Adjustment and Poverty examines the major causes and results of the last decade of sharp adjustment and rising poverty for the developing world. The oil crises of the 1970s and the recession of the early 1980s set in motion a chain of events which has particularly serious consequences for these areas. Frances Stewart examines the relationship between adjusting policies and poverty during the 1980s and assesses the extent to which the relationship was the result of the exogenous and/or endogenous policies. Stewart also analyzes the impact of the IMF and World Bank macropolicies on adjusting countries--both in theory and practice--and discusses government tax and expenditure policies, focusing on social setting factors. Stewart also identifies and assesses policies for the future. Experiences in Africa and Latin America, areas where poverty is highest, are contrasted with areas which were able to combine adjustment with protection for the poor.