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Submitted by haeduus on

"It was not inappropriate monetary policies that led to the collapse of central planning but rather widespread institutional failings, including a lethal mix of authoritarianism (i.e., lack of accountability) and corruption".
Are you kidding? Central planning was abandoned in Africa following the institution of Structural Adjustment Programs in the 80's by IMF and World Bank. That was, as you argued, the right way to run African (and South american) economies; this was in accordance with the Washington Consensus inspired by AynRand-Reagan-Thatcher-Lucas-Prescott market-oriented policies and models. You, people at World Bank, have the ingenuity to find 1000 reasons to justify even the unjustifiable. If you look at the pioneering work by Paolo Mauro, former chief of Research at the IMF, published by the Quaterly Journal of Economics (http://www.jstor.org/stable/2946696), 7 out of 12 African countries in the sample experienced in the 80's less corruption relatively to the index set by the statistics data. We already know that corruption is the new Trojan Horse used by the international organizations (IMF and World Bank) to justify their failed recommendations and policies in Africa. Let's look at what you tried since the 60's: United Nations Decade of Development 1960-1970; Industrial Development Decade for Africa 1980-1990; Second Industrial Development Decade for Africa 1991-2000; First United Nations Decade for the Eradication of Poverty (1997-2006); Second United Nations Decade for the Eradication of Poverty 2008-2017;... Now it's the Millenium... Where are the results ? In Cameroon, corruption, as stated by judicial authorities, account for only 0.3% of total fiscal revenue of the country since 1982. Can this be the reason why this country is still poor?