Wednesday, December 21, 2011

holy recolonization, Batman!

Record numbers of Europeans are heading to the global south in search of opportunity. Greeks and Irish are girding for the journey to Australia. Portuguese are popping up in Rio de Janeiro -- and even angling towards the former Portuguese colony of Angola, on the west coast of Africa. Indeed the Portugal's Prime Minister recently visited Luanda, the capital city, to beg for investment. Angolan President José Eduardo dos Santos was sympathetic: "We're aware of the difficulties the Portuguese people have faced recently," he said. "Angola is open and available to help Portugal face this crisis."

The Guardian has the details of this new global migration.

Why are the former colonies faring better in the current economy? First, with Germany dictating tough financial rules and high interest rates, prospects aren't great for people in the weaker European countries. And then there's this: places like Brazil and Angola have more resilience in global downturns because they've got robust informal economies. Indeed, off-the-books economic activity represents 45 percent of Angola's Gross Domestic Product and 42.3 percent of Brazil's. That makes entrepreneurship possible, even in a global crisis.

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