www.afrodad.org 4 The Legal Foundations Of The African Public Debt PART 1 www.afrodad.org The Legal Foundations Of The African Public Debt 5 1 THE EMERGENCE OF PUBLIC DEBT IN AFRICAN ECONOMIES Before the era of colonialism, African societies had their own systems of economic exchange and debt practices. [...] The transition to a cash-based economy and the influence of colonial powers brought about significant changes in debt practices and the role of debt in African societies.9 During European colonialism in Africa, public debt and colonial debt were intertwined and shaped by the economic and political dynamics of the colonial era. [...] The repayment of colonial the necessary financial resources to support the debt and subsequent borrowing to meet development extraction of African resources, the establishment of needs have contributed to the accumulation of public trade networks, and the maintenance of colonial control.11 debt in African countries. [...] org/data/pages/Salem_JMP.pdf www.afrodad.org The Legal Foundations Of The African Public Debt 9 These examples demonstrate the link between colonial legacies and the emergence of public debt in Africa, reinforcing Muiu (2010) and Austin’s (2010) argument about the crucial role of post-colonial borrowing in the early stages of nation-building in Africa.27 The trajectory of public debt was further i. [...] www.afrodad.org The Legal Foundations Of The African Public Debt 13 2 THE LEGAL FOUNDATIONS OF DEBT The legal underpinnings of public debt sit at the intersection of national and international law.
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