Globalization and development in sub-Saharan Africa
Jomo Sundaram,
Oliver Schwank and
Rudiger von Arnim ()
Working Papers from United Nations, Department of Economics and Social Affairs
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. Foreign direct investment 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 the economic development of SSA as productive capacities in many sectors are not sufficiently competitive to take advantage of any improvements in market access.
Keywords: Africa; Agriculture; Aid; Bretton Woods institutions; Development; FDI; Finance; Industry; Structural Adjustment; Trade (search for similar items in EconPapers)
JEL-codes: O1 O2 O55 (search for similar items in EconPapers)
Pages: 44 pages
Date: 2011-02
New Economics Papers: this item is included in nep-afr, nep-agr, nep-dev and nep-int
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Citations: View citations in EconPapers (6)
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Persistent link: https://EconPapers.repec.org/RePEc:une:wpaper:102
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