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Innovation, Regional Integration, and Development in AfricaThe Regionalism-Innovation Nexus: The ECOWAS Experience

Innovation, Regional Integration, and Development in Africa: The Regionalism-Innovation Nexus:... [The West African sub-region has experienced decades of dire socio-political and economic decline and marginalization within the global economic order. Early hopes of rapid development in post-colonial Africa were quickly dashed by a series of problems ranging from poor economic policies, to impoverishment, civil wars, inept political leadership and political instability (Akinola 2010). Bundu observes that:Economic problems appear to have accumulated over time as policymakers battle with chronic food shortages, high population growth rates, deforestation and desertification, excessive dependence on commodity exports, deteriorating terms of trade, huge balance-of-payments deficits, government deficit financing, and increasing indebtedness (both domestic and external). Nowhere in West Africa have development strategies been successful in reversing the structural imbalances of our economies. (Bundu 1997, p. 29)] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Innovation, Regional Integration, and Development in AfricaThe Regionalism-Innovation Nexus: The ECOWAS Experience

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Publisher
Springer International Publishing
Copyright
© Springer International Publishing AG, part of Springer Nature 2019
ISBN
978-3-319-92179-2
Pages
121 –135
DOI
10.1007/978-3-319-92180-8_9
Publisher site
See Chapter on Publisher Site

Abstract

[The West African sub-region has experienced decades of dire socio-political and economic decline and marginalization within the global economic order. Early hopes of rapid development in post-colonial Africa were quickly dashed by a series of problems ranging from poor economic policies, to impoverishment, civil wars, inept political leadership and political instability (Akinola 2010). Bundu observes that:Economic problems appear to have accumulated over time as policymakers battle with chronic food shortages, high population growth rates, deforestation and desertification, excessive dependence on commodity exports, deteriorating terms of trade, huge balance-of-payments deficits, government deficit financing, and increasing indebtedness (both domestic and external). Nowhere in West Africa have development strategies been successful in reversing the structural imbalances of our economies. (Bundu 1997, p. 29)]

Published: Jul 27, 2018

Keywords: Economic Community Of West African States (ECOWAS); Government Deficit Financing; Poor Economic Policies; Chronic Food Shortages; ECOWAS Commission

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