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The revival of economic growth in Sub-Saharan Africa is all the
more welcome for having followed one of the worst economic
disasters-a quarter century of economic malaise for most of the
region-since the industrial revolution. Six of the world's
fastest-growing economies in the first decade of this century were
African. Yet only in Ethiopia and Rwanda was growth not based on
resources and the rising price of oil. Deindustrialization has yet
to be reversed, and progress toward creating a modern economy
remains limited. This book explores the vital role that active
government policies can play in transforming African economies.
Such policies pertain not just to industry. They traverse all
economic sectors, including finance, information technology, and
agriculture. These packages of learning, industrial, and technology
(LIT) policies aim to bring vigorous and lasting growth to the
region. This collection features case studies of LIT policies in
action in many parts of the world, examining their risks and
rewards and what they mean for Sub-Saharan Africa.
Industrial policy, once relegated to resource allocation,
technological improvements, and the modernization of industries,
should be treated as a serious component of sustainability and
developmental economics. A rich set of complimentary institutions,
shared behavioral norms, and public policies have sustained
economic growth from Britain's industrial revolution onwards. This
volume revisits the role of industrial policy in the success of
these strategies and what it can offer developed and developing
economies today. Featuring essays from experts invested in the
expansion of industrial policies, topics discussed include the most
effective use of industrial policies in learning economies,
development finance, and promoting investment in regional and
global contexts. Also included are in-depth case studies of Japan
and India's experience with industrial policy in the banking and
private sector. One essay revisits the theoretical and conceptual
foundations of industrial policy from a structural economics
perspective and another describes the models, packages, and
transformation cycles that constitute a variety of approaches to
implementation. The collection concludes with industrial strategies
for facilitating quality growth, realizing more sustainable
manufacturing development, and encouraging countries to
industrialize around their natural resources.
In recent years, concerns about the outcomes and nature of economic
growth have given way to a new emphasis on its quality. This volume
brings together prominent international contributors to consider a
range of interrelated questions concerning the quality of growth in
Africa, with a primary focus on sub-Saharan countries. Contributors
discuss the measurement of growth, the transformations necessary to
sustain it, and issues around equity and well-being. They consider
topics such as the distribution of income gains from growth; the
extent to which economic growth has resulted in improvements in
employment, poverty, and security; structural transformations of
the economy and diversification of the sources of growth;
environmental sustainability; and management of urbanization.
Offering both diagnoses and prescriptions, The Quality of Growth in
Africa helps envision a future that goes beyond increasing GDP to
ensuring that growth translates into advancements in well-being.
Although the book focuses on sub-Saharan Africa, much of the
contributors' incisive analysis has implications for countries
outside the region.
Why has the economic growth performance of Sub-Saharan Africa been
disappointing on balance over the past 50 years? More importantly,
what can be done to reverse that trend and to sustain and improve
upon the accelerated growth experienced in recent years? What are
the possibilities and policies for Africa to reduce poverty and
achieve sustained, rapid economic growth? What are the lessons of
success in both Africa and elsewhere? Could some of the policies
that proved so successful in East Asia help reverse the
deindustrialization of Africa in the past three decades and be the
basis of its structural transformation? These were the questions
posed to a diverse group of experts on development convened by the
Initiative for Policy Dialogue (IPD). This volume reflects the
highlights of their deliberations. It broadens the policy debate,
expands the policy options, and proposes alternative development
strategies. This book captures the lively, and sometimes
contentious, debate, and provides a note of optimism for the
future. Though success is not assured, this volume argues that
there is good reason to believe that policies based on lessons of
successes, notably in East Asia, can be adapted successfully in
African contexts.
Why has the economic growth performance of Sub-Saharan Africa been
disappointing on balance over the past 50 years? More importantly,
what can be done to reverse that trend and to sustain and improve
upon the accelerated growth experienced in recent years? What are
the possibilities and policies for Africa to reduce poverty and
achieve sustained, rapid economic growth? What are the lessons of
success in both Africa and elsewhere? Could some of the policies
that proved so successful in East Asia help reverse the
deindustrialization of Africa in the past three decades and be the
basis of its structural transformation? These were the questions
posed to a diverse group of experts on development convened by the
Initiative for Policy Dialogue (IPD). This volume reflects the
highlights of their deliberations. It broadens the policy debate,
expands the policy options, and proposes alternative development
strategies. This book captures the lively, and sometimes
contentious, debate, and provides a note of optimism for the
future. Though success is not assured, this volume argues that
there is good reason to believe that policies based on lessons of
successes, notably in East Asia, can be adapted successfully in
African contexts.
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