Africana Periodical Literature 
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 Periodical article |
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| Title: | Constructing Alternatives to Structural Adjustment in Africa |
| Author: | Carmody, Pádraig |
| Year: | 1998 |
| Periodical: | Review of African Political Economy |
| Volume: | 25 |
| Issue: | 75 |
| Period: | March |
| Pages: | 25-46 |
| Language: | English |
| Geographic term: | Africa |
| Subjects: | economic development economic policy Economics and Trade Development and Technology Politics and Government |
| External links: | https://www.tandfonline.com/doi/abs/10.1080/03056249808704291 http://ejournals.ebsco.com/direct.asp?ArticleID=4FD8BDB6361EA17E2020 |
| Abstract: | The structural adjustment programmes (SAP) of the World Bank and the IMF have not facilitated recovery in Africa, but rather speeded economic decline because of theoretical flaws in the underlying neoclassical economic model and a misreading of Africa's geographic and politico-economic context. This article traces the outlines of an alternative approach embedded in Africa's geography and political economy. It argues that structural adjustment has failed in Africa because comprehensive liberalization has led to the autonomous development of the trade and financial sectors, to the detriment of production. Appropriate development strategies must recognize the necessity of regulating trade and finance in order to channel resources towards production, as in the developmental States of East Asia. However, there are a number of constraints on following the East Asian path, imposed by limited State autonomy and capacity in Africa, and the nature of African economies. Development will require a remaking of both African States and the international financial institutions which dictate their economic policies. Bibliogr., notes, ref., sum. |
