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Full Description
A popular myth about the travails of Africa holds that the continent's long history of poor economic performance reflects the inability of its leaders and policymakers to fulfill the long list of preconditions to be met before sustained growth can be achieved. These conditions are said to vary from the necessary quantity and quality of physical and human capital to the appropriate institutions and business environments. While intellectually charming and often elegantly formulated, that conventional wisdom is actually contradicted by historical evidence and common sense. It also suggests a form of intellectual mimicry that posits a unique path to prosperity for all countries regardless of their level of development and economic structure.
In fact, the argument underlining that reasoning is tautological, and the policy prescriptions derived from it are fatally teleological: low-income countries are by definition those where such ingredients are missing. None of today's high-income countries started its growth process with the "required" and complete list of growth ingredients. Unless one truly believes that the continent of Africa-and most developing countries-are ruled predominantly if not exclusively by plutocrats with a high propensity for sadomasochism, the conventional view must be re-examined, debated, and questioned.
This volume-the second of the ^lOxford Handbook of Africa and Economics-reassesses the economic policies and practices observed across the continent since independence. It offers a collection of analyses by some of the leading economists and development thinkers of our time, and reflects a wide range of perspectives and viewpoints. Africa's emergence as a potential economic powerhouse in the years and decades ahead amply justifies the scope and ambition of the book.
Contents
Célestin Monga and Justin Yifu Lin: Introduction: Africa's Evolving Policy Frameworks
Part I: The Macroeconomics of Growth and Structural Transformation
1: Augustin Kwasi Fosu and Eric Kehinde Ogunleye: African Growth Strategies: The Past, Present, and Future
2: Margaret McMillan and Kenneth Harttgen: Africa's Quiet Revolution
3: Andrew Berg, Stephen O'Connell, Catherine Pattillo, Rafael Portillo, and Filiz Unsal: Monetary Policy Issues in Sub-Saharan Africa
4: Paul R. Masson, Catherine Pattillo, and Xavier Debrun: The Future of African Monetary Geography
5: Jean-Claude Tchatchouang: The CFA Franc Zone: A Biography
6: Célestin Monga: African Monetary Unions: An Obituary
7: Benno Ndulu and Joseph Leina Masawe: Challenges of Central Banking in Africa
8: Willi Leibfritz: Fiscal Policy in Africa
9: Mark R. Thomas and Marcelo M. Giugale: African Debt and Debt Relief
10: Leonce Ndikumana: Savings, Capital Flight, and African Development
11: Jaime de Melo and Yvonne Tsikata: Regional Integration in Africa: Challenges and Prospects
12: Ibrahim Ahmed Elbadawi and Nadir Abdellatif Mohammed: Natural Resources: Utilizing the Precious Boon
13: John Page: Rediscovering Structural Change: Manufacturing, Natural Resources and Industrialization
14: Keun Lee, Calestous Juma, and John Mathews: Innovation Capabilities for Sustainable Development in Africa
Part II: Microeconomic and Sectoral Issues
15: Keijiro Otsuka and Frank Place: Land Tenure and Agricultural Intensification in Sub-Saharan Africa
16: Ousmane Badiane and Tsitsi Makombe: Agriculture, Growth, and Development in Africa: Theory and Practice
17: Frannie A. Léautier: Capacity Development for Transformation
18: Michael Kevane: Gold Mining and Economic and Social Change in West Africa
19: Jenny C. Aker and Joshua E. Blumenstock: The Economic Impacts of New Technologies in Africa
20: Jean-Jacques Dethier: Infrastructure in Africa
21: Asli Demirguc-Kunt, Leora Klapper, and Peter van Oudheusden: Financial Inclusion in Africa : Obstacles and Opportunities
22: Kalu Ojah and Odongo Kodongo: Financial Markets Development in Africa: Reflections and the Way Forward
23: Wafik Grais: Islamic Finance in North Africa
24: Ioannis N. Kessides: Regulatory Reform for Closing Africa's Competitiveness Gap
Part III: Institutional/Social Economics
25: Ruth Uwaifo Oyelere: School Enrollment, Attainment, and Returns to Education in Africa
26: Yaw Nyarko: Mobility, Human Capital, Remittances, and Economic Transformation
27: Germano Mwabu: Health, Growth, and Development in Africa
28: Jean-Claude Berthelemy and Josselin Thuilliez: The Economics of Malaria in Africa
29: Ragui Assaad and Caroline Krafft: An Empirical Analysis of the Economics of Marriage in Egypt, Morocco, and Tunisia
30: Sophie Bessis: Economics, Women, and Gender: The African Story
31: Stephanie Seguino and Maureen Were: Gender, Economic Growth, and Development in Sub-Saharan Africa
32: Mina Baliamoune-Lutz: Gender Economics in North Africa
33: Julia Cage: The Economics of the African Media
Part IV: Old and New Development Players
34: Chris Elbers and Jan Willem Gunning: What Do Development NGOs Achieve?
35: Haroon Bhorat, Karmen Naidoo, and Derek Yu: Trade Unions in South Africa
36: Ernest Aryeetey: African Development Banks: Lessons for Development Economics
37: Hamed El-Said: The Political Economy of Aid in North Africa
38: Tony Addison, Saurabh Singhal, and Finn Tarp: Aid to Africa: The Changing Context
39: Christian Nsiah and Bichaka Fayisssa: Remittances to Africa and Economics
40: John C. Anyanwu: Foreign Direct Investment in Africa: Lessons for Economics
41: Mwanza Nkusu and Malokele Nanivazo: International Capital Flows to Africa
42: Emmanuel Akyeampong and Liang Xu: The Three Phases/Faces of China in Independent Africa: Reconceptualizing China-Africa Engagement
43: Peter Quartey and Gloria Afful-Mensah: Aid to Africa: Emerging Trends and Issues
44: Justin Yifu Lin and Yan Wang: China-Africa Cooperation in Structural Transformation: Ideas, Opportunities, and Finances
Part V: Looking Forward
45: Justin Yifu Lin: China's Rise and Structural Transformation in Africa: Ideas and Opportunities
46: Akbar Noman and Joseph Stiglitz: Economics and Policy: Some Lessons from Africa's Experience
47: Alaka M. Basu Kaushik Basu: The Prospects for an Imminent Demographic Dividend in Africa: The Case for Cautious Optimism
48: Jeffrey D. Sachs: Africa's Demographic Transition and Economic Prospects
