Course Catalogue

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The course introduces students to African monetary/financial history. It examines the history of money in Africa from the precolonial period to the early 21st century. It accounts for precolonial currency traditions and how these were replaced by imperial monetary arrangements at colonisation. In so doing, the course explores the centrality of currency, banking and finance in colonial economy making, demonstrating how African colonial economies were engineered into extractive apendages of their imperial centres. The course then examine shifts brought about by the the Post-Second World War shift towards the Bretton Woods system and its implications for African countries which were involved in anti-colonial struggles and attaining independence in the later half decade. The course concludes by critiquing the effects of both colonial legacies and the reconstruction of the international financial architecture on attempts at economic transformation after independence in African, and how global economic relations and practices inform individual countries' fiscal and monetary policies and their impact on development.

Two contact hours per week for 10 weeks. 

Lecture: one hour a week

Seminar: one hour a week

Enrolment in an MA (SocSci) or MA (Arts) Honours Programme

None

None

Two summative assements:

Both assessments are summative. The first is a historiographical (literature review-based) essay on money and colonialism in Africa. This will be weighted 40% and with a 2000-word count. The first assessment has a formative aspect to it as the students will be introduced to the literature for the course. This provides a learning opportunity for students to apply the literature knowledge in the second essay, which is case study based. The second summative assessment will pick examples of regional or studies, examining monetary and financial experiences, either in East, West, Southern, or Central Africa, or consider the history of currency areas in either the sterling, escudo or franc zone. This second summative assessment is weighted at 60% for an essay of 3000 words.

Reassessments are normally available for all courses, except those which contribute to the Honours classification. Where, exceptionally, reassessment on Honours courses is required to satisfy professional/accreditation requirements, only the overall course grade achieved at the first attempt will contribute to the Honours classification. For non-Honours courses, students are offered reassessment in all or any of the components of assessment if the satisfactory (threshold) grade for the overall course is not achieved at the first attempt. This is normally grade D3 for undergraduate students and grade C3 for postgraduate students. Exceptionally it may not be possible to offer reassessment of some coursework items, in which case the mark achieved at the first attempt will be counted towards the final course grade. Any such exceptions for this course are described below. 

This course aims to, firstly, introduce students to the concept of exchange and currency in African history from the precolonial to the postcolonial period. Secondly, it explores spheres of exchange and the rise of imperial colonial exchange relations from the establishment of the gold standard in the 1870's to the establishment of the Bretton Woods system and their influence on Africa. Third, it examines the impact of the rise and collapse of the Bretton Woods System and global liberalism and their effects on African economies towards and beyond political independence. The course will also analyse monetary policies in selected African countries in relation to the international exchange architecture and the changes over time.

By the end of this course students will be able to:

1. Account for African exchange relations amongst different African states and with other continents in the pre-colonial period.

2. Explore the factors leading to colonization, the establishment of spheres of exchange and the rise of currency blocs up the post-Second World War period.

3. Discuss the ways in which currencies informed processes of colonial states and extractive economy-making.

4. Analyse the impact of the shift towards the Bretton Woods system, the rise of the system of national accounting in the reconstruction in mid-twentieth century international exchange architecture on African countries.

5. Examine post-independence monetary arrangements and policies and their impact on programmes of economic transformation in selected African cases.

Students must submit at least 75% by weight of the components (including examinations) of the course's summative assessment.