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The neo-liberal doctrine and the african crisis
Nissanke, Machiko
Nissanke, Machiko
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Nissanke, Machiko
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liberation theology
African countries
African countries
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nissanke.pdf
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Abstract
"The core model of Structural Adjustment Programmes (SAPs) undoubtedly reflects a revival of neo-liberal orthodoxy in mainstream economics as well as in popular global economic policy debates in the 1980s. In this sense, SAPs are an application of the neo-conservatism of the Thatcher- Reagan era to development economics -a product of the neo-liberal ‘counter-revolution . The legitimacy of ‘development economics as a distinct subject discipline was seriously challenged in the process. The ascendancy of the neo-liberal school in development economics has not only impoverished the development policy debate with its monolithic understanding of the essentially multi-dimensional process of socio-economic development, but also inflicted irrecoverable costs and pains to low-income countries by imposing its doctrine in the form of conditionality to Structural Adjustment Loans. While its supremacy as applied to developed and emerging market economies has been gradually questioned after a series of global financial crises in the 1990s, its application to low income developing countries has been surviving as the core component of loan conditionality. Drawing on my recent papers on the topic noted in the bibliography attached, this brief paper examines the effects of application of neo-liberal policies on the continuing fragility faced by most low-income countries in Sub-Saharan Africa (SSA). Indeed, since the early 1980s, the economic policy and development debate in SSA have been singularly dominated by SAPs. The debate concerning the appropriateness of SAPs for SSA countries continues to be unabated despite nearly two decades of ‘adjustments ."(pg 2)
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2001-09-07
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With permission of the license/copyright holder