Kirjahaku

Research Paper (postgraduate) from the year 2017 in the subject Business economics - Economic Policy, grade: 73%, University of Pretoria, course: International Relations, language: English, abstract: The concept of social learning by Peter Hall has created a wide scholarship which supports the fact that a paradigm shift in a policy change could successfully occur through the promotion of knowledge and new ideas instead of a focus on power relations of the influencers of policy. This research paper operationalizes the concept of social learning in the context of the relationship of Bretton woods institutions and African countries. The paper assumes that the failure of the paradigm of neo-liberalism which was imposed by the Bretton woods institutions in their focus on institutional power relations, hegemony and hierarchy to African countries means that the African continent needs a paradigm shift in its countries' public policy, especially in its countries' macro-economic policies. Scholars have published their dissatisfaction with neo-liberalism as they claim that it impacted the African countries negatively and further worsened their economic crisis instead of stabilizing it. The paper proposes the application of the concept of social learning in the process of policy formulation by African countries so as to reach a paradigm shift, replacing the paradigm of neo-liberalism with an African produced paradigm.

Africa has been faced with domestic policy reforms which are political and economic in their nature. These reforms have been emanating from outside the continent. The Washington Consensus' trio of organizations such as: The World Bank, The World Trade Organisation and International Monetary Fund have arrogated themselves the authority to impose the neoliberal paradigm, functions and mechanisms in African countries domestic policies through using Structural Adjustment Programs (Later changed to 'Poverty Reduction Strategy Papers'). This relationship between these Multilateral institutions owned by Developed countries and commanding African countries has been perpetuated and been able to continue due to African countries' membership to these institutions. These countries are financially dependent on the institutions and accept the reforms as a conditionality. This research aims to explore if it is possible for African countries to delink from the neoliberal paradigm. It argues that the international economy's connectedness, interdependence and Africa's membership to these institutions are inhibiting factors in achieving this goal.