Chapter

Economic Liberalization and Constraints to Development in Sub-Saharan Africa

K. S. Jomo and Rudiger von Arnim

in Good Growth and Governance in Africa

Published in print December 2011 | ISBN: 9780199698561
Published online May 2012 | e-ISBN: 9780191738142 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199698561.003.0017

Series: Initiative for Policy Dialogue

Economic Liberalization and Constraints to Development in Sub-Saharan Africa

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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. FDI 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 SSA economic development as productive capacities in many sectors are not sufficiently competitive to take advantage of any improvements in market access.

Keywords: development; agriculture; Africa; trade liberalization; FDI; Bretton Woods Institutions

Chapter.  15730 words.  Illustrated.

Subjects: Economic Development and Growth

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