Macroeconomics and Marginalisation: The Triumph of Hope over Experience
The search for appropriate macroeconomic policies to entrench recovery and restore growth to sub-Saharan Africa is increasingly bedevilled by disputes over the trade-off between economic efficiency and equity. In the two decades prior to Africa’s widespread adoption of structural adjustment, macroeconomic policy ‘unmarginalised’ a number of economies—Angola, Nigeria, Zambia, Zaire—for limited periods, while marginalising the poor. Resource-intensive development of plantation agriculture, energy or mining achieved growth of an enclave economy nature with very little, if any, trickledown to the poor, especially the rural poor.
KeywordsForeign Direct Investment Human Development Index Structural Adjustment Institutional Capacity Wealth Distribution
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