Private Enterprise-Led Economic Development in Sub-Saharan Africa: The Human Side of Growth

A number of Sub-Sahara African (SSA) countries have experienced impressive growth trends in recent years. However, the remarkable growth of these countries has not translated into sustainable inclusive development and poverty reduction. Hitherto, dominant explanations for the persistent poverty in SSA have been offered by neoclassical economists who blame it on policy mistakes, structural weaknesses, and institutional inefficiencies. I label the neoclassical viewpoint as hard economics.
I suggest that it will be purposeful for development scholars and policy makers to direct the searchlight for Africa’s poverty problems and solutions inwards. That is, we should reflect soberly on internal circumstances that hamper growth and development on the sub-continent. I label this perspective soft economics – i.e. an emphasis on human capability issues as a foundation of economic growth. In my view, hard economics does not explicitly factor the enormous reservoir of socially embedded resources available in civil societies into enterprise and economic development policies, nor does it encourage their development, where they are weak or lacking.

These thoughts are further developed in the book. It is my hope that it will provide a novel theoretical and conceptual model to guide research into Africa's economic development. It endorses the view that private enterprise-led growth will help reduce poverty since it strengthens individuals' capacity to care for themselves and their families. The book also introduces human capability development as a new theoretical framework for understanding and studying economic growth and development