International Financial Institutions and Economic Policy Reform in Sub-Saharan Africa

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Abstract
Since the 1979 oil shock and in the course of the subsequent world recession, many African governments have dramatically altered the orientation of their economic policies. States previously committed to various brands of ‘African socialism’ have been ending subsidies, reducingde factotaxes on agricultural producers, ‘privatising’ previously state-run activities, adopting more liberal exchange-rate policies, and implementing numerous other ‘market-oriented’ reforms.

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