Economic Integration and Third World Development

By Pradip K. Ghosh; Gamani Corea | Go to book overview

mainly allocated for hydrological studies. Two other successful examples of cooperation in the francophone area, the Organization of the Senegal River States29 and especially the Council of the Entente30 are perhaps more characteristic approaches to cooperation. Whereas the former received World-Bank- and EEC-aid for dam building, the latter established a common guarantee fund which attracts foreign capital and backs loans by guarantees granted in favour of development projects. Additionally, there is an element of compensation included in the common fund, since projects in the "backward" partner states of Ivory Coast are preferred.

Particularly the latter cooperation scheme seems to be very promising because of its supranational transmission role between foreign suppliers of capital and the local demand for capital.


VII. CONCLUSION

As a brief summary it can be concluded that economic integration in Africa can only be a long-term attempt to solve economic problems, because of its high absorption of scarce and therefore expensive factors of production. In the short run it seems to be a more useful approach to tackle the urgent employment and growth problems by moving towards cooperation. 31 Simultaneously the necessary preconditions for a later (more successful) economic integration could be achieved.


NOTES
1
It must be mentioned critically that many arrangements consisted of no more than a secretariat, thus employing bureaucrats without any economic impact.
2
See for these arguments for example: F. Kahnert, a. o., Economic Integration among Developing Countries, OECD-Development Centre, Paris 1969, Chapter II; A. J. Brown, Should African Countries Form Economic Unions? In: E. J. Jackson (ed.), Economic Development in Africa ( Oxford: Basil Blackwell, 1965), pp. 176-193; P. Robson, Economic Integration in Africa ( London: Allen and Unwin, 1968), Chapter 3; D. Ghai, Integration of Less Developed Areas and of Areas on Different Levels of Development, Discussion Paper presented at the 4th World Congress of the International Economic Association, Budapest, 19 to 24 August 1974.

-212-

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