1887

UN Department of Economic and Social Affairs (DESA) Working Papers

The UN Department of Economic and Social Affairs (DESA) Working Papers aim to stimulate discussion and critical comment on the broad range of economic, social and environmental issues associated with the United Nations Development Agenda.

English

Globalization and Development in Sub-Saharan Africa

This paper critically reviews the impact of globalization on sub-Saharan Africa (SSA) since the early 1980s. The large gains expected from opening up to international economic forces have, to date, been limited, and there have been significant adverse consequences. Foreign direct investment in SSA has been largely confined to resource—especially mineral—extraction, even as continuing capital flight has reduced financial resources available for productive investments. Premature trade liberalization has further undermined prospects for the economic development of SSA as productive capacities in many sectors are not sufficiently competitive to take advantage of any improvements in market access.

English

Keywords: Structural Adjustment, Aid, FDI, Bretton Woods institutions, Industry, Trade, Development, Finance, Africa, Agriculture
JEL: O2: Economic Development, Innovation, Technological Change, and Growth / Development Planning and Policy; O55: Economic Development, Innovation, Technological Change, and Growth / Economywide Country Studies / Economywide Country Studies: Africa; O1: Economic Development, Innovation, Technological Change, and Growth / Economic Development
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