The Oxford Handbook of Africa and Economics: Volume 2: Policies and Practices

A popular myth about the travails of Africa holds that the continent's long history of poor economic performance reflects the inability of its leaders and policymakers to fulfill the long list of preconditions to be met before sustained growth can be achieved. These conditions are said to vary from the necessary quantity and quality of physical and human capital to the appropriate institutions and business environments. While intellectually charming and often elegantly formulated, that conventional wisdom is actually contradicted by historical evidence and common sense. It also suggests a form of intellectual mimicry that posits a unique path to prosperity for all countries regardless of their level of development and economic structure. In fact, the argument underlining that reasoning is tautological, and the policy prescriptions derived from it are fatally teleological: low-income countries are by definition those where such ingredients are missing. None of today's high-income countries started its growth process with the "required " and complete list of growth ingredients. Unless one truly believes that the continent of Africa-and most developing countries-are ruled predominantly if not exclusively by plutocrats with a high propensity for sadomasochism, the conventional view must be re-examined, debated, and questioned. This volume-the second of the Oxford Handbook of Africa and Economics-aims at reassessing the economic policies and practices observed across the continent since independence. It offers a collection of analyses by some of the leading economists and development thinkers of our time, and reflects a wide range of perspectives and viewpoints-even on the same topic. Africa's emergence as a potential economic powerhouse in the years and decades ahead amply justifies the scope and ambition of the book. Contributors to this volume - Tony Addison, UNU-WIDER Gloria Afful-Mensah, University of Ghana Jenny Aker, Tufts University and Southern Methodist University Emmanuel Akyeampong, Harvard University John Anyanwu, African Development Bank Ernest Aryeetey, University of Ghana and WIDER Ragui Assaad, University of Minnesota Ousmane Badiane, IFPRI Mina Baliamoune, University of North Florida and ACET Alaka Basu, World Bank and Cornell University Kaushik Basu, World Bank and Cornell University Andrew Berg, International Monetary Fund Jean-Claude Berthelemy, University of Paris 1 Pantheon-Sorbonne Sophie Bessis, University of Paris Haroon Bhorat, University of Cape Town Joshua Blumenstock, University of Washington Julia Cage, Harvard University Stephen O'Connell, International Monetary Fund and Swarthmore College/USAID Xavier Debrun, International Monetary Fund Asli Demirguc-Kunt, The World Bank Jean-Jacques Dethier, The World Bank Hamed El-Said, Manchester Metropolitan University Ibrahim Elbadawi, Dubai Economic Council Chris Elbers, VU University Amsterdam Bichaka Fayisssa, Middle Tennessee University Augustin Kwasi Fosu-United Nations University Marcelo Giugale, The World Bank Wafik Grais, Viveris Mashrek Jan Willem Gunning, Tinbergen Institute Kenneth Harttgen, ETH Calestous Juma, Harvard University Ioannis Kessides, Yale University Michael Kevane, Santa Clara University Leora Klapper, The World Bank Odongo Kodongo, University of Witwatersrand Caroline Krafft, University of Minnesota Frannie A. Leautier, African Capacity Building Foundation Keun Lee, Seoul National University Willi Leibfritz, OECD and African Development Bank Justin Yifu Lin, Peking University Tsitsi Makombe, IFPRI Joseph Leina Masawe, Central Bank of Tanzania Paul Masson, University of Toronto Margaret McMillan, Tufts University John A. Mathews, MGSM Macquarie University Jaime de Melo, University of Geneva and World Bank Nadir Mohammed, The World Bank Germano Mwabu, University of Nairobi Karmen Naidoo, University of Cape Town Malokele Nanivazo, UNU-WIDER Leonce Ndikumana, University of Massachusetts Benno Ndulu, Central Bank of Tanzania Mwanza Nkusu, International Monetary Fund Akbar Noman, Columbia University Christian Nsiah, Baldwin Wallace University Yaw Nyarko, New York University Eric Kehinde Ogunleye, Presidency of Nigeria Kalu Ojah, University of Witwatersrand Keijiro Otsuka, GRIPS Peter Van Oudheusden, The World Bank Ruth Uwaifo Oyelere, Emory University John Page, Brookings Institution Catherine Pattillo, International Monetary Fund Frank Place, World Agroforestry Centre Rafael Portillo, International Monetary Fund Peter Quartey, University of Ghana Jeffrey Sachs, Columbia University Stephanie Seguino, Central Bank of Kenya Saurabh Singhal, UNU-WIDER Joseph Stiglitz, Columbia University Finn Tarp, UNU-WIDER Jean-Claude Tchatchouang, The World Bank Mark Roland Thomas, The World Bank Josselin Thuilliez, University of Paris 1 Pantheon-Sorbonne Yvonne Tsikata, University of Geneva and World Bank D. Filiz Unsal, International Monetary Fund Yan Wang, George Washington University Maureen Were, Central Bank of Kenya Liang Xu, Harvard University Derek Yu, University of the Western Cape