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Abstract

The basic argument in this chapter is that the IMF programs of the 1980s and 1990s were the product of Wall Street and its associates and that the Structural Adjustment Programs (SAPs) generated by these interest groups, with no bailouts or stimulus packages, were an extreme form of monetarism, belt tightening economics and austerity, based on drastic cuts in public spending. The SAPs implied the rapid repayment of loans to creditors, with little regard for the suffering and inconvenience caused by the programs. They also led to forced deregulation, the coercive imposition on African governments of policies dictated by Wall Street. I point out that the end result was disastrous for growth and the well being of millions of people. In the final segment of the chapter, I revisit some of the past and present criticisms related to Africa’s encounter with the IMF and the World Bank.

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Emeagwali, G. (2011). The Neo-Liberal Agenda and the Imf/World Bank Structural Adjustment Programs With Reference To Africa. In: Kapoor, D. (eds) Critical Perspectives on Neoliberal Globalization, Development and Education in Africa and Asia. SensePublishers. https://doi.org/10.1007/978-94-6091-561-1_1

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