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date: 18 October 2019

Abstract and Keywords

The economic revival of sub-Saharan Africa follows a lost quarter century of economic collapse and deindustrialization. This examination of its causes and controversies yields important lessons for sustaining and accelerating the revival of growth about which there are real concerns. Policies that contributed to the debacle paid too little attention to “learning” and dynamic efficiency; to critical issues of pacing, sequencing, and the development of appropriate state capacity; and had too much faith in markets, especially as instruments of developmental transformation. The Good Governance Agenda that emerged is both too ambitious and too narrow, neglecting state capacities that have been so important in many successful countries. These ideas are illustrated by looking at several concrete issues. Changes occurring in the global economic landscape make it particularly opportune and urgent to place the sort of trade, industrial and financial policy reforms suggested, high on the policy agenda.

Keywords: neoliberal, learning, industrial policies, finance, transformation, governance, Washington Consensus

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