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Published in:
2014 | OriginalPaper | Chapter
Institutions, Incentives, Adaptability and Development
Author : George Kararach
Published in: Development Policy in Africa
Publisher: Palgrave Macmillan UK
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Globalisation has the potential to alter the growth trajectories of countries, with implications for poor people that directly or indirectly affect their access to assets and markets. Many African countries, however, are yet to translate any of the opportunities offered by globalisation into increased poverty reduction (von Braun and Mengistu, 2009). Moreover, for those that have, integration into global markets has some risks in the sense that these countries become more susceptible to global trends. Many global economic pressures — such as the recent global cycles of growth and downturn; levels and terms of trade; inflation, interest rates and exchange rates; export subsidies in developed countries and food and other commodity prices — affect country growth rates (Díaz-Bonilla, 2009). Additionally, other emerging global challenges such as climate change and international migration are now affecting the status of the poor.