Sub-Saharan Africa and the Market Economy A Way Forward
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The thesis examines what economic policies are most suited for African countries in the light of the poor economic performances over the years. Policy prescriptions have varied from the state getting actively involved in the economy by shaping and directing to allowing the economy shape itself. The regional framework, New Partnership for African Development, accords recognition to the efficacy of the market shaping itself. However, differences remain on the involvement of the state and role of the market. This study aims to provide answers to this through a comparative examination of successful ad unsuccessful economic cases In the case studies, none of the argument was sufficient alone to improve economic growth and development. While the market facilitated growth in some sectors, it was state involvement that exploited and facilitated growth in others. The growth in instances the state intervened was sustained by market-friendly policies and short-term interventions. It is also obvious that growth id dependent on the nature, competence and independence of a state's bureaucracy. Overall, the paper concludes that a blend of improved planning and opening of the market guarantees economic growth and development.
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