Economic Development in Africa

Probably more than anything else, Africa is known by the stereotypes many people around the world have about the "Dark Continent." But Africa is also a strange paradox. It is the richest continent in the world. Yet it is also the poorest. Its potential wealth is enormous, unrivaled anywhere else in the world. As David Lamb states in his book The Africans: "There is not another continent blessed with such abundance and diversity." So why so much poverty in the midst of such abundance? The answer lies in the wrong policies and imported ideologies, good intentions notwithstanding. African countries pursued since independence during the sixties. However, with the collapse of communism during the late eighties and early nineties, came a rude awakening. The impoverished African nations were forced to re-evaluate their policies and ideological underpinnings which had failed to sustain one of their ideological "mentors": the Soviet Union and her satellites. This ground-breaking new book provides analyses of capitalism vesus socialism as well as case studies illuminating the latest economic developments in the shift taking place in Africa. The case studies were selected because of their relevance to the entire continent. In spite of the difficulties facing Africa, prospects are less than slim because of the continent's abundant natural resources.