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West African industry and the debt crisis
Author(s) -
Moseley K. P.
Publication year - 1992
Publication title -
journal of international development
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.533
H-Index - 66
eISSN - 1099-1328
pISSN - 0954-1748
DOI - 10.1002/jid.3380040102
Subject(s) - deindustrialization , industrialisation , debt , economics , development economics , debt crisis , financial crisis , structural adjustment , international economics , business , economy , market economy , macroeconomics
Focused on six West African countries, this paper examines the specific ways in which the foreign exchange and debt crises of the past decade have been linked to the structure and performance of the manufacturing sectors. Informed by the correlation between commercial disruption and Third‐World industrialization in the past, it suggests that the current crisis, too, may stimulate industrial development – at least in some cases, and in the longer run. Tendencies to deindustrialization still prevail in some of the weaker economies of the region. In others, however, and particularly Nigeria, local sourcing and exports may be major avenues of structural change as well as growth.