This book, published for and on the behalf of the United Nations, seeks to identify, in an international perspective, what has and has not worked in structural adjustment programs in Africa. It attempts to explain key weaknesses in these programs, and proposes feasible alternatives. It rejects both the pessimism over Africa’s future as well as the excessive hype about the power and potential of direct foreign investment as an agent of change. This book argues for policies that stimulate private domestic investment as a means to expand and upgrade exports, and argues for a supportive international environment, which includes debt relief, improved development assistance, and better market access.

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