Moving Towards a New Perspective of African development

Many economic governance ideas linked to neoclassical economic models developed primarily in the US and exported via the IMF and the World Bank have long been big stones in African shoes. And African public power and utility projects floundered in the 1980’s as conditional or ‘policy-based’ loans pushed by the Fund and the Bank aborted Africa’s flirtation with the state-guided paths to development that Germany, South Korea, Taiwan and the US itself once followed.

If Africa’s economies are to develop, they must do so not simply through the reanimation of misguided market fundamentalist orthodoxies. One clear way in which the continent could do things differently − and banish long and painful memories of the politics associated with Western economic ideas − would be through the newly-established BRICS New Development Bank, which is set to have $100 billion at its disposal.


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