The debt crisis in Africa

著者

書誌事項

The debt crisis in Africa

E. Wayne Nafziger

Johns Hopkins University Press, c1993

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注記

Includes bibliographical references (p. 249-269) and index

内容説明・目次

内容説明

Since the 1970s, African nations have faced chronic economic stagnation, increased poverty, debt and growing inequality among the classes. In "The Debt Crisis in Africa", E. Wayne Nafziger takes a critical look at the attempts to alleviate these problems by the World Bank, the International Monetary Fund (IMF), the United Nations, the US government, banks, and the Organization for African Unity. Nafziger argues that African economic policies since 1980 have been shaped primarily by the conditions of World Bank and IMF loans of last resort - requiring adjustment and ereforms at the expense of poverty programs, wages, employment and public services for workers and peasants, who receive little benefit from the borrowing. These underprivileged classes opposed the economic liberalism of the World Bank and IMF, whose poublications emphasized longer-run structural adjustments but whose programs carried out short-term demand reduction. African nations today, Nafziger contends, are caught in an export trap - forced by WorldBank and IMF restructuring measures to compete with each other for export markets already sharply limited by rich-nation protectionism. He concludes that Africa would benefit substantially from reduced trade barriers, increased aid and investment, a breakup of the World Bank/IMF and rich-country lending cartel, and mutually beneficial debt write-downs by commercial creditors for severely indebted low-income countries. "The Debt Crisis in Africa" is an authoritative introduction to a topic that will interest economists, social scientists, bankers, business people, government and international agency personnel, and others who wish to understand the African and Third World debt crisis.

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