Africa's Last Colonial Currency

Pigeaud, Fanny; Sylla, Ndongo Samba

doi:10.2307/j.ctv1g6q8w3

Cited by 29 publications

(20 citation statements)

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“…Aunque las élites francesas aprendieron tarde el arte del uso de la moneda fiat como herramienta política, no quiere decir que no hayan alcanzado un sofisticado dominio de la misma. Este es el caso del CFA, la única moneda creada por una potencial colonial, todavía en circulación (Pigeaud & Sylla, 2021). Una tesis popular hace algún tiempo, para dar cuenta del "atraso" del África Negra y de Sudamérica era la que podemos llamar la "hipótesis vertical" 162 : dado que tanto África, como Sudamérica tienen una orientación vertical y están atravesadas por el Ecuador, zona hostil para los humanos y sus actividades, esto (junto con otros factores, i.e.…”

Section: El Orden Internacional En El S XXIunclassified

El destino universal de la democracia y el realismo geopolítico V_1_0

Nuñez¹

2022

Preprint

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The aim of the document is to explain why the survival of democracy in its modern liberal version is in question and is increasingly incapable of managing the savage powers that undermine it at home and threaten it abroad. Unlike those who put the emphasis on allegedly external problems - a modern version of the old theories of the barbarians as responsible for the breakdown of political systems - our analysis focuses on structural breakdowns resulting from internal and external processes that mutually reinforce each other. oligarchy and imperial expansion. To show the process, we start from a conception, so to speak, pure of democracy, as shown in the classic texts, capable of masterfully solving the problem of political order. This pure form serves as a point of comparison for what liberal democracy has been abandoning, internally releasing uncontrollable forces impossible to hold under the apparent form of a pluralist state. This process of liberation from the inner savage powers becomes evident when moving from a closed state to open states and finally to an imperial structure. To show the nature of this imperial structure, different in essential aspects from previous empires, we closely follow the great moments of the currency. We show how, at the same time that this imperial expansion was taking place, other savage external powers were created, capable of marking the limits of the expansion of the empire (formally in the form of liberal democracy), so that it has lost its internal attractiveness, moving further and further away from the ideal of classic democracy, loss of attractiveness that is also perceived abroad, as well as its ability to impose its power through law and currency. At this point of unstable equilibrium, where the world finds itself today, where international institutions have lost much or all of their power, there are several options, which essentially, for the time being, are reduced to two: a world divided into spheres of influence or total war. The renegotiation of the order to accommodate all the actors under the same leadership is between improbable and impossible.

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Section: El Orden Internacional En El S XXIunclassified

El destino universal de la democracia y el realismo geopolítico V_1_0

Nuñez¹

2022

Preprint

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“…Humiliated, de Gaulle's administration responded spitefully. The French intelligence services tried to sabotage Guinea's economy by making the new Guinean franc worthless through the large‐scale introduction of counterfeit bills (Pigeaud and Sylla 2021).…”

Section: A Neocolonial Currency (1945–1965)mentioning

confidence: 99%

“…Its reentry was delayed until 1984, and in the meantime, the French government appointed the president of the Bank of Mali, which had its own operations account with the French treasury. Ultimately, the Malian and Guinean experiences became cautionary tales for governments tempted to exit the CFA and establish their own currencies (d'Almeida 1999; Pigeaud and Sylla 2021; Pouemi 2000).…”

Section: A Neocolonial Currency (1945–1965)mentioning

confidence: 99%

An Enduring Neocolonial Alliance: A History of the CFA Franc

Pérez

2022

American J Econ Sociol

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The CFA franc persists because French elites have mostly followed "territorialist logic" and African elites "capitalist logic" for the last six decades. French governments have conceded to capitalist logic, most dramatically in 1994 with the devaluation of the CFA franc and subsequent introduction of the "Balladur Doctrine." Similarly, West and Central African governments tried to reorient the CFA franc in a more territorialist (developmentalist) direction in the 1970s. Pressure from the IMF, the World Bank, and the French treasury following the sovereign debt crisis of the 1980s pushed most African leaders to accept neoliberal reform-a reassertion of capitalist logic. Advocates of reforming the West African Economic and Monetary Union are currently trying to push the region's monetary policy in a more territorialist direction. The Franco-African neocolonial alliance has, so far, successfully suppressed efforts toward greater political and economic autonomy in Africa. The CFA's peg to the euro will therefore persist as long as this alliance does; until France decides to abandon its sphere of influence in Africa or African leaders seek greater autonomy and/or new allies.

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“…Environmental and social justice movements can arise in the face of energy price increases, Chancel argues, pointing to the Yellow Vests movement in France. Chancel, however, does not analyze French ecological imperialism, such as how France continues to extract rents from its former colonies through its control of the CFA franc (Pigeaud and Sylla 2021). How the social costs of the French state’s nuclear program are borne by “former” French colonies (Shrader‐Frechette 2011) is not discussed either.…”

Section: Introduction: Inequality and Ecological Crisismentioning

confidence: 99%

Mainstream Economics and Conventional Environmental Policies

Obeng‐Odoom¹

2022

American J Econ Sociol

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Is mainstream economics only about growth, efficiency, and sustainability? Many critics contend so, but the recent state of the art in economics suggests not. Respectively drawing on reformist neoclassical economics, neoclassical microeconomics “proper,” and behavioral economics, major studies show that mainstream economics provides theories of inequality and unsustainability. However, the theories of causation utilized remain largely neoclassical. Similarly, the bases for repairing the harms are grounded in neoclassical reasoning, while the mechanisms for restoration—ranging from minimalist interventions and income and substitution effects to behavioral nudges—are still mainstream. Fundamentally, they say little or nothing substantial about ecological imperialism, at the heart of which are rent theft and ecological debt, two critical cornerstones of world ecological crises. Therefore, mainstream economists certainly have, use, and apply theories of inequality and unsustainability, but mainstream economists neither have, use, nor apply transformative theories of social stratification, nor ecological imperialism generally. The overall effect of this disconnect from real‐world ecological crises is not simply that conventional environmental policies are incomplete, but that mainstream economics and conventional policies deflect attention from ecological imperialism behind veils of rhetoric, prices, and behaviors.

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Africa's Last Colonial Currency

Cited by 29 publications

References 0 publications

El destino universal de la democracia y el realismo geopolítico V_1_0

El destino universal de la democracia y el realismo geopolítico V_1_0

An Enduring Neocolonial Alliance: A History of the CFA Franc

Mainstream Economics and Conventional Environmental Policies

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