The Political Economy Of Development And Underdevelopment In Africa

While Africa is too often regarded as lying on the periphery of the global political arena, this is not the case. African nations have played an important historical role in world affairs. It is with this understanding that the authors in this volume set out upon researching and writing their chapters, making an important collective contribution to our understanding of modern Africa. Taken as a whole, the chapters represent the range of research in African development, and fully tie this development to the global political economy. African nations play significant roles in world politics, both as nations influenced by the ebbs and flows of the global economy and by the international political system, but also as actors, directly influencing politics and economics. It is only through an understanding of both the history and present place of Africa in global affairs that we can begin to assess the way forward for future development.

A reader intended for courses in economics or political science departments on development, political economy, or economic development issues, this book takes a critical look at historical and present day aspects of economic development.

First published in 1982, this reissue deals with the theory of underdevelopment, as Dr. de Silva attempts a synthesis between the internal and external aspects of underdevelopment and, in the Marxist tradition, focuses on the impact of the external on the internal as the dominant reality. Viewing underdevelopment as a problem in the non-transformation to capitalism, this analysis is in terms of the character of the dominant capital and of the dominant classes. Underdevelopment thus encompasses the ‘traditional’ peasant economy and also the export sector where the ‘modernizing’ influence of colonialism was felt. The book finally considers how the contemporary internationalization of capital affected the economies of the Third World.

This book presents a new theory explaining underdevelopment in the global South and tests whether financial inputs, the government-business-media (GBM) complex and spatiotemporal influences drive human development. Despite the entrance of emerging powers and new forms of aid, trade and investment, international political-economic practices still support well-established systems of capital accumulation, to the detriment of the global South. Global asymmetrical accumulation is maintained by ‘affective’ (consent-forming hegemonic practices) and ‘infrastructural’ (uneven economic exchanges) labours and by power networks. The message for developing countries is that ‘robust’ GBMs can facilitate human development and development is constrained by spatiotemporal limitations. This work theorizes that aid and foreign direct investment should be viewed with caution and that in the global South these investments should not automatically be assumed to be drivers of development.

This handbook constitutes a specialist single compendium that analyses African political economy in its theoretical, historical and policy dimensions. It emphasizes the uniqueness of African political economy within a global capitalist system that is ever changing and complex. Chapters in the book discuss how domestic and international political economic forces have shaped and continue to shape development outcomes on the continent. Contributors also provoke new thinking on theories and policies to better position the continent’s economy to be a critical global force. The uniqueness of the handbook lies in linking theory and praxis with the past, future, and various dimensions of the political economy of Africa.