The African debt crisis and endogenization of development: The case of Cameroon, 1975-1992

The purpose of this study is to provide a comparative understanding and advance alternative responses to Africa's debt and development crisis with Cameroon as a case study. It hopes to accomplish this goal from three perspectives.; First, it seeks to provide an understanding of the international debt crisis. The analysis focuses mainly on Africa. To accomplish this objective, it has examined the causes and effects of the crisis including the structure, composition, and magnitude of the debt crisis, and its impact on the development process in Africa. It has also attempted to highlight some major policy responses provided by various agents of development, such as creditor governments and financial institutions.; Second, using Cameroon as a case study, the research has sought to justify the raison d'etre of Cameroon's debt and development crisis. The period covered, 1975--1992, represents the boom and bust periods in the evolution of the history of the Cameroon economy. Within this period, the study provides an overview of Cameroon's economic performance including a review of its economic development strategies. The nation's balance of payments (bop) and demand management Keynesian analysis enable the study to determine the magnitude of the gaps and leakages in the economy, as exemplified by its increasing debt burden and its effect on the living conditions of the Cameroonian citizens. Attempts by the government of president Paul Biya to restructure the economy and the resultant consequences have also be reviewed.; Third, it advances policy options to resolve the Cameroonian debt and development crisis, which could be replicated in other debtor African economies. The analysis of results of a questionnaire on the consumption pattern of the Upperly Mobile "Been-Toos" Cameroonian (intellectual) Elites, provides interesting policy revelations of an externally dependent economy. Cameroon's (CAM) debt crisis is found to be the result of policies that are Eurocentric rather than CAM-centric , reflected both in goods and services consumed and the lifestyle of the "Been-Toos". The fondness for things foreign and disdain for things local illustrated in the excessive gaps and leakages identified in the economy as well as flight of capital has exacerbated Cameroon debt and development difficulties. (Abstract shortened by UMI.)...