Asian and Latin American experience: Lessons for Africa

Abstract The historical transition growth experiences of East Asia and Latin America are outlined, with emphasis on the contrast in development strategies and resource flows at the end of their respective primary import substitution sub‐phases. The relationship between differences in initial conditions and policy regimes is then highlighted, along with the resulting marked divergence in bottom line performance with respect to both growth and equity. Lessons for sub‐Saharan Africa, which, as a late‐comer, still has some of these fateful choices ahead of it, are then suggested. In addition to some of the rather well‐known difficulties Africa faces, in terms of its endowment as well as a less favourable international setting, it is pointed out that there also exist a number of potential advantages which should not be ignored. Finally, some rather specific suggestions of possible relevance to African policymakers are put forward.