Liberalization and regional agricultural trade in Southern Africa
1993
Muir-Leresche, K.
Major changes in Southern Africa are anticipated from a majority-ruled South Africa. This paper argues that structural adjustment and more open economies will affect regional trade more directly than political changes in South Africa. if devaluation (an essential first step of structural adjustment) is to be effective, an environment of fiscal prudence which fosters competitiveness, improves factor productivity and encourages investment is essential. Active measures may be needed to ensure that the benefits are not narrowly distributed. However, the nature of the distortions means that deregulation may lead to immediate improvements in both growth and equity, moving the societies towards the welfare frontier. The attraction of a controlled economy is that direct transfers have greater political impact for the party in power even if it does not improve the lives of the poor.
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