Abstract
The Reagan Administration's approach to the economic development of the continent stems from a virtually unquestioned reliance on the African private sector, bolstered by multinational capital. This strategy has been outlined in the Department of State'sCurrent Policy Memorandum, No. 348, based on an address made by Chester A. Crocker, Assistant Secretary for African Affairs, to the United States Council on Foreign Relations on 19 November 1981, when he reminded his audience that the President had stressed the following two points at the Cancun Summit the previous month: freedom to choose, to own property, to work at a job of one's choice, and to invest in a dream for the future is an ingredient vital to economic success;…and individual farmers, laborers, owners, traders and managers are the heart and soul of development.
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