Structural Adjustment and the African Crisis: A Theoretical Appraisal

Howard Stein () and Machiko Nissanke ()
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Howard Stein: Department of Economics, Roosevelt University
Machiko Nissanke: Department of Economics, University of London

Eastern Economic Journal, 1999, vol. 25, issue 4, 399-420

Abstract: This paper locates the chief culprit for the failure of structural adjustment in Africa at the conceptual level rather than the weak implementation capacity of African governments. The neo-classical economic microfoundations, associated intermediate propositions and theories underlying adjustment seriously mis-specify the nature of African economies. Policies are often in conflict due to the inconsistencies within the adjustment model. Despite its name the model excludes vital structural features of African economies. The reliance on neo-classical microfoundations in adjustment leads to a series of errors which preclude the generation of policy options that could significantly develop African countries. Drawing on institutional economic theory, the paper points to an alternative approach aimed at the structural and institutional transformation of African economies.

JEL-codes: O11 O23 O55 (search for similar items in EconPapers)
Date: 1999
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eej:eeconj:v:25:y:1999:i:4:p:399-420

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