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

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  • Howard Stein
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    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.

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    Bibliographic Info

    Paper provided by Centre for the Study of Globalisation and Regionalisation (CSGR), University of Warwick in its series CSGR Working papers series with number 32/99.

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    Date of creation: May 1999
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    Handle: RePEc:wck:wckewp:32/99

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    Postal: Centre for the Study of Globalisation and Regionalisation (CSGR) University of Warwick Coventry CV4 7AL, U.K.
    Phone: +44 (0) 1203 572 533
    Fax: +44 (0) 1203 572 548
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    Web page: http://www.warwick.ac.uk/fac/soc/CSGR/
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    Keywords: Structural adjustment; sub-Saharan Africa; globalisation; economic development.;

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