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Periodic cycles and waves are characteristics of global capitalism. The contraction in world trade during the Great Depression of the 1930s stands out as the strongest adverse shock to international trade in modern history. This book uses the Nigerian cocoa industry’s encounter with the world economy of the 1930s to knit together a gamut of themes ranging from the social formations of production to the forces of demand and supply, and price fluctuations and stabilization, as well as the protest movements against monopoly capitalism. It examines the Nigerian cocoa industry within the international economy of the inter-war years, in order to demonstrate how the dynamics of the international capitalism of the 1930s such as the Great Depression and the fluctuations in commodity prices affected the cocoa industry and the peasant cocoa producers in colonial Nigeria. It provides an interesting case study of the impact of international capitalism on the periphery economy, as well as the consequences of economic dependence on the external market. This book will be an indispensable resource for historians, economists, anthropologists and the general reader with an interest in the areas of international political economy, depression economics, world commodity trade, and agriculture and its related industries.
The cyclical boom-to-recession nature of the economics of cocoa supply is a major problem for the international cocoa industry - and especially for countries whose economies depend on cocoa exports. Only through an understanding of the dynamics of cocoa cycles can policy decisions be made through the various phases of supply cycles. Based on a major international cocoa conference, this book presents seventeen edited papers from leading experts, making a major contribution to that understanding. It explains the powerful economic, social and political factors which impact on the cocoa economy. It shows the laws of cocoa supply are closely linked to environmental, ecological and institutional factors.