354 Pages
English

Africa and Economic Policy

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A ground-breaking study offering a unique conceptual framework for designing and conducting economic policy in developing countries.


‘Africa and Economic Policy: Developing a Framework for Policymakers’ aims to fill an important gap in the current literature on economic policy in developing countries. Despite its richness and sophistication, the current economic literature has not yet succeeded in developing a framework for economic policy that is clear and intelligible to policymakers in developing countries, and which is capable of effectively delivering a sustained increase in citizens’ well-being. This ground-breaking study seeks to rectify this problem by suggesting a unique conceptual framework for designing and conducting economic policy in developing countries, particularly those in Africa.


Acknowledgements; Introduction; 1. The Sectoral Approach to Economic Policy and Its Limits; 2. Conceptual Framework of a Systemic Economic Policy for the Revival of Africa; 3. Final Goals for a Systemic Economic Policy; 4. Intermediate Goals for a Systemic Economic Policy; 5. Operating Goals for a Systemic Economic Policy; 6. Instruments for a Systemic Economic Policy; 7. Means of Implementing a Systemic Economic Policy; 8. Economic Policy in Particular Contexts: Economic Crisis and Natural Resources–Based Economies; 9. Globalization: A Variable Geometry Process; 10. Globalization: A Factor of Worsening Economic Policy Constraints, but also Source of Opportunities?; 11. Recent Trends of Foreign Aid to Africa; 12. What Goals for Foreign Aid?; 13. How to Channel Aid for It to Be Effective; 14. A Successful Economic Policy Experience in Africa: Economic Policy in Tunisia; 15. Post-apartheid South Africa’s Economic Policy: Lessons from a Successful Experience; 16. Some Economic Policy Experiences in Developed and Emerging Countries; Conclusion; Notes; Bibliography; Index

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Published 01 August 2014
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EAN13 9781783080236
Language English
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Africa and Economic Policy
Anthem Frontiers of Global Political Economy
The Anthem Frontiers of Global Political Economyseries seeks to trigger and attract new thinking in global political economy, with particular reference to the prospects of emerging markets and developing countries. Written by renowned scholars from different parts of the world, books in this series provide historical, analytical and empirical perspectives on national economic strategies and processes, the implications of global and regional economic integration, the changing nature of the development project, and the diverse globaltolocal forces that drive change. Scholars featured in the series extend earlier economic insights to provide fresh interpretations that allow new understandings of contemporary economic processes.
Series Editors Kevin Gallagher – Boston University, USA Jayati Ghosh – Jawaharlal Nehru University, India
Editorial Board Stephanie Blankenburg – School of Oriental and African Studies (SOAS), UK HaJoon Chang – University of Cambridge, UK WanWen Chu – RCHSS, Academia Sinica, Taiwan Léonce Ndikumana – University of MassachusettsAmherst, USA Alica Puyana Mutis – Facultad Latinoamericana de Ciencias Sociales (FLASCOMéxico), Mexico Matías Vernengo – Banco Central de la República Argentina, Argentina Robert Wade – London School of Economics and Political Science (LSE), UK Yu Yongding – Chinese Academy of Social Sciences (CASS), China
Africa and Economic Policy
Developing a Framework for Policymakers
Ferdinand Bakoup
Anthem Press An imprint of Wimbledon Publishing Company www.anthempress.com
This edition first published in UK and USA 2014 by ANTHEM PRESS 75–76 Blackfriars Road, London SE1 8HA, UK or PO Box 9779, London SW19 7ZG, UK and 244 Madison Ave #116, New York, NY 10016, USA
Copyright © Ferdinand Bakoup 2014
The author asserts the moral right to be identified as the author of this work.
All rights reserved. Without limiting the rights under copyright reserved above, no part of this publication may be reproduced, stored or introduced into a retrieval system, or transmitted, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise), without the prior written permission of both the copyright owner and the above publisher of this book.
British Library CataloguinginPublication Data A catalogue record for this book is available from the British Library.
Library of Congress CataloginginPublication Data Bakoup, Ferdinand. [Afrique peutelle gagner sa place dans la mondialisation? English] Africa and economic policy : developing a framework for policymakers / Ferdinand Bakoup. pages cm. – (Anthem frontiers of global political economy) “This book is a translated and updated version of the original French edition, L’Afrique peut elle gagner sa place dans la mondialisation? Pour une politique économique systémique (Paris: L’Harmattan, 2009).” Includes bibliographical references and index. 1. Africa–Economic policy–21st century. 2. Globalization–Economic aspects–Africa. I. Title. II. Series: Anthem frontiers of global political economy. HC800.B3435 2014 338.96–dc23 2014021983
ISBN13: 978 1 78308 019 9 (Hbk) ISBN10: 1 78308 019 1 (Hbk)
Cover image: Anton Balazh/Shutterstock.com.
This title is also available as an ebook.
To Valerie, Brice, Elsa, Isis Maelyne, Ethan, to my parents, and to my brothers and sisters for their love and unconditional support.
Africa’s Economic Growth Depends First of All on Good Economic Policy, Not on Foreign Aid
The Conceptual Fundamentals of a Systemic Economic Policy for Africa’s Revival
Part One
Chapter Three Chapter Four Chapter Five Chapter Six Chapter Seven Chapter Eight
Acknowledgements
The Sectoral Approach to Economic Policy and Its Limits Conceptual Framework of a Systemic Economic Policy for the Revival of Africa
Chapter One Chapter Two
Recent Trends of Foreign Aid to Africa What Goals for Foreign Aid?
N
Final Goals for a Systemic Economic Policy Intermediate Goals for a Systemic Economic Policy Operating Goals for a Systemic Economic Policy Instruments for a Systemic Economic Policy Means of Implementing a Systemic Economic Policy Economic Policy in Particular Contexts: Economic Crises and Natural Resources–Based Economies
161
181
183 195
33 55 67 91 119
Part Four
O
TEN
Foreign Aid and African Economic Policy
Chapter Eleven Chapter Twelve
x
TS
C
i
1
2
1
3
Goals and Instruments for a Systemic Economic Policy for Africa’s Revival
1
3
1
1
5
Globalization: A Variable Geometry Process Globalization: A Factor of Worsening Economic Policy Constraints, but also a Source of Opportunities?
Chapter Nine Chapter Ten
Part Three
Globalization: Challenges and Opportunities for African Economic Policy
125
133
Introduction
135
Part Two
viii
Chapter Thirteen
Part Five
Chapter Fourteen
Chapter Fifteen
Chapter Sixteen
Conclusion
Notes
Bibliography
Index
AFRICA AND ECONOMIC POLICY
How to Channel Aid for It to Be Effective
Some Successful Experiences of Economic Policy in Africa and Beyond
A Successful Economic Policy Experience in Africa: Economic Policy in Tunisia
Postapartheid South Africa’s Economic Policy: Lessons from a Successful Experience
Some Economic Policy Experiences in Developed and Emerging Countries
217
237
239
259
277
283
291
325
339
ACKNOWLEDGEMENTS
This book is the result of the deep reflection I have, throughout my career as an economist, given to the economic situation of Africa, the complex mechanisms that influence the functioning of world economy, as well as the economic policy which African countries could implement in order to reap the advantages of globalization. I would like to first of all thank the management of the African Development Bank. Their recent efforts to encourage the development of knowledge on African economies have created an enabling environment for the completion of this work, started several years ago. I would also like to thank all my colleagues, a remarkable team of economists and sectoral experts with a sound knowledge of African economies, for their contribution to the realization of this book. Our frequent interactions greatly enriched and widened the scope of my thinking. I am deeply grateful. I owe immense intellectual debt to Africans and nonAfricans alike, be they public officials, researchers, actors in the private sector or in civil society. At different occasions, they have shared a number of issues with me, namely their analyses of the economic situation of the African continent, their hopes for and vision of an economic policy that will free the continent from marginalization in the global economy – which seems so inevitable, but fortunately is entirely preventable. I hereby very gratefully acknowledge them. I wish to express gratitude to participants of the African Economic Conferences held in Addis Ababa and Tunis respectively, and particularly to those who attended the sessions at which some chapters of this book were presented. Their pertinent comments and suggestions contributed to my thinking in this book. In the final phase of the writing of this book, a number of colleagues and friends gave me valuable assistance, including proofreading all or parts of the manuscript and making comments that enabled me to improve on a number of aspects of the book. In addition, their advice and support at such a critical phase of the work helped in its completion.I am deeply grateful to them. I would like to thank the two anonymous referees at Anthem Press for their insightful reviews. Indeed, their comments and suggestions further corroborated my own thoughts and the feedback I had received from various readers that this book is bringing new dimensions into the debate on economic policy in Africa. Finally, I would also like to thank the editors at Anthem Press for their very able assistance throughout the production process of this book.
x
AFRICA AND ECONOMIC POLICY
I remain solely responsible for the opinions expressed in this book. Under no circumstances should they be attributed to my current employer, the African Development Bank. This book is a translated and updated version of the original French edition,L’Afrique peutelle gagner sa place dans la mondialisation? Pour une politique économique systémique (Paris: L’Harmattan, 2009).