By Giovanni Andrea Cornia, Gerald K. Helleiner
This booklet considers the critical resources of contract and confrontation between policymakers and analysts in regards to the present financial difficulties of Sub-Saharan Africa. A unique selection of foreign and African authors, together with economists from the IMF and the area financial institution, in addition to their critics, addresses the major coverage concerns in agriculture, exchange, macroeconomic administration, social matters, privatization, exterior capital move, and political economic climate. An introductory interpretive essay searches for parts of consensus and identifies these of constant controversy.
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Extra info for From Adjustment to Development in Africa: Conflict, Controversy, Convergence, Consensus?
1 summarises the growth record of African countries compared with non-African developing countries. 9 per cent per year (weighted averages). 2 The memorandum item in the Source: World Bank data files. 7 per cent annually). The origins of structural adjustment can also be traced from an institutional perspective. After all, the term 'structural adjustment' as it is currently understood was first coined in the context of the World Bank. It is associated with a particular lending window of the Bank: an instrument defined as quick-disbursing, exceptional balance of payments financing, based on economy-wide conditionality.
A great many lessons have been learned - on all sides - from the difficult and disappointing experiences of the past two decades in Africa. , 1992) no longer seem quite as alternative as they once were. In particular, the importance of working consciously to alleviate poverty and to protect and promote 'human' development in adjustment and development programmes, rather than allowing these matters to derive from more 'productionist' growth policies, is now agreed again, after a decade of neglect, not only in sub-Saharan Africa but in Latin America and elsewhere as well.
Given its short-run perspective, stabilisation policies tend to rely more on demand management. Structural adjustment policies, on the other hand, seek to change the configuration of the equilibrium itself, encouraging efficient resource allocation and mobilisation, and thereby increased economic growth (Buiter, 1988). Such policies are particularly needed in response to permanent and irreversible shocks. Generally, stabilisation should precede structural adjustment. Macroeconomic distortions can make it difficult, if not impossible, to achieve microeconomic policy objectives.