The Decline of an Economy

John Weeks
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John Weeks: Middlebury College

Chapter 4 in Development Strategy and the Economy of Sierra Leone, 1992, pp 41-51 from Palgrave Macmillan

Abstract: Abstract As shown in Chapter 2, the World Bank, the premier international agency lending to African countries, developed in the 1980s a standard explanation for poor economic performance which it applied generally to the countries of the SSA region. In this analysis, external shocks to the sub-Saharan countries enter as secondary effects, with the primary cause of economic decline resulting from poor economic policy (‘mismanagement’) and especially unwise investment decisions. This characterization of a sub-continent’s problems is not a strawman created by the critics of the Bank, but an argument repeated again and again with great force in official documents.

Keywords: Capita Income; External Shock; Trade Deficit; Fiscal Deficit; Monetary Expansion (search for similar items in EconPapers)
Date: 1992
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DOI: 10.1007/978-1-349-11936-3_4

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