Macroeconomic and Structural Adjustment Policies in Zimbabwe

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Describe the connection issue. SearchWorks Catalog Stanford Libraries. Macroeconomic and structural adjustment policies in Zimbabwe. Melbourne, Australia. Backus, David, and John Driffill.

Review of Economic studies 52 2 Quartely Digest of Statistics. Harare, Zimbabwe. Davies, Rob, and Jorn Rattso. World Development 24 2 Durevall, Dirk, and Daniel B Ndlela. Macroeconomic Policies and the Manufacturing Sector. London: Macmillan and Palgrave. Edwards, Sebastian.

Macroeconomic Stabilisation Policy and Structural Reforms in India (eco)

Goderis, Benedikt, and Vasso P Iannidou. Green, Reginald Herbold, and Xavier Kadhani. Zimbabwe: Transition to economic crises Retrospect and Prospect. World Development 14 8 - Huizinga, Harry.

Macroeconomic and Structural Adjustment Policies in Zimbabwe

Real Exchange Rate Misalignment and Redistribution. This in turn will require the instituting of creative mechanism to produce a truly developmental state-society nexus able to synergetically mobilize human and physical resources and address the many contradictions that are inherent to our societies and to any processes of rapid change. Economic development is quintessentially a political process, touching upon issues of power, intra-temporal and inter-temporal distribution of not only economic resources but also of power. It is a process that taxes the political system heavily.

It involves sacrifices and commitments that can only be sustained through a sense of shared vision and common purpose. It calls for the mobilization of national capacities.

‘ESAP was never ideal for Zim’

For sustainable long-term development therefore, the process of policy-making and governance generally must be democratic. Right from its inception in the early s, the major controversies about the Structural Adjustment Program SAP relate to the crisis of analytical and methodological framework and thus the discordant tunes about what SAP can or cannot do, whether it has succeeded or will ever succeed, and the efficacy of evaluation techniques.

Answers to such conceptual and methodological issues continue to elude analysts even as the need for answers becomes more urgent.

At the heart of the shortcomings of the Report is the persistent crisis of theoretical and methodological framework. A careful read-through of the Report as well as most other recent studies of the Bank points to a clear admission at least in rhetorics of the inadequacies of the first and second generations of SAPs in Africa. The result is that the variance between any of the existing frameworks including SAP and the realities of the African condition is very deep.

For SAP, it is little surprise that the empirical results produced by several evaluation exercises are at every point contradicted by the evidence on the ground. In practice the choice of methodologies for evaluating performance of particular development strategies cannot be divorced from the crisis of relevant conceptual and theoretical framework. What one sees is ultimately dependent, not only on where one stands but perhaps also on what he chooses to see and how he does so-with one eye closed or with dark glasses on.

Thus, any serious attempt at a rethinking of the adjustment program and general development prospects should start with a critical evaluation of the existing analytical and methodological frameworks, with a view to illuminating the pathway towards potential consensus. Our goal in this chapter is not to resolve the crisis of a development paradigm for Africa. We intend to demonstrate that existing models are at best incomplete theories of development and the prevailing methodologies for performance evaluation as amounting to a convenient use of statistics.

We sketch the issues in the search for an alternative framework as deriving from the weaknesses of the existing frameworks. Diagnosis of economic problems and prescriptions of policy actions are strongly influenced, not only by events, but also by the intellectual milieu of each era.

What is often missing in most discussions of SAP is the. Analytically, two schools of thought dominate the debate about the nature of the African crisis and required remedies. On the one hand is the structuralist paradigm, while the neoclassical theory presents the alternative, albeit dominant, perspective.

(PDF) What are the effects of ESAP in the Zimbabwean context | Emmanuel R Marabuka -

Intellectually, the last few decades have witnessed major shifts in general economic thinking and development economics in particular. Structuralists argue that the poor initial conditions, and a long list of structural bottlenecks make developing countries different from the industrial ones, and thus require different set of policies for development. A bottleneck greatly emphasized by the structuralists is the asymmetrical economic power relations in the world and the secular movements in the terms of trade faced by the developing countries.

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The centre-periphery thesis, as well as the argument of a premature integration of the developing countries into the global capitalist system is seen as necessitating. Much of the economic woes of the developing countries are attributed to the vagaries of the external environment which is controlled by the industrialized countries. The rationale and modalities of this paradigm of development are well articulated in the literature see Prebisch , ; Hirschman ; and the Lewis Labor surplus model. Ranis provides a succinct summary of the theoretical framework of the inward-looking, import-substitution industrialization ISI strategy especially in relation to modernization process or path for small open dualistic and labor surplus economies such as most African economies.

The process dictates that the economies pass through some evolutionary phases. For example, they begin from an early or primary import substitution PIS sub-phase, gradually evolve to the secondary import substitution SIS , and at a much later stage, mature into an outward looking or externally oriented sub-phase which may be of the export promotion and export substituting variety. A key feature of the early phases is inward looking policy of protection, price controls, central planning, dependence on external financial assistance-all of which imply strong state control.

The model posits an evolutionary process of moving from the inward-looking orientation to an outward looking strategy which also entails the gradual dismantling of the instruments of controls and replaced by liberalism and domination by market forces. According to Olofin ,. A good example of the set of countries which have followed this normal evolutionary path from dualistic labor surplus economies to developed industrialized economies are the Asian tigers at one extreme of the complete success stories.

Some emerging NICs such as Thailand,. Philippines and Malaysia are examples of intermediate success stories. At the other extreme of the spectrum are the non-success cases of mostly Latin American and sub-Saharan African countries who instead of moving steadily from PIS sub-phase to EO sub-phase via SIS sub-phase, either stagnate around PIS or oscillate between PIS and SIS moving from control regimes, to partial and feeble liberalization and back to control and strict regulation.

The veracity of the above characterization of development in Asia is certainly debatable, and is one of the sources of raging controversy in the policy context of SAP. In Africa, the desirability of this evolutionary model, and the extent to which the successive phases have materialized or failed to do so in individual countries are germane issues for empirical examination. While structuralism and import substitution industrialization ISI strategy provided the dominant intellectual impetus for the African development model in the s through s, the specific forms, contents, and patterns of the policies differed among the countries.

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Countries generally followed variants of this dominant model as dictated by the peculiarities of their respective political economies and institutional and managerial capabilities. In general however, some identifiable approaches characterized the development models in most countries: the capital formation centered approach; the economic nationalism centered approach; the socialist development approach; and the basic human needs approach see Mongula , for detailed review of these approaches.

We summarize the key elements of each approach below. Following the intellectual leadership of growth and development economists like Solow, Mirlees, Nurkse, Lewis and Rostow, growth in Africa after independence was perceived as a function of increased capital formation, and also increased investment in education and training. Related to this approach was the economic nationalism approach. By this, countries sought to take increasing control of their economies by the Africanization of the public service, legislation of partnerships between foreign investors and mostly the states, part or full nationalization of foreign owned companies, etc.

The central concern was the need to overcome dependency and neo-colonialism. Because of the absence of organized and significant private sector capital in most countries, the state got increasingly involved in major economic activities-increased interest towards domestic production of capital goods,. State involvement was essentially seen as a strategy to serve the people rather than neo-colonial commercial interests and also accelerate economic development. Aside from the deep structuralist bent of this orientation, several scholars provided strong justification for this policy in the Africa specific case.

For example, Green argues that;. Given the very late start, weak private domestic sector capacity, poor domestic savings mobilization capacity and extreme openness to trade, African economic development whether capitalist or socialist will require large public sectors — both government and public enterprise.