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Learning and Industrial Policy: Implications for Africa

In: The Industrial Policy Revolution II

Author

Listed:
  • Bruce Greenwald

    (Columbia University)

  • Joseph E. Stiglitz

    (Columbia University)

Abstract

Over the past thirty years, Africa has suffered from deindustrialization. The quarter century from the early 1980s was a period of declining per capita income and increasing poverty. Structural adjustment policies advocated by the IMF and the World Bank were predicated on the belief that by eliminating “distortions” in the economy, Africa would grow faster - by constructing an economy based on principles of free and unfettered markets, with the government restrained to ensuring macro-stability (which typically just meant price stability), economic performance would be increased and all would benefit.

Suggested Citation

  • Bruce Greenwald & Joseph E. Stiglitz, 2013. "Learning and Industrial Policy: Implications for Africa," International Economic Association Series, in: Joseph E. Stiglitz & Justin Lin Yifu & Ebrahim Patel (ed.), The Industrial Policy Revolution II, chapter 1, pages 25-49, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-137-33523-4_2
    DOI: 10.1057/9781137335234_2
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    Citations

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    Cited by:

    1. Joseph Stiglitz, 2018. "From manufacturing-led export growth to a twenty-first-century inclusive growth strategy: Explaining the demise of a successful growth model and what to do about it," WIDER Working Paper Series 176, World Institute for Development Economic Research (UNU-WIDER).
    2. Popov, Vladimir & Chowdhury, Anis, 2015. "What Uzbekistan tells us about industrial policy that we did not know?," MPRA Paper 67013, University Library of Munich, Germany.
    3. Ntow-Matthew Gyamfi & Godfred A. Bokpin & Anthony Q. Q. Aboagye & Charles Godfred Ackah, 2022. "Financial Development, Institutional Quality and Inclusive Growth in Africa," Global Business Review, International Management Institute, vol. 23(3), pages 584-607, June.
    4. V. Popov & В. Попов, 2016. "Секреты И Перспективы Промышленной Политики Узбекистана // What Can Uzbekistan Tell Us About Industrial Policy That We Did Not Already Know," Review of Business and Economics Studies // Review of Business and Economics Studies, Финансовый Университет // Financial University, vol. 4(1), pages 5-25.
    5. Joseph E. Stiglitz, 2018. "From manufacturing-led export growth to a twenty-first-century inclusive growth strategy: Explaining the demise of a successful growth model and what to do about it," WIDER Working Paper Series wp-2018-176, World Institute for Development Economic Research (UNU-WIDER).
    6. Popov, Vladimir, 2019. "Successes and failures of industrial policy: Lessons from transition (post-communist) economies of Europe and Asia," MPRA Paper 95332, University Library of Munich, Germany.
    7. Polterovich, V. & Popov, V., 2016. "Exchange Rate, Inflation and Industrial Policy," Journal of the New Economic Association, New Economic Association, vol. 29(1), pages 192-198.

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