Abstract
The World Bank's account of crisis in sub‐Saharan Africa and its prescribed solutions via structural adjustment policies represent a particular imperialist intervention in a conjuncture of global reaction. The article seeks to contribute to a socialist perspective on the acute contradictions of ‘actually existing capitalism’ in Africa, first by discussing the ideology, practices and effects of agricultural ‘modernisation’ which the World Bank (among others) has long advocated, then by proposing some theses about African states as likely ‐ or unlikely ‐ instruments of structural adjustment. The article concludes that while the World Bank's project of ‘enlightened’ bourgeois reform is a fantasy in the face of the intransigent realities of capitalism in sub‐Saharan Africa, its pursuit may generate results that are as brutal as they are ineffectual in terms of its stated goals.

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