The political and economic renaissance of Africa is an issue that continues to preoccupy Africans'and non-Africans alike. Various methods of achieving such a renaissance have been proposed.Most of these proposals are variations of the dominant neo-liberal paradigm of development. Myargument is that the neo-liberal paradigm is a dead end, is incapable of bringing about the Africanrenaissance, and that a fundamental shift in paradigm is required to bring about the Africanrenaissance.The monograph is divided into three parts. Part one provides the theoretical basis of the argumentand is divided into seven chapters. Chapter one briefly outlines the fundamentals of the neo-liberalpolitical economy, identifies the flaws in the neo-liberal political economy and outlines the socialunderpinnings of a market economy. It argues that social development is essential for economicdevelopment and that social development cannot be brought about by market mechanisms alone.Chapter two focuses on technological development which is at the heart of economic development.It shows the massive market failures associated with technological development, argues thattechnological capability accumulation is at the center of the development efforts of developingcountries, and concludes that such development cannot be brought about by market mechanismsalone.Chapter three deals with other market failures, with a special emphasis on capital markets. Itargues that market failures are deep and pervasive in developing countries and that marketmechanisms alone cannot bring about accelerated development.Chapter four addresses the role of agriculture in development. The market failures that agriculturaldevelopment faces are assessed and the relationship between equity and growth is investigated.Chapter five deals with the role of FDI in development.Chapter 6 is concerned with the role of the state in accelerating growth and in addressing marketfailures. It argues that the state has historically played a crucial role in accelerating developmentand analyzes the nature of the state which can be most effective in addressing market failures andaccelerating growth.Chapter 7 deals with democracy and development. While there has been accelerated developmentwithout democracy, democratization has been an essential element of the vision of the Africanrenaissance. It is argued that a developmental state can be a democratic state, and indeed that ademocratic developmental state is likely to be more successful in its development efforts thanothers. The requirements for the emergence and evolution of democracy are also examined.Part two (chapters 8 to 13) provides the practical experience to show the validity of the analysis inpart one. The development experience of Taiwan and Korea is analyzed in some detail. The waysand means that the two governments used to address the various market failures are analyzed.The evolution of developmental states in the two countries is assessed. The internal and externalcircumstances that contributed to the success of their development effort are outlined. Part twoprovides specific and practical examples showing that government intervention by a“developmentalist”, if not a full-fledged developmental state, is key to successful development.