African economic development in a comparative perspective |
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Authors: | Akyuz, Yilmaz Gore, Charles |
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Affiliation: | United Nations Conference for Trade and Development, Geneva UNCTAD, OSC/LDCS, Palais des Nations, CH-1211 Geneva 10, Switzerland |
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Abstract: | Conventional explanations of poor African economic performancegenerally fail to pay adequate attention to causal mechanismsof growth, decline and stagnation. Many African countries experiencedinvestment booms after independence but, in contrast to EastAsian newly industrialising economies, these were not sustainedowing to failure to establish a virtuous growth circle involvingcomplementary increases in savings and exports. Structural adjustmentprogrammes dismantled stat-mediated mechanisms of accumulationwithout putting viable alternatives in place, and failed totackle the structural constraints which impede productivitygrowth in agriculture. A new policy approach, drawing on theexperience of both post-colonial and adjustment periods, isnecessary. |
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Keywords: | Development Structural adjustment Capital accumulation Africa |
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