Adam Smith is dead: Africa's future in a neo-mercantilist world

Benedict Oramah and Richman Dzene ()
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Richman Dzene: Afreximbank

Development Finance Agenda, 2024, vol. 9, issue 6, 6-9

Abstract: The Group of Seven (G7) industrialised Economies made a significant move recently that could upend the globalisation as we know it. The G7 Economies announced new policy measures targeted at some developing countries, including export controls and restrictions, designed to protect G7 domestic industries. These far-reaching actions, part of a broader trend since the turn of the 21st century towards protectionism and economic nationalism, mark the rebirth of mercantilism and could potentially become the coup de grace of internationalisation. This paper discusses the devolving global order from the Adam Smith's prescribed Laissez Faire system to a neo-protectionist and mercantilist system and the possible implications for developing economies, particularly Africa.

Date: 2024
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