Towards Ending I.M.F.-ism in Southern Africa: an Alternative Development Strategy

Abstract

In the 1980s, a financial crisis engulfed Southern Africa. Widespread evidence exposed the way that inherited institutional structures and technologies – reinforced by International Monetary Fund (I.M.F.) conditionality – had reproduced the region's poverty and vulnerability.1To overcome the crisis requires an alternative strategy built on theoretical foundations fundamentally different from the neo-classical models that underpin the ‘restructuring’ programmes of the I.M.F. and World Bank. The state must play a positive interventionist rôle.