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This pioneering and celebrated work was the first, and remains the standard, account of the economic history of the huge area conventionally known as West Africa. The book ranges from prehistoric times to independence and covers the former French territories, as well as those colonised by the British. It criticises conventional beliefs about economic backwardness, offers an alternative account that explains the particular configuration of poverty that characterised the pre-colonial period, and assesses the consequences of the region’s interaction with the wider world – from the growth of the Saharan and Atlantic trades to the rise and demise of colonial rule. This edition contains a substantial new Introduction that discusses the development of the subject during the past 50 years, evaluates the debate over the original interpretation, and provides a valuable guide to additional reading, bringing the reader up to date with current scholarship on the subject, as well as providing avenues for further independent research. Appearing at a time when the study of African economic history is enjoying a revival and is engaging economists as well as historians, the book fills a large gap in African studies, provides newcomers with a stimulating point of entry into the subject, and contributes to our understanding of wider issues of global underdevelopment.
Employing economic theory, cross-country empirical comparison and case studies, this work analyses the effect of currency boards on inflation, output growth and macroeconomic performance. The case studies come from Argentina, Estonia Lithuania, Bulgaria and Bosnia and Herzegovina.
This is a straight-forward, readable account, written with the minimum of jargon, of the central importance of money in the ordinary business of the life of different people throughout the ages from ancient times to the present day. It includes the Barings crisis and the report by the Bank of England on Barings Bank; up-to-date information on the state of Japanese banking and the changes in the financial scene in the US. It also touches on the US housing market and the problem of negative equity. The paradox of why more coins than ever before are required in an increasingly cashless society is clearly explained, as is the role of the Euro coin as the lowest common denominator in Europe's controversial single currency system. The final section provides evidence to suggest that for most of the world's richer countries the era of persistent inflation may well be at an end. This new edition is updated and takes account of important recent developments such as the independence of the Bank of England, the introduction of Euro notes and coins from 1st of January 2002 and developments in electronic money.
This book examines the dynamics and impact of maritime trade in Lagos during the cycles of boom and slump in the first half of the twentieth century, the heyday of British colonial rule. By locating the social and economic history of the port-city in the regional, national and international contexts, it blends the interlocking themes of shipping, maritime trade, labour, entrepreneurship and colonial policy. Based on contemporary ofiicial, private, newspaper and oral accounts, the book traces the rise and fall of of the Liverpool of West Africa.
This masterful book investigates and analyzes several aspects of money among the Yoruba of Nigeria. Falola and Adebayo explore the origin, philosophy, uses, politics, and problems of acquiring and spending money in Yoruba culture. No prior book exists on this aspect of a major ethnic group in Africa with established connections with the black Diaspora in North America and the Caribbean. Conceived so that each chapter may be read individually, the volume is divided into three parts. Part 1, "Money and Its Uses," focuses on the transition from barter to cowry currency, the idealistic and pragmatic views of money, the impact of monetization on social stratification, accumulation among members of the elite, and the development of savings, banking, and credit institutions. Part 2, "Money and Its Problems," investigates the social, political, and cultural problems of money, including money-lending, theft, counterfeiting, and corruption. Part 3, "Money and Oil Economy," assesses the impact of the oil industry on the Nigerian state and examines both the positive and negative effects of oil money on Yoruba economy, society, and spending. Concluding chapters detail efforts to arrest the crisis that followed the economic slump after the oil boom and led to the adoption of the Structural Adjustment Program, and also evaluate the effects of currency devaluation on personal and communal responsibilities and social payment. Culture, Politics, and Money Among the Yoruba is timely in view of ongoing political and economic changes in Africa. It will be of interest to economists, sociologists, and African studies specialists.
A History of Money looks at how money as we know it developed through time. Starting with the barter system, the basic function of exchanging goods evolved into a monetary system based on coins made up of precious metals and, from the 1500s onwards, financial systems were established through which money became intertwined with commerce and trade, to settle by the mid-1800s into a stable system based upon Gold. This book presents its closing argument that, since the collapse of the Gold Standard, the global monetary system has undergone constant crisis and evolution continuing into the present day.
Ghana has always held a position of primacy in the African political and historical imagination, due in no small part to the indelible impression left president Kwame Nkrumah. This study examines the symbolic strategies he used to construct the Ghanaian state through currency, stamps, museums, flags, and other public icons.