Intro; Preface and Acknowledgements; Contents; Abbreviations; List of Figures; List of Tables; Part I General Background and Governing Issues; 1 Why History Is Important in Africa's Economic Development Narrative; 1.1 Introduction; 1.2 What Is Economic Development?; 1.3 What Is Economic Underdevelopment?; References; 2 Economic Development: Facts, Theories and Evidence; 2.1 Introduction; 2.2 Stylised Facts About Economic Growth in SSA; 2.3 Theories of Economic Development and Growth; Early Thoughts About Development; Classical Theories of Growth; Exogenous Neoclassical Growth Theory Endogenous Neoclassical Growth TheoriesInstitutionalist Approach; Coordination Failure Approach; 2.4 Heterodox Theories; Dependency Theories; Modernisation Theories; World-Systems Approach; 2.5 Explaining SSA Growth Outcomes: A Review of the Empirical Evidence; 2.6 Conclusion; References; 3 Development Approaches from East Asia; 3.1 Introduction; Initial Conditions; The Growth Miracle; 3.2 Hong Kong; Modern Political History; Accumulation-Savings and Investment; Economic and Social Transformation; 3.3 Taiwan; Modern Political History; Accumulation-Human Capital, Savings and Investment Economic and Social TransformationDemographic Transition; 3.4 Singapore; Modern Political History; Accumulation-Savings and Investment; Economic and Social Transformation; Demographic Transition; 3.5 South Korea; Modern Political History; Accumulation-Savings, Investment and Human Capital; Economic and Social Transformation; 3.6 China; Overview of Modern Political History; Capital Accumulation-Savings and Investment and Human Capital; Economic and Social Transformation; 3.7 Concluding Remarks; References; Part II European Growth and Development That Shaped Africa 4 Medieval European Economies, AD 400-15004.1 Introduction; 4.2 Early Medieval Western Europe; The Kingdom of the Franks, AD 481-814; The Saxon Empire; Britain; Byzantium; Eastern Europe; 4.3 European Economies in the High Medieval Times; European Feudalism; The Toll System; Weights and Measures; Coinage; Manorialism; 4.4 Resurgence of European Empires; 4.5 Western Europe in the Late Middle Ages; 4.6 Conclusions; References; 5 Mercantilism as a World Economic Order; 5.1 Introduction; 5.2 First Aspect of Mercantilism-Unification of the State; 5.3 Second Aspect of Mercantilism-System of Power 5.4 Third Aspect-System of Protection-Third Aspect5.5 Fourth Aspect-Mercantilism as a Monetary System; Mechanism of Exchange; 5.6 Fifth Aspect of Mercantilism-Conception of Society; 5.7 Conclusion; References; Part III African Experience in the Long Run; 6 Medieval African Economies: AD 700-1500; 6.1 Introduction; 6.2 Early Medieval Africa-The Ghana Empire; Geographical Location; Political Economy; 6.3 Late Medieval Africa: The Malian Empire; 6.4 The Last of the West African Empires: Songhay; 6.5 Conclusion; References; 7 Emaciation of African Economies I: The Slave Trades, 1451-1830

This book uses lessons from history to help African countries take charge of their own economic development agenda. History is an important part of Africa's economic development narrative, and Ocran investigates how the development outcomes between Africa and Western Europe became so divergent when in the early medieval period average income levels and economic development in the two regions differed only marginally. The sixteenth century marked a turning point, with the emergence of Western European mercantilism and capitalism and their associated exploitation of other countries. In understanding Africa's economic development, it is crucial to recognise that Africa has not always been poor. Examining 400 years of enslavement and colonisation, this book takes us to present day Africa and economic issues affecting the continent. With selected case studies from Hong Kong, Taiwan, and Singapore to South Korea and China, Ocran proposes ways to break out of the economic development quandary Africa currently faces.