Africa: Economic choices with disastrous consequences
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At independence, African states inherited savings deals. During the 60s, the Yaounde helped maintain economic stability, as opposed to the worries of Asia which was overcrowded, and seemed undevelopable in the absence of resources.
The new governments in place must establish the rule of law, organizing the separation of powers and ensuring national cohesion. This is often undermined and former empires are divided (AOF becomes 12 different countries). Thus 20% of current borders appeared during decolonization.
States themselves often establish strong and authoritarian indoctrination that is commonplace. The former colonial powers continue to maintain close relations with former colonies economic purposes certainly, but also in the context of Cold War when some Third World leaders lean toward communism.
But beyond any ideological discourse, all the strategies implemented by the newly independent countries are similar: all decide to finance an import substitution industrialization (ISI) by heavy taxes on agriculture. Only Algeria is the choice of industrialising industry (typeUSSR). It is thus clearly favoring the industry and the city while 90% of the population lives from agriculture.
Foreign companies are often referred to as nationalized facilities and the state becomes the main player in the modern economy. Until the mid-70's growth continues, driven by rising oil prices and raw materials. It was during this time that African states (pushed by the West) disproportionately into debt and spent freely.
Tags: Africa; economic choices; economic instability