something of a milestone, for it enunciated an ideology and articulated policies especially designed for the needs and conditions of an African country,
According to Arusha, TANU stands committed to policies of socialism and self-reliance. Socialism is understood as a social situation which excludes exploitation of one man by another or of one class over another. The major means of production are to be under the control and ownership of the workers and peasants through the agency of the government and through coöperatives. Self-reliance means that development as a whole must be achieved through reliance on Tanzanian resources (which are chiefly