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AftermathA New Global Economic Order?$
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Craig Calhoun and Georgi Derluguian

Print publication date: 2011

Print ISBN-13: 9780814772836

Published to University Press Scholarship Online: March 2016

DOI: 10.18574/nyu/9780814772836.001.0001

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date: 17 October 2019

The Global Financial Crisis and Africa’s “Immiserizing Wealth”

The Global Financial Crisis and Africa’s “Immiserizing Wealth”

Chapter:
(p.165) Chapter 7 The Global Financial Crisis and Africa’s “Immiserizing Wealth”
Source:
Aftermath
Author(s):

Alexis Habiyaremye

Luc Soete

Publisher:
NYU Press
DOI:10.18574/nyu/9780814772836.003.0008

This chapter explores the extent to which Africa's extraordinary wealth of natural resources has been tied in disastrous ways to global trade. In the years immediately preceding the global financial crisis, many economists advised African countries to reap the benefits of rising prices for primary commodities. The hope was that accruing surpluses could help Africa generate sustainable development. Such prescriptions, however, ignored the negative effects of dependence on resource exports. The ways in which such resources were marketized contributed to state weakness when in fact only strong states could manage them for effective long-term growth. Even the World Bank has recognized that strengthening and reforming resource-rich African states is the key to their development. The chapter calls for industrially diversified growth which offers wider employment and the potential for increasing-returns.

Keywords:   Africa, natural resources, global trade, global financial crisis, primary commodities, resource exports, state weakness

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