Monetary Transitions: Currencies, Colonialism and African Societies

This book explores the social and economic impact of colonialism on African societies and institutions by examining the monetary history of the colonial period. It demonstrates that the monetary systems that emerged were not a replacement of old currency systems but rather the result of the convergence of different orders of value and monetary practices. The book is based on a collaborative and interdisciplinary research project funded by the Gerda Henkel Foundation and will appeal to an international audience of scholars and educators interested in African Studies, History, Economic History, Imperial and Colonial History, Development Studies, and Monetary Studies.

Format: Hardback
Length: 309 pages
Publication date: 17 November 2021
Publisher: Springer Nature Switzerland AG

This comprehensive book delves into the intricate relationship between money and the social and economic consequences of colonialism on African societies and institutions. Serving as the first work to comprehensively explore the monetary history of the colonial era across various regions and periods, its ultimate goal is to understand the long-lasting impact of colonial monetary policies on African communities. While grounding an understanding of money in its circulation, acceptance, and impact, this book emphasizes that the monetary systems that emerged as a result of colonial rule on African societies did not replace pre-existing currency systems but rather resulted from the convergence of different orders of value and monetary practices. By placing the histories of individuals and their interactions with money at the center of the narrative, the volume offers a novel and refreshing perspective on the history of colonial rule in Africa.

This groundbreaking book is the product of a collaborative and interdisciplinary research project supported by the prestigious Gerda Henkel Foundation. The contributors, drawn from esteemed universities across Europe, Africa, Asia, and the United States, are all experts in the field of African monetary history. Their diverse backgrounds and expertise contribute to the richness and depth of the analysis presented in this volume.

The book appeals to a wide international audience, including scholars and educators engaged in African Studies, History, Economic History, Imperial and Colonial History, Development Studies, and Monetary Studies. It offers valuable insights into the complex dynamics of money, power, and governance during the colonial era, shedding light on the enduring legacies of colonialism on African societies and institutions.

The book is organized into five chapters, each exploring a different aspect of the monetary history of colonial Africa. The first chapter provides a historical overview of the development of money in Africa, tracing its roots from ancient times to the arrival of European colonizers. It explores the various forms of currency used by different African societies, including gold, silver, cowries, and other commodities, and examines the role of these currencies in trade, commerce, and social relations.

The second chapter delves into the monetary policies implemented by European colonizers in Africa. It examines the introduction of new currencies, such as the pound sterling, the French franc, and the Dutch guilder, and the methods used to enforce their circulation. It also explores the economic and political motivations behind these policies, including the desire to extract resources, control trade, and maintain political stability.

The third chapter focuses on the impact of colonial monetary policies on African societies and institutions. It examines how the introduction of new currencies disrupted traditional economic systems, creating new opportunities for wealth and power but also perpetuating economic inequality and poverty. It also explores the role of money in shaping social and political structures, such as land ownership, labor markets, and political representation.

The fourth chapter explores the resistance and resilience of African societies and institutions to colonial monetary policies. It examines the strategies employed by African communities to maintain their traditional currencies and economic systems, such as barter, trade networks, and communal land ownership. It also explores the role of African leaders and intellectuals in shaping colonial monetary policies and advocating for economic independence.

The fifth chapter examines the legacy of colonial monetary policies in contemporary Africa. It explores the ongoing challenges faced by African countries in developing sustainable and inclusive monetary systems, including issues such as currency depreciation, inflation, and debt. It also examines the role of international financial institutions, such as the World Bank and the International Monetary Fund, in shaping African monetary policies and promoting economic development.

In conclusion, this book is a groundbreaking contribution to the field of African Studies and History. It provides a comprehensive and nuanced understanding of the monetary history of colonial Africa, shedding light on the complex relationships between money, power, and governance during this critical period. By placing the histories of individuals and their interactions with money at the center of the narrative, the volume offers a novel and refreshing perspective on the history of colonial rule in Africa. This book will be of interest to scholars, educators, and anyone interested in understanding the enduring legacies of colonialism and the ongoing challenges faced by African societies and institutions in the 21st century.

Weight: 577g
Dimension: 210 x 148 (mm)
ISBN-13: 9783030834609
Edition number: 1st ed. 2022