Structural Adjustment and the African Crisis: A Theoretical Appraisal
AbstractThis paper locates the chief culprit for the failure of structural adjustment in Africa at the conceptual level rather than the weak implementation capacity of African governments. The neo-classical economic microfoundations, associated intermediate propositions and theories underlying adjustment seriously mis-specify the nature of African economies. Policies are often in conflict due to the inconsistencies within the adjustment model. Despite its name the model excludes vital structural features of African economies. The reliance on neo-classical microfoundations in adjustment leads to a series of errors which preclude the generation of policy options that could significantly develop African countries. Drawing on institutional economic theory, the paper points to an alternative approach aimed at the structural and institutional transformation of African economies.
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Bibliographic InfoArticle provided by Eastern Economic Association in its journal Eastern Economic Journal.
Volume (Year): 25 (1999)
Issue (Month): 4 (Fall)
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Find related papers by JEL classification:
- O23 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development
- O55 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Africa
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
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