By R Omotay Olaniyan
This publication is a penetrating comparative research of the industrial improvement efforts of West African nations. It seeks to light up the gray components in improvement and to stress the fitting activities that are meant to be taken in any respect degrees within the rising foreign financial system to make sure sustainable improvement. Olaniyan examines conceptual and theoretical difficulties of overseas reduction and fiscal improvement, in addition to the restrictions of the idea that of self-reliance. The publication additionally includes a comparative research of the inner and exterior improvement difficulties linked to West African nations, together with problems of collective self-reliance on the subregional point. Olaniyan concludes that there are clients for sustainable improvement within the quarter, specially whether it is internally generated.
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Relentless and ominous, the drumbeat echoes around the land: Social defense is at the verge of financial disaster. The caution has been repeated so frequently that it has develop into a dark article of religion for the thousands of usa citizens who pay Social protection taxes and count on to assemble merits sometime. however it is flatly unfaithful.
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Rostow's theory of the stages of growth. This has been used to reinforce the notion that a massive dose of aid over a relatively short period will, in developing countries that have already reached the appropriate stage, rapidly bring them to the point at which foreign aid would no longer be required. The five stages of growth of the Rostow theory are as follows: (1) the traditional society; (2) the 16 Foreign Aid and Self-Reliance in West Africa long period when the preconditions for growth are evolved; (3) the relatively short period of take-off into self-sustaining growth; (4) the rapid drive to maturity; and (5) the era of high mass consumption.
The second, important constraint on the economic growth and development of Gambia is its high rate of population growth and underdevelopment of human resources. 2 percent rate derived from the 1973 census. The rate of adult literacy in Gambia is estimated to be only 20 percent. 8 The third important factor relates to the bouts of adverse weather conditions that impede economic development. For example, in 1977, the country was hit by severe drought. This was followed by seven years of below average rainfall and another serious drought in 1983/84.
Eventually, it reaches the point at which savings are sufficient to finance the volume of investment needed to maintain the desired state of growth without further aid. 8 The assumption about the growth of the economy and the capacity to save enough for the desired level of investment to a large extent ignores some of the basic impediments to economic growth in West African countries and other developing countries. The capacity to grow remarkably over the years has largely been affected by the paucity of appropriate technology, inadequate economic policies, and adverse weather conditions.