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Africa and the International Economy, 1800-1960
... 23 Within the ESA region, cloves grown in Zanzibar and Pemb islands for export to Asian and European markets were the first cash crops successfully produced prior to European colonialism. Mainland estates, dominated initially by Arab and Asian traders, were engaged in externally oriented production through the sales of copra, sesame seed and oil-yielding materials, with France as the principal market (Munro 1976). Following colonization, peasant cash cropping developed in East Africa. ...
... Such imposition from above was usually resisted, the Maji-Maji uprising in today's Tanzania being a case in point. In other instances, cash cropping simply failed to take hold, as in the case of a cotton scheme proposed for Nyanza province in Kenya (Munro 1976). However, in spite of these initial setbacks, the colonial powers were eventually successful in implementing their policy of introducing cash cropping to the region. ...
... As noted above, the export structure associated with colonialism did not arise by accident. Instead, it was preceded by various experiments to produce agricultural products in demand in the developingMunro 1976) and resulted in an expansion in colonial trade. With the onset of colonialism, the centre of African trade shifted from the hinterland to the coast, and the composition of this trade also changed in response to the demands of the increasing external orientation of the economy (Amin 1972) At the same time, the processing of such primary products in Africa was actively discouraged, except in white settler colonies. ...
This paper attempts to answer the following question: If the HIPIC initiative is fully successful and managed to write-off all debt that owed to Africa, will the debt problem be over? The answer is No. This pessimist answer is arrived at by examining the historical origin of African debt and the structural problems the continent is confronted with. The literature about the origins of the African debt crisis lists a number of factors as its cause. The oil price shocks of 1973-74 and 1978-79, the expansion of the Eurodollar, a rise in public expenditure by African governments following rising commodity prices in early 1970's, the recession in industrial countries and the subsequent commodity price fall, and a rise in real world interest rate are usually mentioned as major factors. Surprisingly, almost all the literature starts its analysis either in the early 1970s or, at best, after independence in 1960s. The main argument in this paper is that one has to go beyond this period not only to adequately explain the current debt crisis but also to propose its possible solution. The conclusion that emerges from such analysis is that the African debt problem is essentially a trade problem. Thus, long run solution to debt points to the importance of addressing trade and trade related structural problems in the continents.
... This represents the first pre-designed attempt to articulate African economic activity to the requirements of the outside world. This development was vigorously followed up during the colonial period as a consequence of: (i) the so-called imperial self sufficiency in raw materials scheme (Hopkins 1973, 137; Longmire 1990, 202; Munro 1976, 128-137; Amin 1972, 112-117; Fieldhouse 1986, 48; Fyfe quoted in Wallerstein 1976, 36; Onimode 1988, 177; Konczacki 1977, 81; Austen 1987, 133; Rodney 1972, 172); (ii) the demand for primary commodities that emerged owing to the impact of the first and second world wars (Munro 1976, 119177; Burdette 1990, 84 ); and (iii) financing requirements for the creation of public utilities designed to serve (i) and (ii) (Bacha and Alejandro 1982; UN 1949; Munro 1976; Austen 1987; Alemayehu 2002b for details). Notwithstanding these common features, there was also variation of the colonial experience across different regions of Africa. ...
The literature about the origin of the African debt crisis lists a number of factors as its causes. The oil price shocks of 1973-74 and 1978-79, the expansion of the Eurodollar, a rise in public expenditure by African governments following rising commodity prices in the early 1970s, the recession in industrial countries and the subsequent commodity price fall, and a rise in real world interest rate are usually mentioned as major factors. Surprisingly, almost all the literature starts its analysis either in the early 1970s or, at best, after independence in the 1960s. The main argument in this paper is that one has to go beyond this period not only to adequately explain the current debt crisis, but also to propose its possible solution. The conclusion that emerges from such analysis is that the African debt problem is essentially a trade problem.
... There was therefore no imperative for the separation of direct producers from their means of I. Several experiments at introduction of plantations or settler farms wore attempted but were all abandoned not only because of climatic and ecology difficulties but largely because much of the merchant capital which had been established during the slavery period, found mercantile activities much more lucrative and objected to any changes in the historical relationship with the indigenous economy. (Munro, 1976, Rodney 1972). Nevertheless, they remain good reminders of what strange uses social science can easily be put to. ...
This paper was originally published as an ILO SATEP working paper. Incl. bibl.
... This represents the first pre-designed attempt to articulate African economic activity to the requirements of the outside world. This development was vigorously followed up during the colonial period as a consequence of: (i) the so-called imperial self sufficiency in raw materials scheme (Hopkins 1973, 137; Longmire 1990, 202; Munro 1976, 128-137; Amin 1972, 112-117; Fieldhouse 1986, 48; Fyfe quoted in Wallerstein 1976, 36; Onimode 1988, 177; Konczacki 1977, 81; Austen 1987, 133; Rodney 1972, 172); (ii) the demand for primary commodities that emerged owing to the impact of the first and second world wars (Munro 1976, 119177; Burdette 1990, 84 ); and (iii) financing requirements for the creation of public utilities designed to serve (i) and (ii) (Bacha and Alejandro 1982; UN 1949; Munro 1976; Austen 1987; Alemayehu 2002b for details). Notwithstanding these common features, there was also variation of the colonial experience across different regions of Africa. ...
In this paper an attempt to address the historical origin of African external finance and debt problem is made. It will be argued that Africa's external finance problem is the result of the structure of its trade in the world economy in general and its place as a commodity producer in particular. This is compounded by the adverse effect of Northern (industrialized countries) macroeconomic policies. The whole purpose of this paper is to underline the existence of an economic structure, primarily built in the colonial era, which still continues to shape the external economic condition of countries in the continent.
L'innovation cacaoyère en Afrique de l'Ouest est née d'un contexte de crise. Le processus d'émergence et de diffusion de l'innovation ne se comprend qu'enraciné dans les réajustements sociaux. Il correspond à la constitution d'un "réseau d'innovation" aux propriétés émergentes, mettant en connexion, autour du produit nouveau et selon une configuration inédite, des catégories hétérogènes et évolutives d'acteurs, d'institutions et d'organisations. Une fois l'irréversibilité de l'innovation acquise, des innovations socio-politiques vont diluer la connexion cacaoyère, désormais saturée, pour l'assujettir aux nouvelles relations de pouvoir. La reconstitution du processus passé de l'innovation cacaoyère permet de faire quelques observations utiles pour mieux évaluer la situation de crise actuelle. Si la crise du marché du cacao est bien une circonstance aggravante de la conjoncture actuelle, ni un relèvement des cours ni des solutions techniques du problème de la replantation ne semblent suffisants pour résoudre un problème de société. (Résumé d'auteur)
The East Africa region consists today of three independent countries, Kenya, Tanzania (formerly Tanganyika) and Uganda, which, from the early 1920's to the achievement of independence, formed an administrative unit under British rule: the British East Africa. The paper presents an historical synthesis of the basic problems and developments of the monetary and banking system in British East Africa. The research covers the period included between the beginning of European colonisation and the attainment of independence by the three above mentioned countries and focuses on the experience with a currency board arrangement in this context. A survey on commercial banking in the region, reveals that this industry, since its rise, carried the imprinting of the British banking tradition. In the first stage of monetary evolution, owing to the influence of Indian trade and settlement in East Africa, the currency most in use was undoubtedly the Indian rupee. In that period banking industry landed in East Africa, brought in by European colonial powers. The second stage in monetary evolution began when a currency board was established, in 1919, in the British colonial possessions of East Africa, just after the acquisition, as loot, of Tanganyika, a colony previously under German rule. Originally the area of Board's operations, i.e. the East African shilling monetary area, consisted of the three mentioned territories. Zanzibar was added in 1936. During World War II were included, temporarily, in the area also Aden and British Somaliland and eventually the former Italian colonies of Eritrea, Ethiopia and Somalia. The start of activity by the E.A. Currency Board was not easy. In 1925, when the conversion of circulating rupees was completed, because of overvaluation of silver coins in the exchange rate adopted, the E.A. Currency Board suffered substantial losses and the reserve ratio was 43.6 per cent. Yet the situation worsened with the crisis of the colonial economy during the depression of the 30's, which caused a sharp decline in money supply in East Africa because of heavy redemption of local currency. In 1932 the lowest point was reached with the reserve ratio at only 9.9 per cent. Circulation of E.A. shillings increased rapidly after 1940 because of war economy and of a favourable balance of payments of the colonies. In addition, a great enlargement of the original currency area was achieved following British military conquests in the Horn of Africa. In 1950 the circulation was fully covered by reserves, but during the previous decades the colonial currency was mainly based on government credit. However, it was not until 1956, that the fiduciary issue was officially introduced and, by this event, reasonable opportunities for monetary policy were offered. This innovation was introduced to free part of the external reserves held in London. Prior to that act the role of the Currency Board was just passive because the automatic exchange of currency did not allow any kind of money management. It represented a simple and inexpensive mechanism directed to issue currency. A long period of British rule came to an end when the colonial territories of East Africa obtained political independence and this dramatic change marked the epilogue of the story of the colonial monetary institution. The new emerging states would not accept to renounce monetary sovereignty. Therefore the liquidation of East African Currency Board was decided and the establishment of three national central banks was officially announced simultaneously in June 1965 by the governments of Kenya, Tanzania and Uganda. The East African Currency Board ceased operations one year later.
The study is concerned with a crucial period of the banking history of Ethiopia, almost untouched so far by the specializing literature, in which the banking industry was affected by important changes. The paper describes and analyses the reconstruction process of the banking system and the reorganization of the monetary setting in Ethiopia started in 1941, when the Italian colonial rule came to an end and the country regained independence, during World War II. The terminal date of the study is the beginning of 1964, when a one-tier banking system, based on a state-owned financial institution, the State Bank of Ethiopia, gave way to a two-tiers banking system. The monetary banking reform in Ethiopia after liberation in 1941 was an event logical, inevitable and predictable. Different paths, however could had be followed at that moment. The choice in money matter was to establish a national monetary unit, the Ethiopian dollar, instead of keeping the country inside the East African shilling area. On the other hand, as far as concerns banking, it was opted for establishing a state-owned financial institution enjoying a monopolistic position in the credit market rather than for setting up a system of private banks, possibly expatriate.
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