The end of the XX - beginning of the XXI centuries were characterized by significant shifts in the development of the economy and improvement of market mechanisms in African countries. The collective monograph "Africa's Economy in the Context of Market Transformations" (ed. by I. O. Abramov and E. V. Morozenskaya, Moscow, 2010, 307 p.), published by the Institute of Africa of the Russian Academy of Sciences, is devoted to the processes of privatization and liberalization carried out on the continent, analysis of the state and prospects of capital and labor markets formation.

The importance of the paper lies in the fact that it analyzes in detail and in depth both the positive impact of globalization and the international division of labor, the exchange of advanced technologies and knowledge, the expansion of international trade and foreign investment on the African economy, and the negative consequences of the global financial crisis of the second half of the 2000s for African countries. Thus, on the one hand, the strengthening of international economic interdependence is accompanied by an increase in the contribution of African countries to the volume of world gross product, on the other hand, there is a further global socio - economic polarization.

Unlike previous macroeconomic studies, which usually offered generalized assessments of market processes that took place in Africa, this monograph identifies key areas of real and potential transformations in the economic sphere, the main of which is the involvement of natural and semi-natural farms in commodity and money turnover. The market transformation of developing economies implies, firstly, the emergence of new commodity production in the modern sector of the economy and, secondly, the market transformation of traditional economic structures. At the same time, as the researchers note, structural transformations include not only the emergence and growth of new markets and the commodification of subsistence farms, but also a radical technological and organizational restructuring of existing enterprises.

The most important direction of market development in African countries is the modernization of the economy, which, in particular, includes the general liberalization of economic life. At the same time, modernization in Africa takes place in two ways: through targeted policy measures and through spontaneous market expansion. Justifying the imperative of market modernization in Africa for more effective economic development, the authors also point out the negative consequences of this process, for example, an increase in unemployment, affecting the interests of traditional segments of the population. That is why development programs should take into account the presence of open or hidden resistance to ongoing reforms and include measures to mitigate the negative side effects of market transformations.

The reliability of scientific results and validity of theoretical propositions and conclusions is achieved in the work through the use of extensive statistical materials and scientific publications. To the greatest extent, this applies to the analysis of the functioning of industry markets. Thus, the authors ' conclusion deserves special attention that as national and regional information and communication infrastructures are formed, combined with the global Internet network, the very possibility of entering the market not with the final product, but only with its individual components, will create new opportunities for the development of the economy of African countries. Moreover, the lack of established national markets may even encourage producers to search for their own niches in the global economic system.

The authors of the monograph examine in detail the problems that African countries face in the course of market transformations : the lack of competitiveness of manufacturing products, the imperfection of the enterprise management system, the lack of necessary infrastructure and qualified personnel, the inefficient introduction of modern technologies and lack of investment. The paper examines in detail such major industrial markets of African countries as mining, agriculture, transport, banking and insurance services, as well as opportunities for market development of water resources. At the same time, there is a higher technical equipment of mining industries against the background of a general low level of technological development and inconsistency of the existing transport infrastructure.-

tours to the problems of the market economy. Special attention is paid to the development of the oil and gas sector of the economy, which, due to the favorable market conditions on the world market and the discovery of new hydrocarbon deposits in Africa, can become a leading industry as a catalyst for structural changes in the economy.

Investigating the state of the agricultural sector, the authors focused on the main trends in the development of agriculture and issues related to the threat to food security. Thus, the crisis phenomena in the industry are fairly explained by the predominance of low-productive consumer-type farms and complex forms of social relations in the countries of the continent, reflecting the preservation of the influence of traditional institutions in the countryside. Agricultural output growth is still largely driven by the use of extensive methods, and in most African countries this industry remains labor-intensive and is based mainly on traditional production methods. As a result, the volume of products produced barely covers the continent's domestic food needs and the resources needed to increase exports, and a significant part of the product produced is non-commodity and consumed locally.

As the authors rightly point out, the problem of overcoming the water crisis that has engulfed many countries of the continent has recently become particularly relevant. The acceleration of global economic growth and the demographic explosion were accompanied by unprecedented rates of increasing pressure on natural ecosystems and water bodies. In Africa, water stress and its problems are currently among the main obstacles to economic growth. In the face of rapidly growing demand, increasing agricultural dependence on artificial irrigation, and dwindling water supplies, freshwater sources have been declared a strategic resource in many countries of the continent.

Another rapidly developing market in Africa is banking and credit services. In most countries of the continent, there is a noticeable increase in the capitalization of local commercial banks, which have become a key element of official credit and banking structures. At the same time, the industry continued to diversify. In addition to traditional private commercial and investment banks, savings, deposit-money and money banks, as well as similar credit and loan-saving banking organizations, began to emerge and function steadily. Meanwhile, the authors point out that the state was unable to finance the activities of national development banks and local credit institutions, including specialized commercial and investment banks, from budget revenues, so many of them went bankrupt or are on the verge of financial collapse due to massive non-payment of debts on loans provided to legal and commercial organizations. individuals.

The authors ' study of the labor market in Africa, which is considered to be particularly explosive due to the sharp imbalance between the rapid growth of the working-age population and the catastrophic lag in the process of creating new jobs, is of undoubted interest. The labor market crisis is also compounded by widespread underemployment, increased rural-urban migration, the expansion of the informal sector, rising unemployment among educated youth and brain drain, and the presence of large numbers of workers in extreme poverty.

The authors draw a number of well-founded conclusions, in particular, that although most countries of the continent are gradually introducing generally accepted international norms for the functioning of private capital, privatizing it, and supporting small and medium-sized businesses to varying degrees, they are still considered "risky" by the world business community due to the unstable political climate. places for investment". Moreover, economic disparities are rapidly increasing, both between Africa and the West and between the African countries themselves, of which sub-Saharan Africa remains the least developed. Having failed to move far enough along the path of industrialization, which for many years was the main point of their national economic strategies, in the post-industrial era, the countries of this region faced the need to find other ways of development. According to the authors of the book, the only possible way for these countries to move forward and integrate into the global economy is to "jump over" the industrial stage, including with the help of the latest information and computer technologies.

Making a thorough forecast of the continent's economic development in the context of the global crisis, scientists, in particular, note that some of the African countries, especially oil exporters, thanks to the impressive gold and foreign exchange reserves accumulated over the years of maintaining high energy prices, may be able to stay afloat during and during the recovery from the crisis. However, the long-term negative economic and especially social consequences may be more severe for African countries than for other regions of the world.

The main advantage of this paper is its applied nature: the conclusions and conclusions contained in it can be used by international economists, employees of the Ministry of Economic Development of Russia, other ministries and departments, as well as in the preparation of training courses on the history and economy of Africa.

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