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Economic liberalization and constraints to development in sub-Saharan africa

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  • Jomo Kwame Sundaram
  • Rudiger von Arnim

Abstract

This paper critically reviews the impact of globalization on Sub-Saharan Africa (SSA) since the early 1980s. The large gains expected from opening up to international economic forces have, to date, been limited, and there have been significant adverse consequences. FDI in SSA has been largely confined to resource, especially mineral, extraction, even as continuing capital flight has reduced financial resources available for productive investments. Premature trade liberalization has further undermined prospects for SSA economic development as productive capacities in many sectors are not sufficiently competitive to take advantage of any improvements in market access.

Suggested Citation

  • Jomo Kwame Sundaram & Rudiger von Arnim, 2008. "Economic liberalization and constraints to development in sub-Saharan africa," Working Papers 67, United Nations, Department of Economics and Social Affairs.
    • Handle: RePEc:une:wpaper:67
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    File URL: http://www.un.org/esa/desa/papers/2008/wp67_2008.pdf
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    More about this item

    Keywords

    Development; Agriculture; Africa; Trade liberalization; FDI; Bretton Woods Institutions;
    All these keywords.

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O2 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa

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