Commodity Prices and Growth in Africa

  title={Commodity Prices and Growth in Africa},
  author={Angus S Deaton},
A frican economies export primary commodities, and most export little else. Policymakers as well as economists and historians of African economic development have seen these exports as both a hope and a curse. The following parable tells the story: Once upon a time, a servant of the ruler discovered a miraculous plant, which grew readily in that country, and whose seeds could be woven into fine cloth. So desirable was this fabric that it became prized all over the world and fetched a high price… CONTINUE READING