Structural change in Guinea-Bissau

Abstract

Guinea-Bissau won its independence in 1973 and adopted the economic model of centralized planning based on the socialist ideal. However, the mid eighties decade marked the transition to market capitalism. The aim is to discuss the structural change from socialism to capitalism occurred in the country. To guide the discussion, they were reviewed the Veblenian institutionalist approach and foundations of economic structuralism. From the discussion made, it is argued that centrally coordination of different policies was an extremely difficult task. As for the capitalist period, it is concluded that the established policies have little tune with informal institutions rooted in Guinean economic system, and contribute little to national development.