5 - Africa’s Economy, 1960–2000

Summary

Africa has seen progress and setbacks with regard to the economic and socio-economic development after decolonization until ca. 2000. These are linked to historical and structural challenges, including the economic infrastructure the colonial powers left behind and the unfavourable geography of vast parts of the continent. In the post-colonial phase there has been much economic and trade dependence on the former colonial powers – giving rise to the dependency theory and the notion of neo-colonialism. There was often an unwillingness of the post-colonial leadership to set the course for the economies of their countries. And rentier states developed. Several initiatives – from Africa and beyond – have been proposed to deal with the economic misery, with those of the World Bank and the International Monetary Fund being the dominant ones, pushing African initiatives aside.