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Asia and Africa in the Global Economy

Ernest Aryeetey Julius Court Machiko Nissanke Beatrice Weder
Price: $ 42

The book brings a crucial issue to the fore: how to manage the process of strategic integration into the global economy. The performance of Asian and African economies over recent decades clearly shows that engagement with the global economy can play a key role in advancing development.

Researchers and policymakers have paid particular attention to the marked divergence in growth in Southeast Asia and sub-Saharan Africa. One of the most obvious differences in their performance and economic structure has been the extent of their participation in the global economy. While many East Asian economies have accelerated their integration into the world economy and upgraded their mode of linkages, the majority of sub-Saharan African countries have been increasingly marginalized. What is less clear, however, is the significance of different policy, institutional, and structural issues ¿ and the manner in which they have interacted ¿ in explaining the divergent performances of Southeast Asia and sub-Saharan Africa.

A strategic approach is important because the benefits and costs of globalisation are unevenly distributed, and because the optimal level of openness may differ for each aspect of trade, investment, capital flows, technology, and stage of development. These considerations have implications for the policy mix needed to achieve integration and determine the pace, sequencing and time-frame for reforms.

Asia and Africa in the Global Economy systematically deciphers the different experiences in the two regions as they have interacted with an ever-changing global economy. It provides a comprehensive coverage of policies and institutions, focusing on the key sectors of primary exports, resource processing for export, manufacturing, foreign direct investment, financial flows and official development assistance. Contributors include some of the leading scholars from Southeast Asia and Africa.

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