Abstract
Structural adjustment programmes have been widely applied in Africa, Asia and Latin America during the past 15 years. Questions have been raised about their ability to provide a basis for a more dynamic long‐term economic performance. The article considers this issue with reference to Bolivia, following the government's adoption of the New Economic Policy in 1985. After examining the background to the Bolivian experience and the main features of the policy, its successes and failures are analysed. Particular attention is paid to the impact of structural adjustment on manufacturing. The article concludes that there are major weaknesses in terms of the low level of investment, the lack of technological upgrading and the limited diversification of exports. It is suggested that these weaknesses are not unusual when structural adjustment is applied in low income countries with limited infrastructure and low levels of human resources.
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