Summary Two major problems confront an outsider seeking to understand, or a newcomer seeking to participate in structural adjustment: first it has a deceptively familiar terminology in which familiar words have specialized (and changing) meanings and second, structural adjustment in SSA has been radically adjusted over the past decade. The two major sections of this editorial seek to provide guides to the terminology and to how the “lessons of experience” have altered the substance, time horizons and presentation of structural adjustment. They also pose some of major present gaps or unresolved problem area. Resumé Les gens de l'extérieur qui cherchent à comprendre l'ajustement structurel, ainsi que les nouveaux‐venus qui cherchent à y participer, s'affrontent à deux problèmes cruciaux: d'abord, l'ajustement structurel possède son propre vocabulaire, qui semblerait apparemment familier mais qui est, pour autant, décepteur en raison du fait que ses termes familiers sont revêtus de significations à la fois spécialisées et changeantes; et deuxièmement, l'ajustement structurel en Afrique sous‐saharienne a lui‐même subi un ajustement radical au cours de la dernière décennie. Les deux sections majeures du présent éditorial cherchent à servir de guides de la terminologie et de démontrer dans quelle manière les “leçons de l'expérience” ont modifié le contenu, les horizons temporels, et la présentation de l'ajustement structurel. Ces sections cherchent aussi à révéler quelques‐unes des principales lacunes à l'heure actuelle, ainsi que certains des domaines problématiques qu'il reste à solutionner. Resumen El neófito que trata de entender o participar en el ajuste estructural se enfrenta a dos problemas fundamentales: en primer lugar, éste tiene una terminología falsamente familiar en la cual las palabras conocidas adquieren significados especializados (y cambiantes); en segundo lugar el ajuste estructural en el Africa sub‐Sahariana ha sido radicalmente ‘ajustado’ en el curso de la última década. Las dos secciones principales de este editorial procuran proveer guías a la terminología y al modo en que las ‘lecciones de experiencia’ han alterado la esencia, los límites de tiempo y la presentación del ajuste estructural. Estas secciones tambien exponen algunas de las principales lagunas de conocimiento o áreas problemáticas aún sin resolver.

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A number of factors have been altering the traditional pattern of mine investment and, more contentiously, the traditional role of the multinational mining enterprise. Amongst these factors are a gradually diminishing grade of discovered ore for many minerals; technological advances which ha ve tended to increase initial mine size and to substitute capital for labour in production; very large increases in mine construction costs per ton of metal recovered; very large increases in energy and BOOK REVIEWS • 135 transportation costs; new environmental regulations; greater assertiveness by developing country governments in the exercise of their sovereign rights over natural resources; and greater nervousness by mining companies in their assessment ('overly pessimistic' say Radetzki and Zorn) of the political risk involved in developing country operations. Takeall these factors, add the pressure generated by the world recession, stir in the context of the demand for NIEO, and you have what is widely recognised as 'a new ball game' which is in the process of generating its own new literature of texts andcase studies and commentaries.The Radetzki-Zorn material was originally prepared as background for the meeting of the UN Panel on International Mining Finance held in New York in December 1977. Now updated, the papers provide a first-rate presentation of facts, figures, analyses, assessments and projections which is highly informative and, save fora fewcommendable lapses, almost always objective. The book concentrates on six minerals -iron, copper, nickel, zinc, lead and aluminium -which together contribute about 85 percent of the value of all metallic minerals produced other than gold and silver. The scheme runs as follows. The present geographical spread of current capacity of mining and mineral processing installations is presented along with confirmed expansion programmes. The sources of internal finance available for miningare then listed, and an attempt is made tojudge their likely contribution through the next decade. The authors then review the arrangements involving private foreign capital (traditionally much the most important source for mineral projects in developing countries), survey how these arrangements have evolved through the 1960sand 1970s, and attempt to predict further changes that may occur in the role of private foreign capital in the future. The last papers survey the role of the public international agencies (especially the UN, the World Bank, and the Regional Development Banks) and certain newer and more unorthodox sources of finance, such as the oil companies and the leasors of equipment. The discussion of the implications of what is clearly going to be an increasing involvement by such agencies and companies is particularly illuminating.A number of the conclusions reached by Radetzki and Zorn are, rather surprisingly, similar to those reached by Professor Raymond Mikesell. Mikesell, who most would acknowledge as the doyen of this subject, has generally been rather more sympathetic to the role...

SUMMARY Mike Faber's article examines the reasons for the timing of the Brady proposals. It then looks at both the similarities and differences between the Brady strategy and the previous phases of debt management, emphasising the significance of debt reduction in the new phase. It evaluates the likely overall magnitude of the impact of the Brady Plan. Finally, it examines the evolving structure of the debt, emphasising the declining importance of private bank debt. RESUME La formation des propositions Brady L'article de Mike Faber étudie les raisons de choix de temps des propositions Brady. Il étudie ensuite à la fois les similarités et les différences entre la stratégie Brady et les périodes précédentes de gestion des dettes, en insistant sur l'importance de la réduction des dettes durant la nouvelle phase. Il évalue l'étendue possible des conséquences du Plan Brady. Enfin, il étudie l'évolution de la structuration du déficit, en insistant sur l'importance réduite des dettes dans les banques privées. RESUMEN El perfil de la propuesta Brady Este artículo examina las razones del cronograma de la propuesta Brady. Luego considera las similitudes y diferencias de la estrategia Brady, así como las fases previas del manejo de la deuda, enfatizando el significado de la reducción de la deuda en la nueva etapa. Evalúa la magnitud global probable del impacto del Plan Brady y finaliza con un análisis de la evolución de la estructura de la deuda, destacando la declinación de la importancia de la deuda con la banca privada.

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