Africa

Paper Summary:

This paper discusses the economy of Africa. The paper begins by analyzing Africa's population, particularly in regards to the size of the country and the wealth of the individual. It then looks at the wealth of Africa, the land, and examines African economy and its growth. It discusses reasons for the level of the economy as it is today.

Table of Contents:
Bases of Wealth
The Gold Standard Is Tarnished
Is There Any Equilibrium In The African Economy?
African Economic Growth
Solution To The Problem
Supply And Demand
Development Through Oil
Reasons For Failure
Conclusion

From the Paper:

"SAPs require liberalizing interest rates and increased government borrowing; in Africa, the oligopolistic banking sector causes higher interest rates. These are then coupled with an unstable political situation, monetary devaluation, and trade liberalization (often, a worsening of the balance of imports and exports), making the situation even worse. Trade liberalization fails because export markets are more competitive today than when the emerging Asian nations industrialized, making it more difficult to compete in exports. Since the Asian nations already specialize in low-cost labor-intensive goods, there is little room for African goods, forcing Africa to continue to rely on commodities."

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