Printed in Great Britain 0305-750)(/95 $9.50 + 0.00 Assessing Adjustment in Africa

Summary.- In 1994 the World Bank issued a report on structural djustment, Adjustment inAfrica, in which it was argued that orthodox macroeconomic management represented the road to economic recov-ery for the sub&ham countries. This article demonstrates that with its heavy emphasis upon macroeco-nomic policy, Bank policy shifts from structural djustment tostabilization. Second, the statistical evidence presented by the Bank is analyzed and shown to be neither convincing nor internally consistent. Finally, an alternative approach to adjustment/stabilization is proposed and subjected to statistical testing. 1