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Learning and Industrial Policy: Implications for Africa

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The Industrial Policy Revolution II

Part of the book series: International Economic Association Series ((IEA))

Abstract

Over the past thirty years, Africa has suffered from deindustrialization. The quarter century from the early 1980s was a period of declining per capita income and increasing poverty. Structural adjustment policies advocated by the IMF and the World Bank were predicated on the belief that by eliminating “distortions” in the economy, Africa would grow faster - by constructing an economy based on principles of free and unfettered markets, with the government restrained to ensuring macro-stability (which typically just meant price stability), economic performance would be increased and all would benefit.

Paper presented to an International Economic Association roundtable conference on “New Thinking on Industrial Policy: Implications for Africa,” Pretoria, July 3–4, 2012, co-sponsored by the World Bank, UNIDO, and the South African Economic Development Department. Research support from Laurence Wilse-Samson and the helpful comments of the other participants in the seminar is gratefully acknowledged. This paper is a companion to B. Greenwald and J.E. Stiglitz, “Industrial Policies, the Creation of a Learning Society, and Economic Development,” presented to the International Economic Association/World Bank Industrial Policy Roundtable in Washington, DC, May 22–3, 2012 (Greenwald and Stiglitz, 2014a). Both papers are based on Greenwald and Stiglitz (2006) and Stiglitz (2014b, 2012a).

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Author information

Authors and Affiliations

  1. Columbia University, USA

    Bruce Greenwald & Joseph E. Stiglitz

Authors
  1. Bruce Greenwald
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  2. Joseph E. Stiglitz
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Editor information

Editors and Affiliations

  1. Columbia University, USA

    Joseph E. Stiglitz (University Professor) (University Professor)

  2. National School of Development, Peking University, China

    Justin Lin Yifu (Honorary Dean) (Honorary Dean)

  3. Minister of Economic Development, South Africa

    Ebrahim Patel

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© 2013 International Economic Association

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Greenwald, B., Stiglitz, J.E. (2013). Learning and Industrial Policy: Implications for Africa. In: Stiglitz, J.E., Yifu, J.L., Patel, E. (eds) The Industrial Policy Revolution II. International Economic Association Series. Palgrave Macmillan, London. https://doi.org/10.1057/9781137335234_2

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