Globalisation, Adjustment and the Structural Transformation of African Economies?: The Role of International Financial Institutions

CSGR Working Paper No. 32/99

31 Pages Posted: 19 Aug 1999

See all articles by Howard Stein

Howard Stein

University of Michigan at Ann Arbor

Multiple version iconThere are 2 versions of this paper

Date Written: May 1999

Abstract

Under the auspices of the World Bank and IMF, for almost two decades, sub-Saharan African countries have implemented structural adjustment, an orthodox package of economic reform measures. During this period there has been an unprecedented proliferation of technology investment and trade in the world economy. However sub-Saharan Africa has performed poorly under adjustment and has been largely marginalized from the international economy. The paper investigates the problems with the theoretical model underlying structural adjustment policies to explain why the model is not conducive to either African development or Africa's increasing participation in the global economy. An example is used to illustrate the existence of an alternative set of policies that may be better suited for Africa.

JEL Classification: O23

Suggested Citation

Stein, Howard, Globalisation, Adjustment and the Structural Transformation of African Economies?: The Role of International Financial Institutions (May 1999). CSGR Working Paper No. 32/99, Available at SSRN: https://ssrn.com/abstract=165812 or http://dx.doi.org/10.2139/ssrn.165812

Howard Stein (Contact Author)

University of Michigan at Ann Arbor ( email )

Ann Arbor, MI 48109
United States

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