Structural adjustment: why it wasn&apos;t necessary &amp; why it did work

Bracking, Sarah

doi:10.1080/03056249908704379

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Review of African Political Economy

Volume 26, Issue 80

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Structural adjustment: why it wasn't necessary & why it did work

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research-article

Author(s): Sarah Bracking ^a

Publication date (Print): June 1999

Journal: Review of African Political Economy

Publisher: Review of African Political Economy

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Abstract

The ultimate measure of the awesome power, and the fundamental violence, of unfettered abstraction is to be found in the millions upon millions of nameless corpses which this most vicious of centuries has left as its memorial (Sayer, 1991:155).

Everyone is the most important person in democracy.

(IDASA at HYPERLINK http:// www.idasa.org.za on 10 February 1999).

This article provides a critical understanding of the broader historical context of structural adjustment. While a lot of contemporary analysis follows the given econometric boundaries of the policy debate many important political processes, which were part of the broader political economy of adjustment, remain unexplored. This exploration is important because the economic programmes have contained concepts that have taken root in a lot of African political debate like ‘freedom’, ‘efficiency’, ‘modernisation’, ‘markets’ and ‘liberalisation’ despite the apparent failure of programmes in socio‐economic terms. By reviewing the issue as one historical chapter in the relationship between poor countries and the managers of international finance, I indicate how oppositional political debate was constrained by pervasive, although ahistorical, ideas of economic necessity and the supposed economic benefits of ‘open’ markets.

Content

Author and article information

Journal

Journal ID (publisher-id): crea20

Journal ID (archive): CREA

Title: Review of African Political Economy

Publisher: Review of African Political Economy

ISSN (Print): 0305-6244

ISSN (Electronic): 1740-1720

Publication date (Print): June 1999

Volume: 26

Issue: 80

Pages: 207-226

Affiliations

^a Politics Department , University of Leeds

Article

Publisher ID: 8704379 Coden ID: Review of African Political Economy, Vol. 26, No. 80, June 1999, pp. 207-226

DOI: 10.1080/03056249908704379

SO-VID: 0d3b1fbe-cb69-4a87-8f2a-b09fdf1b3893

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All content is freely available without charge to users or their institutions. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles in this journal without asking prior permission of the publisher or the author. Articles published in the journal are distributed under a http://creativecommons.org/licenses/by/4.0/.

History

Page count

Figures: 0, Tables: 0, References: 35, Pages: 20

Bibliography

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Arrighi G. . 1967. . The Political Economy of Rhodesia . , The Hague : : Mouton. .
1970. . ‘Labour supplies in historical perspective: a study of the proletarianization of the African peasantry in Rhodesia’. . Journal of Development Studies . , Vol. 6((3)): 197––234. .
1994. . The Long Twentieth Century . , London : : Verso. .
Banks A S and Muller T C. . 1998. . Political Handbook of the World 1998 . , New York : : CSA Publications. .
Braudel F. . 1981. . The Structures of Everyday Life . , New York : : Harper & Row. .
1982. . The Wheels of Commerce . , New York : : Harper & Row. .
Bromley S. . 1995. . ‘Making Sense of Structural Adjustment’. . Review of African Political Economy . , Vol. 65:: 339––348. .
Burnham P. . 1991. . ‘Neo‐Gramscian hegemony and the international order’. . Capital and Class . , Vol. 45: Autumn;
Bush R and Szeftel M. . 1994. . ‘Commentary: States, Markets and Africa's Crisis’. . Review of African Political Economy . , Vol. 60:: 147––156. .
Commonwealth Development Corporation (CDC). . Annual Report . , London : : CDC. .
Cowen M and Shenton R. . 1995. . “The Invention of Development’. ”. In Power of Development . , Edited by: Crush J. . p. 27––43. . London : : Zed Books. .
EIU. . 1997. . Zimbabwe Country Report . , (1st Quarter).
Eiteman D K, Stonehill AI and Moffett M H. . 1992. . Multinational Business Finance, . , 6th ed. , New York : : Addison‐Wesley Publishing Co. Inc.. .
Elson D. . 1994. . Teople, Development and International Financial Institutions: an Interpretation of the Bretton Woods System’. . Review of African Political Economy . , Vol. 62:: 511––524. .
Hanlon J. . 1998. . ‘African Debt Hoax’. . Review of African Political Economy . , Vol. 77:: 487––492. .
House of Commons (UK). . 1994. . Second Report from the Foreign Affairs Committee, Session 1993–4, Expenditure Plans of the Foreign and Commonwealth Office and the Overseas Development Administration. Observations by the Secretary of State for Foreign and Commonwealth Affairs . , London : : HMSO. .
1994b. . Trade and Industry Committee, Fourth Report, Trade with Southern Africa, Vol. II Memoranda of Evidence . , London : : HMSO. .
International Finance Corporation. . 1992. . Contributing to Development . , Washington : : World Bank Group. .
Lafay J D and Lecaillon J. . 1993. . The Political Dimension of Economic Adjustment . , (Political Feasibility of Adjustment series, General Editor, Christian Morrisson). Development Centre of OECD. .
Loxley J and Seddon D. . 1994. . “Stranglehold on Africa’. . Review of African Political Economy . , Vol. 62:: 485––493. .
Mackintosh M. . 1990. . “Abstract Markets and Real Needs’. ”. In The Food Question . , Edited by: Bernstein H, Crow B, Mackintosh M and Martin C. . p. 43––53. . London : : Earthscan. .
Marazzi C. . 1995. . “Money in the World Crisis: The New Basis of Capitalist Power’. ”. In Global Capital, National State and the Politics of Money . , Edited by: Bonefeld W and Holloway J. . p. 69––91. . New York : : St. Martin's Press. .
Panitch L. . 1994. . “‘Globalisation and the State’. ”. In Between Globalism and Nationalism . , (Socialist Register 1994). Edited by: Miliband R and Panitch L. . London : : Merlin Press. .
Rendell Sir W. . 1976. . The History of the Commonwealth Development Corporation . , London : : Heineman. .
Scammell W M. . 1987. . The Stability of the International Monetary System . , London : : Mac‐millan. .
Sepehri A. . 1994. . ‘Back to the Future? A Critical Review of “Adjustment in Africa: Reforms, Results and the Road Ahead"’. . Review of African Political Economy . , Vol. 62:: 559––568. .
Stoneman C and Cliffe L. . 1989. . Zimbabwe: Politics, Economics and Society . , London : : Pinter Publishers. .
Thiis O and Feltoe G. . 1998. . “‘Zimbabwe’. ”. In Human Rights in Developing Countries Yearbook 1997 . , Edited by: Stokke H, Suhrke A and Tostensen A. . p. 377––435. . London : : Kluwer Law International and Nordic Human Rights Publications. .
Wallerstein I. . 1991. . Unthinking Social Science: The Limits of Nineteenth‐Century Paradigms . , Cambridge : : Polity Press. .
Weiss R. . 1994. . Zimbabwe and the New Elite . , London : : British Academic Press. .
Williams G. . 1994. . ‘Why Structural Adjustment is Necessary and Why It Doesn't Work’. . Review of African Political Economy . , Vol. 60:: 214––225. .
World Bank. . 1993. . The Asian Miracle: Economic Growth and Public Policy . , Washington , DC : : World Bank. .
1994. . Adjustment in Africa: Reforms, Results and the Road Ahead . , Washington , DC : : World Bank. .
Young T. . 1995. . ‘ “A Project to be Realised”: Global Liberalism and Contemporary Africa’. . Millenium . , Vol. 24((3)): 527––546. .

Comments

Comment on this article

[1] Adebayo Adedeji. . 1993. . Africa within the World . , London : : Zed/ACDESS. .

[2] Arrighi G. . 1967. . The Political Economy of Rhodesia . , The Hague : : Mouton. .

[3] 1970. . ‘Labour supplies in historical perspective: a study of the proletarianization of the African peasantry in Rhodesia’. . Journal of Development Studies . , Vol. 6((3)): 197––234. .

[4] 1994. . The Long Twentieth Century . , London : : Verso. .

[5] Banks A S and Muller T C. . 1998. . Political Handbook of the World 1998 . , New York : : CSA Publications. .

[6] Braudel F. . 1981. . The Structures of Everyday Life . , New York : : Harper & Row. .

[7] 1982. . The Wheels of Commerce . , New York : : Harper & Row. .

[8] Bromley S. . 1995. . ‘Making Sense of Structural Adjustment’. . Review of African Political Economy . , Vol. 65:: 339––348. .

[9] Burnham P. . 1991. . ‘Neo‐Gramscian hegemony and the international order’. . Capital and Class . , Vol. 45: Autumn;

[10] Bush R and Szeftel M. . 1994. . ‘Commentary: States, Markets and Africa's Crisis’. . Review of African Political Economy . , Vol. 60:: 147––156. .

[11] Commonwealth Development Corporation (CDC). . Annual Report . , London : : CDC. .

[12] Cowen M and Shenton R. . 1995. . “The Invention of Development’. ”. In Power of Development . , Edited by: Crush J. . p. 27––43. . London : : Zed Books. .

[13] EIU. . 1997. . Zimbabwe Country Report . , (1st Quarter).

[14] Eiteman D K, Stonehill AI and Moffett M H. . 1992. . Multinational Business Finance, . , 6th ed. , New York : : Addison‐Wesley Publishing Co. Inc.. .

[15] Elson D. . 1994. . Teople, Development and International Financial Institutions: an Interpretation of the Bretton Woods System’. . Review of African Political Economy . , Vol. 62:: 511––524. .

[16] Hanlon J. . 1998. . ‘African Debt Hoax’. . Review of African Political Economy . , Vol. 77:: 487––492. .

[17] House of Commons (UK). . 1994. . Second Report from the Foreign Affairs Committee, Session 1993–4, Expenditure Plans of the Foreign and Commonwealth Office and the Overseas Development Administration. Observations by the Secretary of State for Foreign and Commonwealth Affairs . , London : : HMSO. .

[18] 1994b. . Trade and Industry Committee, Fourth Report, Trade with Southern Africa, Vol. II Memoranda of Evidence . , London : : HMSO. .

[19] International Finance Corporation. . 1992. . Contributing to Development . , Washington : : World Bank Group. .

[20] Lafay J D and Lecaillon J. . 1993. . The Political Dimension of Economic Adjustment . , (Political Feasibility of Adjustment series, General Editor, Christian Morrisson). Development Centre of OECD. .

[21] Loxley J and Seddon D. . 1994. . “Stranglehold on Africa’. . Review of African Political Economy . , Vol. 62:: 485––493. .

[22] Mackintosh M. . 1990. . “Abstract Markets and Real Needs’. ”. In The Food Question . , Edited by: Bernstein H, Crow B, Mackintosh M and Martin C. . p. 43––53. . London : : Earthscan. .

[23] Marazzi C. . 1995. . “Money in the World Crisis: The New Basis of Capitalist Power’. ”. In Global Capital, National State and the Politics of Money . , Edited by: Bonefeld W and Holloway J. . p. 69––91. . New York : : St. Martin's Press. .

[24] Panitch L. . 1994. . “‘Globalisation and the State’. ”. In Between Globalism and Nationalism . , (Socialist Register 1994). Edited by: Miliband R and Panitch L. . London : : Merlin Press. .

[25] Rendell Sir W. . 1976. . The History of the Commonwealth Development Corporation . , London : : Heineman. .

[26] Scammell W M. . 1987. . The Stability of the International Monetary System . , London : : Mac‐millan. .

[27] Sepehri A. . 1994. . ‘Back to the Future? A Critical Review of “Adjustment in Africa: Reforms, Results and the Road Ahead"’. . Review of African Political Economy . , Vol. 62:: 559––568. .

[28] Stoneman C and Cliffe L. . 1989. . Zimbabwe: Politics, Economics and Society . , London : : Pinter Publishers. .

[29] Thiis O and Feltoe G. . 1998. . “‘Zimbabwe’. ”. In Human Rights in Developing Countries Yearbook 1997 . , Edited by: Stokke H, Suhrke A and Tostensen A. . p. 377––435. . London : : Kluwer Law International and Nordic Human Rights Publications. .

[30] Wallerstein I. . 1991. . Unthinking Social Science: The Limits of Nineteenth‐Century Paradigms . , Cambridge : : Polity Press. .

[31] Weiss R. . 1994. . Zimbabwe and the New Elite . , London : : British Academic Press. .

[32] Williams G. . 1994. . ‘Why Structural Adjustment is Necessary and Why It Doesn't Work’. . Review of African Political Economy . , Vol. 60:: 214––225. .

[33] World Bank. . 1993. . The Asian Miracle: Economic Growth and Public Policy . , Washington , DC : : World Bank. .

[34] 1994. . Adjustment in Africa: Reforms, Results and the Road Ahead . , Washington , DC : : World Bank. .

[35] Young T. . 1995. . ‘ “A Project to be Realised”: Global Liberalism and Contemporary Africa’. . Millenium . , Vol. 24((3)): 527––546. .