Economic and Monetary Sovereignty in 21st Century Africa
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Description
Over forty years after the formal end of colonialism, suffocating ties to Western financial systems continue to prevent African countries from achieving any meaningful monetary sovereignty.
Economic and Monetary Sovereignty in 21st Century Africa traces the recent history of African monetary and financial dependencies, looking at the ways African nations are resisting colonial legacies. Using a comparative, multi-disciplinary approach, this book uncovers what went wrong after the Pan-African approaches that defined the early stages of independence, and how most African economies fell into the firm grip of the IMF, World Bank, and the EU’s strict neoliberal policies.
This collection is the first to offer a wide-ranging, comparative and historical look at how African societies have attempted to increase their policy influence and move beyond neoliberal orthodoxy and US-dollar dependency. Economic and Monetary Sovereignty in 21st Century Africa is essential reading for anyone interested in the African quest for self-determination in a turbulent world of recurring economic and financial crises.
Economic and Monetary Sovereignty in 21st Century Africa traces the recent history of African monetary and financial dependencies, looking at the ways African nations are resisting colonial legacies. Using a comparative, multi-disciplinary approach, this book uncovers what went wrong after the Pan-African approaches that defined the early stages of independence, and how most African economies fell into the firm grip of the IMF, World Bank, and the EU’s strict neoliberal policies.
This collection is the first to offer a wide-ranging, comparative and historical look at how African societies have attempted to increase their policy influence and move beyond neoliberal orthodoxy and US-dollar dependency. Economic and Monetary Sovereignty in 21st Century Africa is essential reading for anyone interested in the African quest for self-determination in a turbulent world of recurring economic and financial crises.
The story of how African societies are resisting financial dependency and colonial legacies
Maha Ben Gadha is Economic Programme Manager at the North Africa office of the Rosa Luxemburg Foundation.Fadhel Kaboub is Associate Professor of Economics at Denison University and President of the Global Institute for Sustainable Prosperity.Kai Koddenbrock is a political economist at Africa Multiple Cluster of Excellence at the University of Bayreuth.Ines Mahmoud is Economic Programme Manager at the North Africa office of the Rosa Luxemburg Foundation. Ndongo Samba Sylla is a Research and Programme Manager for the Rosa Luxemburg Foundation. He is the co-author of Africa’s Last Colonial Currency (Pluto, 2021).
Foreword – Prabhat Patnaik
Introduction – By the editors
Part I: The contemporary global economic and monetary order
1. China’s Finance and Africa’s Economic and Monetary Sovereignty – Radhika Desai
Part II: Challenges to monetary sovereignty in the postcolonial periphery
2. Banking, Business, and Sovereignty in Sudan (1956–2019) – Harry Cross
3. Money, Finance, and Capital Accumulation in Zimbabwe – Francis Garikayi
4. Monetary Policy in Algeria (1999–2019): An economic and monetary history approach – Fatiha Talahite
Part III: Increasing sovereignty through monetary unions?
5. The West African CFA Franc Zone as a Double Monetary Union: Loss of economic competitiveness and anti-developmental path-dependencies – Carla Coburger
6. The CFA Franc Under Neoliberal Monetary Policy: A labour-focused approach – Hannah Cross
7. From Central Bank Independence to Government Dependence: Monetary colonialism in the Eurozone – Thomas Fazi
8. Geopolitics of Finance in Africa: Birth of financial centres, not monetary unions – Elizabeth Cobbett
Part IV: Alternatives
9. The Great Paradox: Liberalism Destroys the Market Economy: The pitfalls of the neoliberal recipe forAfrican economic and monetary sovereignty – Heiner Flassbeck
10. Food Sovereignty, the National Question, and Post-colonial Development in Africa – Max Ajl
11. Being Poor in the Current Monetary System: Implications of foreign exchange shortage for African economies and possible solutions – Anne Löscher
12. The German Push for Local Currency Bond Markets in African Countries: A pathway to economic sovereignty or increased economic dependency? – Frauke Banse
Notes on Editors
Notes on Contributors
Index
Introduction – By the editors
Part I: The contemporary global economic and monetary order
1. China’s Finance and Africa’s Economic and Monetary Sovereignty – Radhika Desai
Part II: Challenges to monetary sovereignty in the postcolonial periphery
2. Banking, Business, and Sovereignty in Sudan (1956–2019) – Harry Cross
3. Money, Finance, and Capital Accumulation in Zimbabwe – Francis Garikayi
4. Monetary Policy in Algeria (1999–2019): An economic and monetary history approach – Fatiha Talahite
Part III: Increasing sovereignty through monetary unions?
5. The West African CFA Franc Zone as a Double Monetary Union: Loss of economic competitiveness and anti-developmental path-dependencies – Carla Coburger
6. The CFA Franc Under Neoliberal Monetary Policy: A labour-focused approach – Hannah Cross
7. From Central Bank Independence to Government Dependence: Monetary colonialism in the Eurozone – Thomas Fazi
8. Geopolitics of Finance in Africa: Birth of financial centres, not monetary unions – Elizabeth Cobbett
Part IV: Alternatives
9. The Great Paradox: Liberalism Destroys the Market Economy: The pitfalls of the neoliberal recipe forAfrican economic and monetary sovereignty – Heiner Flassbeck
10. Food Sovereignty, the National Question, and Post-colonial Development in Africa – Max Ajl
11. Being Poor in the Current Monetary System: Implications of foreign exchange shortage for African economies and possible solutions – Anne Löscher
12. The German Push for Local Currency Bond Markets in African Countries: A pathway to economic sovereignty or increased economic dependency? – Frauke Banse
Notes on Editors
Notes on Contributors
Index
Additional information
| Dimensions | 1 × 5 × 8 in |
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