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Interregional Monetary Flows in the Precolonial Trade of Nigeria
Published online by Cambridge University Press: 22 January 2009
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Only recently have historians devoted much attention to monetary developments in African history, primarily because the substantivist school of economic anthropology, which has argued that so-called western economic theory does not apply to African situations, has dominated the field. This view has been increasingly under attack in recent years, particularly by a new group of economic historians who have found many aspects of formal economic theory useful in the reconstruction of Africa's past. Marion Johnson's pioneering work on the gold mithqal and cowrie shell, for example, has documented the spread of a common currency over much of West Africa, throughout an area encompassed by Lake Chad in the east, the upper reaches of the Senegambia in the west, the southern Sahara in the north, and the region between the Volta basin and the Niger Delta in the south. The study of other currencies, including the copper rod standard of the Cross River basin in Nigeria and Cameroons, and the cloth money of the Senegambia, has demonstrated the importance of other standards besides cowries and gold, so that it is now known that virtually all of precolonial West Africa had economies sufficiently developed to require the use of circulating mediums of exchange and units of account. This breakthrough raises a number of important questions which seriously challenge, if not completely undermine, the predominant view that Africa's past, down to very recent times, has been subsistence oriented, non-market directed, and basically static.
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References
1 For a summary of the substantivist approach and some of its critics, see Harold, K. Schneider, Economic Man. The Anthropology of Economics (New York, 1974)Google Scholar, Philip, D. Curtin, Economic Change in Pre-Colonial Africa. Senegambia in the Era of the Slave Trade (Madison, forthcoming)Google Scholar, and Hopkins, A. C., An Economic History of West Africa (London, 1973).Google Scholar
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4 The research for this paper was carried out in connexion with a study of the history of the Hausa kola trade, which a generous grant from the Fulbright-Hayes Program made possible. I wish to thank Allen Isaacman, Martin Klein, Stephen Baier, Marc Egnal, Jean Hay, Philip Curtin, and Marion Johnson for comments on earlier drafts, which were read at the 15th Annual Convention of the African Studies Association, Philadelphia, 1972, and the African Economic History Workshop, University of Wisconsin-Madison, 3 July 1974.
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20 Lovejoy and Baier, ‘Desert-Side Economy’.
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33 Hopkins has analysed many other economic factors related to the era of the Scramble, see Economic History, 124–66.Google Scholar
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47 Curtin, Economic Change; and Atlantic Slave Trade. Allen Howard is currently working on the Sierra Leone–Guinea area, and B. A. Agiri and Patrick Manning are engaged in separate studies of the Dahomey–Yoruba region.
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