DOCSLIB.ORG

African Monetary Sovereignty

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
African Monetary Sovereignty AFRICAN MONETARY SOVEREIGNTY The quest for economic and monetary sovereignty in 21st century Africa Lessons to be learnt and ways forward Why this conference? Monetary sovereignty is a widely debated topic these days. of monetary dependency and sovereignty beneficial to the broader population. This is particularly the case in all countries in which the throughout the continent and how questions of currency and debt have been re-politicized, e.g. monetary dependency interacts with other The conference will also engage with West Africa, the US and Germany. In the US, democratic forms of dependency (such as trade, debt, in-depth discussions around African socialists debate the prospects and pitfalls of Modern historical and political dependency). We monetary integration from a globally Monetary Theory and although the Eurozone has managed will discuss the challenges faced by comparative perspective. Despite the to hide the structural problems of the Euro currency union, African communities and governments recent turmoil in the Eurozone, for many this will not last. Seen from the perspective of the African in continuing their use of a globalized observers and Pan-Africanist voices, continent, monetary sovereignty has been a core capitalist finance system for their own African monetary integration is the road pillar in the quest for economic as well as political development. to financial and monetary autonomy. independence and sovereignty from former colonizers We will discuss the extent to which African Therefore, our debates will be guided who, for example, in the case of the CFA Franc, have countries with sovereign currencies are maintained their control of monetary and exchange rate by the following questions: Are regional not financially constrained but inflation- single currencies an adequate monetary policies. constrained. To what extent does this system for Africa? ? Is the project to assertion apply to countries facing create monetary unions in Africa a With this international conference we aim to open a balance of payments constraint, a simple copy and paste of the euro zone the discussions and debates on money, debt and resource constraint, or a technological and is it subject to the same disastrous dependency and to bring the study of African dependency constraint? We will investigate the consequences? Could monetary into the conversation on global monetary relations that are global institutional constraints too often pursued from a largely eurocentric perspective. imposed by the European Union, integration be conceived otherwise than During this conference we will address questions regarding and other International Financial through single-currency unions? Can the potential shapes and forms of African monetary Institutions (IFIs) such as the IMF currencies and credit systems transcend and financial independence and sovereignty and and the World Bank and how they the nation-state and be controlled by the what this would entail. We will further explore the leeways deal with issues of money and community ? Finally, is there a need for for monetary policies for countries that depend on varying finance, specifically regarding debt, an international monetary system and degrees of monetary sovereignty. Finally, we will concretely a process referred to as a “cleverly how would this system undermine investigate how alternative and transformative forms of managed reconquest of Africa” by the economic and financial needs of organizing financial and monetary systems that enable Thomas Sankara. We will furthermore countries of the Global South and the socioecological transformation of the continent and look at imperial power IFIs priorities African countries in particular, where can help develop a dignified life in the African context. and African governments’ own internal much of the dispossession processes reasons for not pursuing strategies are occurring? In our conference, we will reflect on the patterns and diversity 2 3 Conference Program THURSDAY 7TH OF NOVEMBER 2019 15:30 – 16:00 Coffee break 16:00 – 17:30 Handling balance of payments problems: What are 9:00 – 10:00 City of Culture, CNCI : Conference room : Omar Khelifi the possible solutions? Welcome Simultaneous translation will be provided (FR/Eng.) during Speeches and all the conference Panel III : What should be African central banks’ morning keynote 1. Said Chahi role in consolidating economic and monetary sovereignty Moderator : The President of the republic of Tunisia in Africa in a globalized world? (Fr) (to be confirmed) Maha ben Gadha (RLS North Africa) 2. Peter Doyle : A pre-emptive sovereign insolvency The Tunisian Minister of finance regime. (Eng) (to be confirmed) 3. Anne Löscher : Being poor in the current financial The Governor of the Central Bank of Tunisia architecture. Implications of foreign currency shortage for (to be confirmed) African economies and possible solutions. (Eng) : “Reclaiming Monetary Sovereignty 10:00 – 11:00 Fadhel Kaboub 17:30 – 18:00 Coffee break and Sustainable Prosperity in Africa” 18:00 – 20:30 Prabhat Patnaik : “Monetary Sovereignty in a World 11:00 – 11:30 Coffee break Evening keynotes of Globalized Finance.” (Eng) Jan Kregel : “Financial System Sovereignty, Economic City of Culture, CNCI : Conference room Soufia Goulli Development and the External Constraint.” (Eng) 11:30 – 13:00 Histories of money Panel I 1. Enrique Martino : The adoption of global non-state FRIDAY 8TH OF NOVEMBER 2019 monies in West African history, including cowries and Moderator : Chafiq Ben Rouin crypto currencies. (Eng) 9:00 – 11:00 City of Culture , CNCI : Conference room Soufia Goulli (OTE) : Monetary policy in Algeria under 2. Fatiha Talahite Morning keynotes Heiner Flassbeck : “Monetary Sovereignty And Why the reign of Bouteflika (1999-2019). An approach to It Is Difficult To Achieve.”. (Eng) economic and monetary history. (Fr) Cedric Achille Mbeng Mezui : “Domestic Resources 3. Myriam Amri : Making the dinar, producing the state Mobilization And Industrialization. ”.(Eng) in postcolonial Tunisia. (Eng) 11:00 – 11:30 Coffee break 13:00 – 14:00 Lunch break 11:30 – 13:00 14:00 – 15:30 Financial Dependence at the age of Global Finance Monetary Crises: lessons to be learnt Panel I 1. Patrick Bond : The dialectic of neoliberal monetary Panel II 1. Elizabeth Cobett : Hooking in Global Financial management and social resistance in Zimbabwe and Networks: Birth of African Financial Centers. (Eng) Moderator : Moderator : Oumayma Jegham South Africa. (Eng) Mohamed Haddad 2. Andrew Fisher : Hemorrhaging Zambia: insights for (Oxfam) : Structural financial dependency, (Barr Al Aman) a broader research agenda on contemporary financialized 2. Francis Garikayi hyperinflation, currency collapse and dollarization in dependence in Africa. (Eng) Zimbabwe. (Eng) 3. Deniz Kellecioglu : Political economy of illicit : Not just an African problem: Monetary financial flows (IFFs) from Africa - towards an analytical 3. Thomas Fazi colonialism in the Eurozone. (Eng) framework. (Eng) 13:00 – 14:00 Lunch break 4 5 14:00 – 15:45 What’s the Meaning of Economic Sovereignty in a Globalized world? SATURDAY, 9TH OF NOVEMBER 2019 9:00 – 11:00 City of Culture , CNCI : Conference room Soufia Goulli Panel II 1. Harry Cross : Accounting for monetary sovereignty: Morning keynotes Ndongo Samba Sylla and Kai Koddenbrock : financial accounting and monetary creation as sites of Moderator : “Monetary dependency in the longue durée”. (Eng) political struggle after decolonization. (Eng) Nada Trigui Jerome Roos : “Sovereign debt in the longue (Barr Al Aman) : Financialization 2. Ingrid Harvold Kvangraven et al durée”. (Eng) on the African continent: Is it happening and what does it do? (Eng) 3. Tony Obeng : The quest for economic and monetary 11:00 – 11:30 Coffee break sovereignty in 21st Century Africa: Back to Nkrumah’s Charge to ‘Seek Ye First the Political Kingdom’. (Eng) 11:30 – 13:00 Why Should we rethink Money and Monetary Reform? 4. Okoli Chukwuma : Africa and the Globalization Panel I 1. Rohan Grey : The law and macroeconomics of digital Bargain: Towards a Collective Economic Sovereignty. fiat currency in Africa. (Eng) (Eng) Moderator : Moez Bassalah 2. Reda Mokhtar El Ftouh : What makes a currency reform more or less likely to succeed : lessons from the 15:45 – 16:00 Coffee break longue durée historical precedents. (Eng) 3. Frauke Banse : The German push for local currency bond markets in Africa – a (Geo-)political perspective. 16:00 – 17:30 African Monetary And Financial Integration: A (Eng) critical scrutiny 13:00 – 14:00 Lunch break Panel III 1. Hannah Cross : The new monetary policy consensus and the CFA Franc: a labour-focused approach. (Eng) Moderator : 14:00 – 15:00 Silvia Federici (by skype) “Women, Money, and Claus Dieter 2. Riaz Tayob : The AFRO continental currency and Debt Economy” (RLS-DAKAR) its development challenges: some considerations. (Eng) 3. Carla Coburger : Peg your currency, perpetuate 15:00 – 15:30 Coffee break global inequalities? (Eng) 15:30 – 17:15 Which Paths Towards A Monetary System That 18:00 – 20:30 Chibuike Uche : “Nigeria, British Economic Interests Enables A Dignified Life And A Healthy Environment? Evening Speakers and the Sterling Guarantee Agreement”. (Eng) Panel II 1. Arndt Hopfmann : On MMT and the political Daniela Gabor : “Wall Street Consensus and the economy of communism – lessons for Africa. (Eng) Moderator : de-risking state”.(Eng) Ines Mahmoud 2. Makhtar Diouf : Le patriotisme économique comme une (RLS North Africa) condition de la souveraineté
Load more

Recommended publications
  • The Myth of Prosperity: Globalization and the South
    THE MYTH OF PROSPERITY: GLOBALIZATION AND THE SOUTH Viraj P. Thacker Thesis Submitted for the degree of Doctor of Philosophy in Politics School of Humanities and Social Sciences University of Adelaide February 2008 TABLE OF CONTENTS Chapter One Part One INTRODUCTION 1 RESEARCH GOALS 5 Parameters of Analysis 9 METHODOLOGY 13 CONCEPTUAL FRAMEWORK 18 Dependency/World Economic Theory 18 The Capitalist World Economy: Wallerstein 24 Variations on a Dependency Theme: Samir Amin 26 Investment Debt 27 The Debt Crisis 27 GAPS IN THE LITERATURE 28 Chapter Summaries 34 CONCLUSIONS 35 Part Two The Global South 38 The Extent of World Poverty 39 What is Economic Development 40 Main Issues of the Post World War Two Era 42 The Globalization Phenomenon 47 The Problem With Free Trade 49 iii The WTO and Corporate Globalization 50 The WTO Ministerial Meetings 53 A Few Specifics From the WTO’S Agenda 55 The G-8 Position 56 The G-77 and the Debt Crisis 58 Structural Adjustment Programs and Their Impacts 59 Third World Debt 60 Proposed Solutions 62 Analysis 64 Sustainable Development As the Solution 65 The Antiglobalization Movement 71 Chapter Two A REVIEW OF THE LITERATURE Theoretical Basis For Globalization 75 THE GLOBALIZATION DEBATES 80 Meaning: Process vs. Project 80 Interpretation: New Era vs. Nothing New 81 Evaluation: Good vs. Bad 81 Explanation: Hard vs. Soft 82 Political End vs. Revival of the Nation State 82 Cultural: Sameness vs. Difference 83 Globalization 83 Advantages of Globalization 86 Negative Effects of Globalization 87 The North and the South
    [Show full text]
  • Provisional Programme
    22nd Annual Conference of the Association for Heterodox Economics The World Transformed: The Contributions of Heterodox Economics Globally July 2nd-July 31st, 2020 PROVISIONAL PROGRAMME ONLINE CONFERENCE (ZOOM PLATFORM) Academic Officers Ariane Agunsoye (Goldsmiths, University of London) Thoralf Dassler (University of Westminster) Danielle Guizzo (University of the West of England) Ingrid H. Kvangraven (University of York) Thomas Lambert (University of Louisville) YSI Organisers Ian Almeida Nicolás Dvoskin Surbhi Kesar Keynotes Dora Barrancos is a Professor at the University of Buenos Aires and director of Social Sciences and Humanities at the Argentinian National Scientific and Technical Research Council (CONICET). Barrancos’ research areas include history, gender and sexualities. Rama Salla Dieng is Lecturer in African Studies and International Development at the University of Edinburgh. Her main research interests are in Agrarian Political Economy, Food and Capitalism in Africa, Gender and Development, and Economic Policy-making in Africa. Sheila Dow is Emeritus Professor of Economics at the University of Stirling, Scotland Her main academic focus is on raising methodological awareness in the fields of macroeconomics, money and banking, and the history of economic thought. Jason Hickel is Senior Lecturer in Anthropology at Goldsmiths, University of London. His present research focuses on global inequality, political economy, post-development and ecological economics. Chantal Naidoo is programme director with the European Climate Foundation in South Africa. She holds a PhD from the Science Policy Research Unit (SPRU) at the University of Sussex. Her research relates to the role of financial systems in sustainability transition processes, national development banks, financing strategies for climate action and rethinking finance theories for sustainability.
    [Show full text]
  • Shouvik Chakraborty
    SHOUVIK CHAKRABORTY Email: [email protected]; Mobile No.: +1-774-242-3979 CURRENT AFFILIATION Research Fellow, Political Economy Research Institute (PERI), UMASS-Amherst • Working on a research project “Green Growth and the Right to Energy in India” focusing on the potential of carbon taxes, employment generation from investments in clean energy and redistribution of energy. This project is in collaboration with Prof. Rohit Azad, JNU, New Delhi. • Working on independent research studying the movements in the international terms of primary commodities vis-à-vis manufactured goods to investigate the validity of the Prebisch-Singer hypothesis in the current era. • Working on a sponsored research grant by APU, Bangalore, India for a Report on the State of Working India. ACADEMIC BACKGROUND PhD, Centre for Economic Studies and Planning, Jawaharlal Nehru University (JNU), New Delhi (August 2005 to July 2011) PhD Title: “Movements in the Terms of Trade of Primary Commodities Vis-à-vis Manufactured Goods: A Theoretical and Empirical Study” Supervisor: Prof. Prabhat Patnaik Abstract: The thesis examines the movements in the international terms of trade of primary commodities vis-à-vis manufactured goods from a historical as well as a current perspective (1900-2007). It explains the factors responsible for the historically observed movements in the terms of trade and endeavours to interpret the recent international experiences on this issue. The thesis is of immense relevance from the developing countries’ perspective as it tries to enumerate a critical factor that has led to the underdevelopment of these countries and thereby suggesting a policy prescription to overcome such under development.
    [Show full text]
  • The Accumulation Process in the Period of Globalisation
    PERSPECTIVE current orthodox economics refers to a The Accumulation Process state of affairs where all prices, including money wages, are rising pari passu, so in the Period of Globalisation that there is no worsening of the condition of the working masses per se and the only sufferers are those with cash balances, Prabhat Patnaik most of whom are likely to be rich. But inflation as we know it in real life, The inflation in food prices of the n preparing this lecture, which is part especially in a country like ours, where early 1970s that arose out of excess of a series being organised in memory the bulk of the workers do not have wages demand for cereals disappeared Iof D D Kosambi in his centenary year, I indexed to prices, is one that hurts the have been tempted strongly to choose a working masses. Keynes (1930) had called in later years not because of any topic that would have been of interest to this latter kind of inflation “profit infla- significant supply augmentation, him. Accordingly I shall devote this lecture tion”, and had recognised it as a phenom- but because it was substituted by to what everyone is concerned about these enon of great importance under capital- 1 an income deflation on the days, namely, the world food crisis. ism. In situations where supply could not be rapidly augmented, it overcame excess working people, including the 1 demand by raising prices relative to peasantry, over large tracts of the Paul Krugman of the Massachusetts Insti- money wages, and thereby bringing world.
    [Show full text]
  • Provisional Programme
    22nd Annual Conference of the Association for Heterodox Economics The World Transformed: The Contributions of Heterodox Economics Globally July 2nd-July 31st, 2020 PROVISIONAL PROGRAMME ONLINE CONFERENCE (ZOOM PLATFORM) Keynotes Dora Barrancos is a Professor at the University of Buenos Aires and director of Social Sciences and Humanities at the Argentinian National Scientific and Technical Research Council (CONICET). Barrancos’ research areas include history, gender and sexualities. Rama Salla Dieng is Lecturer in African Studies and International Development at the University of Edinburgh. Her main research interests are in Agrarian Political Economy, Food and Capitalism in Africa, Gender and Development, and Economic Policy-making in Africa. Sheila Dow is Emeritus Professor of Economics at the University of Stirling, Scotland Her main academic focus is on raising methodological awareness in the fields of macroeconomics, money and banking, and the history of economic thought. Jason Hickel is Senior Lecturer in Anthropology at Goldsmiths, University of London. His present research focuses on global inequality, political economy, post-development and ecological economics. Chantal Naidoo is programme director with the European Climate Foundation in South Africa. She holds a PhD from the Science Policy Research Unit (SPRU) at the University of Sussex. Her research relates to the role of financial systems in sustainability transition processes, national development banks, financing strategies for climate action and rethinking finance theories for sustainability. Julia Steinberger is Professor of Social Ecology & Ecological Economics at the University of Leeds. Her research examines the connections between resource use (energy and materials, greenhouse gas emissions) and societal performance (economic activity and human wellbeing). Ndongo Samba Sylla is Research and Programme manager at the West Africa office of the Rosa Luxemburg Foundation in Dakar, Senegal.
    [Show full text]
  • SHOUVIK CHAKRABORTY MALE, 34 YEARS [email protected], Mob: +1-774-242-3979 CURRENT AFFILIATION
    SHOUVIK CHAKRABORTY MALE, 34 YEARS [email protected], Mob: +1-774-242-3979 CURRENT AFFILIATION Research Fellow, Political Economy Research Institute (PERI), UMASS, Amherst. Ongoing research projects: UNIDO sponsored project “Impact of Green Industrial Investment on Employment”: Key member of the research team. Objective is to examine the relationship between green industrial investment and employment generation. Countries in focus are Germany and South Korea, which have done progressive improvement on green energy. Working with Dr. James Heintz on a project entitled ‘Informal Employment among Youth: A Survey’: The project is an extensive study on the employment of youth in the informal sector particularly during the current period when the general availability of decent employment has been curtailed. I am focusing on the youth employment situation in India. Working on an independent project entitled: ‘Recent Rise in Agricultural Commodity Prices: Neoliberal Policies and Its Impact on the Food Security’. This project focusses on identifying the factors that have been responsible for the recent rise in the international prices of agricultural commodities since the last decade. ACADEMIC BACKGROUND PhD, Centre for Economic Studies and Planning, Jawaharlal Nehru University, New Delhi (August 2005 to July 2011). PhD Title: “Movements in the Terms of Trade of Primary Commodities vis-à-vis Manufactured Goods: A Theoretical and Empirical Study” Supervisor: Professor Prabhat Patnaik Abstract: The thesis examines the movements in the international terms of trade of primary commodities vis-à-vis manufactured goods from a historical as well as a current perspective. It explains the factors responsible for the historically observed movements in the terms of trade and endeavors to explain the recent international experiences on this issue.
    [Show full text]
  • Special Issue in Honour of Anwar Shaikh
    Global & Local Vol. 17 No. 1 Economic Review 3 1 Volume 17 No. 1 2013 0 2 w Geoffrey Colin Harcourt e The importance of Humbug in the Cambridge - Cambridge i controversies in capital theory v e Guglielmo Chiodi R Beyond the surrogate production function c Arrigo Opocher, Ian Steedman i Unconventional results with surrogate production functions m o Edgardo Bucciarelli, Nicola Mattoscio, Michele Alessi n What is essential is invisible to the eye. o From neoclassical to cognitive perspective on production theory c Jesus Felipe, John McCombie E Aggregate production functions and the accounting identity critique: l criticisms and misunderstandings with special reference to Temple a c Kumaraswamy Vela Velupillai o Humbugs and other exotica - Celebrating Anwar Shaikh L Jayati Ghosh & A brief empirical note on the recent behaviour of factor l shares in national income a b Antoine Godin, Stephen Kinsella o Production functions at the business end: l the case of the European Fiscal Compact G Thomas Fredholm, Stefano Zambelli Production functions behaving badly - Reconsidering Fisher and Shaikh ISBN 978-88-386-7420-4 Prabhat Patnaik Technological progress and the rate of profit € 25,00 (i.i.) 9 788838 674204 www.mcgraw-hill.it McGraw-Hill POLICY FOR THE SUBMISSION OF MANUSCRIPTS TO BE PUBLISHED IN THEGLOBAL & LOCAL ECONOMIC REVIEW 1. PRELIMINARY INSTRUCTIONS For a manuscript to be accepted for publication in the Review, authors are required to abide by the following publication rules. In particular, authors must state that: vthe manuscript, or relevant parts of the manuscripts, was not previously published; vthe manuscript is not simultaneously under review by any other journal; vthe manuscript will be not submitted elsewhere before the final outcome of peer-reviewing process by the Scientific Board.
    [Show full text]
  • A Theory of Imperialism
    A THEORY OF IMPERIALISM Brought to you by | provisional account Unauthenticated Download Date | 12/19/16 1:44 PM Brought to you by | provisional account Unauthenticated Download Date | 12/19/16 1:44 PM A THEORY OF IMPERIALISM Utsa Patnaik and Prabhat Patnaik with a commentary from David Harvey and a foreword by Akeel Bilgrami Columbia University Press New York Brought to you by | provisional account Unauthenticated Download Date | 12/19/16 1:44 PM Columbia University Press Publishers Since 1893 New York Chichester, West Sussex cup . columbia. edu Copyright © 2017 Columbia University Press All rights reserved Library of Congress Cataloging-in- Publication Data Names: Patnaik, Utsa, author. | Patnaik, Prabhat, author. Title: A theory of imperialism / Utsa Patnaik and Prabhat Patnaik ; with a commentary by David Harvey. Description: New York : Columbia University Press, [2017] | Includes bibliographical references and index. Identifi ers: LCCN 2016014641 | ISBN 9780231179782 (cloth : alk. paper) | ISBN 9780231179799 (pbk. : alk. paper) Subjects: LCSH: Imperialism—Economic aspects. | Capitalism— Developed countries— History. | Developed countries— Commerce. | Colonies— Commerce. Classifi cation: LCC JC359 .P37 2017 | DDC 325/.3201– dc23 LC rec ord available at https://lccn .loc . gov / 2016014641 Columbia University Press books are printed on permanent and durable acid-free paper. Printed in the United States of Ameri ca c 10 9 8 7 6 5 4 3 2 1 p 10 9 8 7 6 5 4 3 2 1 Cover design: Diane Lugar Cover image: © Amy–Iv/Adobe Stock Brought to you by | provisional account Unauthenticated Download Date | 12/19/16 1:44 PM Utsa and Prabhat Patnaik dedicate their contribution to this book to Malini and Mihir Bhattacharya.
    [Show full text]