Planned liberalism is an economic

Economy of Cameroon

For a quarter-century following independence, Cameroon was one of the most prosperous countries in Africa. The drop in commodity prices for its principal exports —petroleum, cocoa, coffee, and cotton — in the mid-1980s, combined with an overvalued currency and economic mismanagement,...

 policy followed in Cameroon

Cameroon

Cameroon, officially the Republic of Cameroon , is a country in west Central Africa. It is bordered by Nigeria to the west; Chad to the northeast; the Central African Republic to the east; and Equatorial Guinea, Gabon, and the Republic of the Congo to the south. Cameroon's coastline lies on the...

 since the 1960s that aims to merge the best concepts of capitalism

Capitalism

Capitalism is an economic system that became dominant in the Western world following the demise of feudalism. There is no consensus on the precise definition nor on how the term should be used as a historical category...

 and socialism

Socialism

Socialism is an economic system characterized by social ownership of the means of production and cooperative management of the economy; or a political philosophy advocating such a system. "Social ownership" may refer to any one of, or a combination of, the following: cooperative enterprises,...

.

In 1965, Cameroon changed from its previous economic philosophy, African socialism

African socialism

African socialism is a belief in sharing economic resources in a "traditional" African way, as distinct from classical socialism. Many African politicians of the 1950s and 1960s professed their support for African socialism, although definitions and interpretations of this term varied...

, under the guidance of its first president, Ahmadou Ahidjo

Ahmadou Ahidjo

Ahmadou Babatoura Ahidjo was the first President of Cameroon from 1960 until 1982.-Early life:Ahidjo was born in Garoua, a major river port along the Benue River in northern Cameroun, which was at the time a French mandate territory...

. Under planned liberalism, the state began regulating and managing natural resources and guiding foreign investment into specific economic sectors or geographic areas. In the process, the government has partnered with foreign firms to set up various parastatal enterprises. Meanwhile, it has encouraged private enterprise and investment and the operation of market forces

Market Forces

Market Forces is a science fiction novel by Richard Morgan, first published in 2004.Set in 2049 in the wake of a global economic downturn called the Domino Recessions, it follows up-and-coming executive Chris as he plunges into the profitable field of Conflict Investment...

.

Critics claim that planned liberalism has failed due to widespread corruption

Political corruption

Political corruption is the use of legislated powers by government officials for illegitimate private gain. Misuse of government power for other purposes, such as repression of political opponents and general police brutality, is not considered political corruption. Neither are illegal acts by...

, overwhelming government bureaucracy

Bureaucracy

A bureaucracy is an organization of non-elected officials of a governmental or organization who implement the rules, laws, and functions of their institution, and are occasionally characterized by officialism and red tape.-Weberian bureaucracy:...

, and ill-advised government backing of certain foreign investors. These faults became evident during the economic crisis

Economic crisis of Cameroon

The Cameroonian economic crisis was a downturn in the economy of Cameroon from the mid-1980s to the early 2000s. The crisis resulted in rising prices in Cameroon, trade deficits, and loss of government revenue. The government of Cameroon acknowledged the crisis in 1987. Outside observers and...

 of the mid-1980s. Cameroon under Paul Biya

Paul Biya

Paul Biya is a Cameroonian politician who has been the President of Cameroon since 6 November 1982. A native of Cameroon's south, Biya rose rapidly as a bureaucrat under President Ahmadou Ahidjo in the 1960s, serving as Secretary-General of the Presidency from 1968 to 1975 and then as Prime...

 has since increasingly turned to privatisation

Privatization

Privatization is the incidence or process of transferring ownership of a business, enterprise, agency or public service from the public sector to the private sector or to private non-profit organizations...

of state-owned industries to stimulate its economy.