Date of Award

7-1-2009

Degree Type

Dissertation

University or Center

Clark Atlanta University(CAU)

School

School of Arts and Sciences

Degree Name

Ph.D.

Department

Political Science

First Advisor

Dr. Hashim Gibrill

Second Advisor

Dr. Fragano Ledgister

Third Advisor

Dr. Modibo Khadalie

Abstract

This dissertation examines how the change in the international economy away from manufacturing to finance has affected African development. The dominance of financial liberalization is obvious to most observers; however, discourse on the development of African economies since 1980 generally focuses on the primary lending institutions (the IMF and World Bank). This dissertation is really an attempt to create a narrative about the rejection of alternative forms of development and subsequent implementation of rieoliberal policies. African countries rushing pell-mell to privatize, democratize, and implement all things neoliberal, crystallizes the sterile nature of alternatives to financial liberalization. Much of the discussion surrounding strategies for development remain grounded in previous notions of how countries develop, the stages of development, and generally how countries can develop their infrastructure. While all of these have salience, it does not quite capture the essence of how the world has been transformed. It is no longer possible or sensible to discuss African development without understanding the role of international finance capital. Development cannot simply be understood by bargaining with foreign companies and attracting FDI. To be sure, that is not the only aspect of development but one that was heavily emphasized just fifteen to twenty years ago. The present global economic recession provides a perfect example of how important international finance capital, in this case derivatives, are so important to the international economy. Now we must understand derivatives and how this financial tool became so dominant in the international market economy.

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