A Review Of The Political Economy Of Africa(Chapter 2) By Claude Ake Obafemi Awolowo University /200l Assignment

470 words - 2 pages

Olanipekun John Dolapo
HIS/2015/111
History
Review of Claude Ake's political economy of Africa (chapter 2)
In the chapter 2 of Claude Ake's political economy, the author deals with the penetration of
western capitalism into Africa and the subsequent integration of African economies into the
World capitalist system, he further opined that the dependence of African economics is as a
result of the integration of Africa into the world capitalist system and not the effect of this
process of integration
On monetization, it was contained in chapter 2 that the rudimentary elements of a market
economy particularly money existed for centuries before the colonization of Africa,
currencies like gold dust, cloth money, copper rods, cowries, Manila etc..
He further stated that it was colonialism that monetized that monetized African economics
in these following ways by annihilating the precolonial currencies which had represented a
rudimentary monetization but which were so limited as currencies that they would have
been a serious obstacle to fundamental monetization
Secondly wage Labour was encouraged, often by force, for instance by appropriating arable
lands from Africans and thus reducing them to squatters and eventually to wage laborers on
their land, the imposition of taxes and the insisting of payment of taxes with European
currency, the introduction of the modern Market system etc..
Furthermore the monetization of African economies was also the the process of trying
these economies to the Metropole, The monetary system not...

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