usually is required to devalue its currency, reduce government spencling (resulting in draconian cuts in funds for health, education and orher fonns ofhuman resource develop- ment), open local markets for foreign invest- ment, privatize government-controlled industries and
remove subsidies for food, transportation and other program!> that benefit workers, and promote mor
xports of primary commoclities, such as agricultural export crops. These policies have particularly harsh effects on urban dwellers, but they also hurt the peasants, reducing their standard ofliving and increasing their economic vulnerability. A major effect ofstabilization programs has been to ensure repayment of external debt to Western banks, governments and multilateral financial institutions. During the 1980s there occurred a net outflow of capital from Africa toward the wealthier countries of the North. Meanwhile, prices ofprimary commoclities, Africa's major
exports, plummeted (in part because of the
glut on markets from the increased produc-
tion), while the prices ofmanufactured
goods imported by African countries
increased. So during the 1980s African
countries were producing more and getting
less; they also were required to remit
Instead of reducing Africa's dependency
on foreign aid, IMF and World Bank eco-
nomic reform prograIns have increased
Africa's debt. Tn Ghana, for example, often
cited by the World Bank as a success story
of economic reform in Africa, total foreign
debt increased from $1.7 billion in 1983 to
$3.5 billion in 1990-during a period in
which Ghana signed 16 economic-refonn
agreements with the IMF and the World
Bank. In the same period, Ghana's external
debt rose from 41 percent ofits gross
national product to 57 percent ofits GNP.
Ghana's economy did grow about 5 per-
cent per year, and the annual rate ofinflation
Withdrawal is not an option today.
decreased from 123 percent in 1983 to 18
percent in the early 1990s. Ghana's cocoa
exports also increased substantially. But
between 1986 and 1989 the world cocoa
price fell 48 percent. Ghana's economy was
substantially weaker, as locally owned
medium- to large-scale industries atrophied.
Internally, the effects ofIMF and World
Bank economic refonn policies on AfriCaIl
societies have been dramatic-increased
joblessness, inadequate salaries, growing
insecurity. Educational systems have fallen
into disarray, with teachers often on strike
because of low pay. Hunger and banclitry
are on the increase.
ALUMNI C AMPUS ABROAD
SWISS ALUMNI COLLEGE-JULY
(i) . .
Learning is a lifelong process. Alumni associations have long been in the vanguard of providing opportunities to better understand the world in
which we live.
Alumni universities, special topic seminars, club speaker programs, travel
abroad, summer camps and alumni magazines are but a few of the ways associa-
tions have served the educational needs of their constituents.
Alumni Campus Abroad
Swiss Alumni College
is a new concept
that enables opportunities for learning, recreation and exploration to take place
in special venues abroad. The alpine village of
in the heart of
Switzerland's beautiful Bernese Oberland is the perfect place to learn, recreate,
With this all-inclusive, short duration and competitively-priced program, alumni and alumnae can "return to
school" while enjoying all the delights of Switzerland, along with the camaraderie and fellowship of their fellow graduates.
From approximately $2,095 per person from Atlanta or New York, based on double occupancy.
For information or a brochure, call The University of North Carolina
General Alumni Association at (919) 962-3980.
C AR0 LINA ALUMN I REV
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