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Africa and the Global System of Capital Accumulation offers a groundbreaking analysis of the strategic role Africa plays in the global capitalist economy. The exploitation of Africa’s rich resources, as well as its labor, make it possible for major world powers to sustain their authority over their own middle-class populations while rewarding African collaborators in leadership positions for subjecting their populations into poverty and desperation. Middle-class obsessions such as computers, mobile phones, cars and the petroleum that fuels them, diamonds, chocolate – all of these products require African resources that are typically obtained by child or slave labor that helps to generate billionaires out of foreign investors while impoverishing most Africans. Oritsejafor and Cooper demonstrate that "primitive accumulation," believed by both Adam Smith and Karl Marx to be a process that precedes capitalism, is actually an integral part of capitalism. They also validate the thesis that capitalism incorporates racism as an organizing tool for the exploitation of labor in Africa and on a global scale. Case studies are presented on Nigeria, Cote d’Ivoire, Ghana, Liberia, Congo, Tanzania, Somalia, Angola, Namibia, Sao Tome and Principe, and South Sudan. There are also chapters analyzing the interests of Russia and China in Africa. This book will be of interest to students and scholars of African politics, development, and economics.
The inadequacies of many past studies that have tried to highlight the causes of the persistent underdevelopment in developing countries—such as Nigeria—have been noted to derive mainly from the focus and, in some cases, the methodologies adopted by the researchers. It has been suggested that, although many researchers recognize the inability to reproduce sufficient profit as undermining the capitalist accumulation process (and as a result the development of an economy), they have nevertheless often tended to ignore the importance of the political-economic arrangement and historical factors in the formation of expectations about the rate of profit. Indeed, in some cases, they have failed to provide a substantive account of these critical variables. This book highlights how the inherent contradictions of the contemporary political-economic arrangement and some historical factors undermined the peculiar capital accumulation processes in Nigeria, which, in turn, has slowed economic development in the country. This book contributes to the field of Nigeria studies by filling gaps that exist in both theoretical and empirical literature on growth and development in the country, deviating from the orthodox approach of analysing the nation’s problems purely based on the factors internal to the country and by imposing ready-made theoretical logics on history. Rather, it studies Nigeria’s problems in juxtaposition with the world system and imposes historical evidence on theoretical logics. This book represents a good resource for both undergraduate and postgraduate courses on area studies. Researchers and policy-makers will also find it useful as a reference.
The paper investigates empirically the determinants of economic growth for a large sample of sub-Saharan African countries during 1981-92. The results indicate that (i) an increase in private investment has a relatively large positive impact on per capita growth; (ii) growth is stimulated by public policies that lower the budget deficit in relation to GDP (without reducing government investment), reduce the rate of inflation, maintain external competitiveness, promote structural reforms, encourage human capital development, and slow population growth; and (iii) convergence of per capita income occurs after controlling for human capital development and public policies.
This reissue, first published in 1969 brings together structural and analytical studies of seven single African countries, together with two studies of groups of countries which, although politically separate, have in the past had close economic links. These countries are Algeria, Cameroon, Ghana, Ivory Coast, Liberia, Nigeria and the Sudan. The groups are East Africa, comprising Kenya, Uganda and Tanzania; and Central Africa, comprising Rhodesia, Malawi and Zambia.The countries have been chosen to bring out the main contemporary economic issues arising in the efforts of the independent African States to achieve economic growth. The book will be invaluable to students and practicing economists concerned with Africa and the developing economies generally.
This paper attempts to analyze the magnitude of the setback in capital accumulation in Eastern and Southern Africa and the proximate causes of this phenomenon. The sample consists of 16 countries and available data for the late 1960s and 1970s are explored. Given the weakness of the statistics, the authors rely more on expert observations than on rigorous quantitative assessments; available data are analyzed, however. Capital formation increased fairly rapidly during 1967-1974 but then slowed down considerably. Investment was financed to a considerable extent by external concession assistance; rapid growth in such funds during the late 1970s helped offset declining national savings rates to some extent. The setback in investment rates was greatly accentuated by a large and widespread deterioration in the productivity of capital brought about by the impact of government policy, strained absorptive capacity and a variety of exogenous factors.