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Opinion: Market democracy runs out of road

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Opinion News

The model of democracy that emerged in the 1990s has not brought economic inclusion or positive political change. To free themselves from Bretton Woods bargaining and picking sides in a new Cold War, African nations must urgently strengthen pan-African institutions.

As Nigeria’s leaders held a gilded ceremony in Abuja on Democracy Day, 12 June, members of civil society protested against economic hardship in Lagos.

Nigeria’s transition in 1999 followed a decade of rapid change across Africa. Military and single-party regimes gave way to multi-party politics. When the first Cold War ended, neither Moscow nor Washington wanted to bail out theirInstead, the World Bank talked about ‘good governance’. Countries that met this criterion would qualify for billions of dollars from the World Bank and the International Monetary Fund . Sceptics called it market democracy: politics teleguided by Europe and the US.

 

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