ABSTRACT
The chapter shows the effect of the policies of Washington institutions, as exemplified in the Washington consensus, on the economic development of Africa, especially in the wake of the severe debt crisis beginning in the early 1980s. I begin by providing background information concerning Africa’s contemporary economic crisis. The next section, the main body of the chapter, deals with the components of the Washington consensus, how these are manifested in Bank/Fund policies, the contradictions between the goals and policies of Washington institutions, and the impact of the policies on Africa. African criticisms of adjustment programs precede the concluding section, which recommends changes in the policies of Washington institutions and Africa.
