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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Africa's External Economic Relations: 1960-1990
Author:Collier, PaulISNI
Periodical:African Affairs: The Journal of the Royal African Society
Geographic term:Africa
Subjects:international economic relations
international trade
international relations
Economics and Trade
External link:https://www.jstor.org/stable/722936
Abstract:This paper on Africa's external economic relations during the period 1960-1990 focuses upon two themes. The first is about changes in the relationship between African governments and external authorities. The author argues that decolonization abolished a set of economic agencies which have yet to be adequately replaced. The second theme is about trade and shocks. Africa was and is a collection of small open economies reliant upon agricultural and mineral exports the income from which is volatile. The author focuses upon how policies have reinforced this structure and on the problems this has caused. The two themes are drawn together by a proposal to enhance the role of a particular type of multinational institution which has had some success. Such institutions are participatory; they are small, regional groupings; they include developed countries; and membership carries clear requirements which are adhered to. There are three African institutions which meet these conditions: UMOA (Union monétaire ouest africaine), BEAC (Banque des États de l'Afrique centrale), and the De Beers-led diamond cartel. They are the model on which future institutions can be built. Notes, ref.