Planned liberalism is an economic policy followed in Cameroon since the 1960s that aims to merge the best concepts of capitalism and socialism.
In 1965, Cameroon changed from its previous economic philosophy, African socialism, under the guidance of its first president, Ahmadou Ahidjo. Under planned liberalism, the state began regulating and managing natural resources and guiding foreign investment into specific economic sectors or geographic areas. In the process, the government has partnered with foreign firms to set up various parastatal enterprises. Meanwhile, it has encouraged private enterprise and investment and the operation of market forces.
Critics claim that planned liberalism has failed due to widespread corruption, overwhelming government bureaucracy, and ill-advised government backing of certain foreign investors. These faults became evident during the economic crisis of the mid-1980s. Cameroon under Paul Biya has since increasingly turned to privatisation of state-owned industries to stimulate its economy.
Famous quotes containing the words planned and/or liberalism:
““If little planned is little sinned
But little need the grave distress.
What’s dying but a second wind?
How but in zig-zag wantonness
Could trumpeter Michael be so brave?””
—William Butler Yeats (1865–1939)
“The basic idea which runs right through modern history and modern liberalism is that the public has got to be marginalized. The general public are viewed as no more than ignorant and meddlesome outsiders, a bewildered herd.”
—Noam Chomsky (b. 1928)