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2 books match the query 'Adjustment'

cover of Ambition and Adjustment: The Making and Unmaking of Postcolonial Development in Africa

Ambition and Adjustment

The Making and Unmaking of Postcolonial Development in Africa

Priya Lal

University of Chicago Press, 2026

How the best intentions of African socialism became the useful tools of capitalism.

In the mid-twentieth century, skilled labor was seen as the key to national development. For newly independent African countries, this posed a formidable challenge: to build thriving economies, they needed to rapidly educate workers. As it turns out, that wasn’t their only obstacle.

Ambition and Adjustment reveals how responses to this human capital problem from the political left and right converged in unlikely ways to block Africa’s postcolonial progress. Focusing on nation-building projects in Zambia and Tanzania, Priya Lal recounts how the first generations of Africa’s professional class faced pressures on all sides—from foreign planners prioritizing economic growth and from local socialists decrying higher education and professionalization as wasteful and elitist. When African development stalled, international institutions like the World Bank took up parts of both approaches, justifying structural adjustment programs that defunded African universities and hospitals in the name of social equity. Indeed, Lal shows that neoliberal austerity in the 1990s was packaged in Africa’s socialist narratives from the 1960s.

By unearthing this forgotten history, Ambition and Adjustment upends traditional accounts of postcolonial development, exposing how socialism and capitalism both conflicted and overlapped to shape Africa’s trajectory since independence.

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cover of G7 Current Account Imbalances: Sustainability and Adjustment

G7 Current Account Imbalances

Sustainability and Adjustment

Edited by Richard H. Clarida

University of Chicago Press, 2007

The current account deficit of the United States is more than six percent of its gross domestic product—an all-time high. And the rest of the world, including other G7 countries such as Japan and Germany, must collectively run current account surpluses to finance this deficit. How long can such unevenness between imports and exports be sustained, and what form might their eventual reconciliation take? Putting forth scenarios ranging from a gradual correction to a crash landing for the dollar, G7 Current Account Imbalances brings together economists from around the globe to consider the origins, status, and future of those disparities.

An esteemed group of collaborators here examines the role of the bursting of the dot-com bubble, the history of previous episodes of current account adjustments, and the possibility of the Euro surpassing the dollar as the leading international reserve currency. Though there are areas of broad agreement—that the imbalances will ultimately decline and that currency revaluations will be part of the solution—many areas of contention remain regarding both the dangers of imbalances and the possible forms of adjustment. 

This volume will be of tremendous value to economists, politicians, and business leaders alike as they look to the future of the G7 economies.

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