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PALGRAVE STUDIES IN ECONOMIC HISTORY
Monetary Transitions
Currencies, Colonialism
and African Societies
Edited by
Karin Pallaver
Palgrave Studies in Economic History
Series Editor
Kent Deng, London School of Economics, London, UK
Palgrave Studies in Economic History is designed to illuminate and enrich
our understanding of economies and economic phenomena of the past.
The series covers a vast range of topics including financial history, labour
history, development economics, commercialisation, urbanisation, indus-
trialisation, modernisation, globalisation, and changes in world economic
orders.
Monetary Transitions
Currencies, Colonialism and African Societies
Editor
Karin Pallaver
Department of History and Cultures
University of Bologna
Bologna, Italy
© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer
Nature Switzerland AG 2022
This work is subject to copyright. All rights are solely and exclusively licensed by the
Publisher, whether the whole or part of the material is concerned, specifically the rights
of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on
microfilms or in any other physical way, and transmission or information storage and
retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology
now known or hereafter developed.
The use of general descriptive names, registered names, trademarks, service marks, etc.
in this publication does not imply, even in the absence of a specific statement, that such
names are exempt from the relevant protective laws and regulations and therefore free for
general use.
The publisher, the authors and the editors are safe to assume that the advice and informa-
tion in this book are believed to be true and accurate at the date of publication. Neither
the publisher nor the authors or the editors give a warranty, expressed or implied, with
respect to the material contained herein or for any errors or omissions that may have been
made. The publisher remains neutral with regard to jurisdictional claims in published maps
and institutional affiliations.
This Palgrave Macmillan imprint is published by the registered company Springer Nature
Switzerland AG
The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Contents
v
vi CONTENTS
Index 293
Notes on Contributors
vii
viii NOTES ON CONTRIBUTORS
Smithsonian Institution, the British Library, and the British Museum. Her
research on the history of currencies in Africa and the Indian Ocean was
in part supported by a research project grant from the Leverhulme Trust,
as well as by funding from the Arts and Humanities Research Council.
Gerold Krozewski is a professor of history at Osaka University, Japan.
His research focuses on topics of Europe’s imperial and colonial relation-
ships in the nineteenth and twentieth centuries, with particular attention
to Africa.
Akinobu Kuroda is a professor at the University of Tokyo. His research
covers comparative studies of monetary history in East Asia, India, Africa,
and Europe, as well as specific studies of China’s monetary history. The
concept of complementarity among monies, which he developed, has had
some influence across monetary studies, economic history, and anthro-
pology. His publications include, “What is the Complementarity among
Monies? An Introductory Note,” Financial History Review 15-1, 2008;
“Anonymous Currencies or Named Debts?: Comparison of Currencies,
Local Credits and Units of Account between China, Japan and England in
the Pre-industrial Era,” Socio Economic Review 11-1, 2013 and A Global
History of Money, Routledge, 2020.
Toyomu Masaki is a professor in the Faculty of Economics and Manage-
ment at Kanazawa University (Japan), where she has taught World
Political Economy since 2004. Dr. Masaki holds a DEA from the Univer-
sity of Bordeaux IV in France and M.A. and Ph.D. degrees in Economics
from Kobe University in Japan. Her research interests are monetary issues
in French West Africa, including the historical development path of the
monetary system and a transition to the new regime from the post-
colonial system. Particularly, her work focuses on the cotton cloth used as
money in western Sahel known as guinée and the CFA franc issue.
Admire Mseba is an assistant professor of African History in the Depart-
ment of Black Studies and the Department of History at the University
of Missouri-Columbia.
Tinashe Nyamunda is an Associate Professor in the Department of
Historical and Heritage Studies at the University of Pretoria. His main
research interests are in the twentieth and twenty-first-century Economic
History of Southern Africa. He has particularly published on the mone-
tary history of colonial and post-colonial Zimbabwe as well as on issues
NOTES ON CONTRIBUTORS ix
xi
List of Tables
xiii
CHAPTER 1
Karin Pallaver
The object at the heart of this volume is money or, more specifically,
currency. There is no doubt that money as a thing/object is among the
most important in many people’s ordinary lives: it has not only economic
but also cultural and political value, an understanding of which can tell us
a lot about the societies using it (Guyer 1995, p. 5). During the years of
colonialism, one of the most pervasive ways in which exchange relation-
ships were managed was the imposition of a single, government-issued
currency. The analysis of the introduction, circulation and enforcement
of currency in the colonial context is therefore crucial to studying how
the colonial state and its authority was built as well as the transition from
conquest to control. Colonialism had a “monetary dimension” stemming
from the colonial state’s need to simplify procedures for administering the
colonies and promote intercolonial trade (Helleiner 2003, pp. 164–185).
K. Pallaver (B)
Department of History and Cultures, University of Bologna, Bologna, Italy
e-mail: karin.pallaver@unibo.it
would have prevailed in a single market with a single scale of value (Guyer
2004). The increased variety and mobility of currencies generated by the
imposition of colonial rule did not result in local peoples’ swift adop-
tion of outside notions of wealth; rather, these multiple and dynamic
currencies became a critical instrument with which to negotiate values
and create new forms of wealth in a period of change (Pallaver 2015,
p. 499). African monetary exchanges had been characterized by asym-
metrical transactions as a permanent and culturally marked feature, and
colonial currency reforms could not replace the acts of negotiation under-
pinning these exchanges with an “unambiguously measured standard of
value” (Guyer 2004, p. 27). Studying how colonial currencies were incor-
porated into economic practices in the framework of a long-term change
process highlights the dynamism of African monetary practices as well
as the limits of the colonial state’s reach and ability to enforce currency
reforms from the top down. Money, as Viviana Zelizer points out, belongs
to the market but not exclusively so (Zelizer 1989, p. 344). The market is
just one side of the coin: the other side, as Keith Hart has stressed, is the
state. The state side is regulated by the enforcement of political authority,
the market side by exchanges among groups and individuals. Money is
therefore embedded in relations between people but, at the same time, is
detached from people (Hart 1986, pp. 638–639). Alongside the money of
the state and that of the market, Jane Guyer adds the “money of people’s
experience”, using the latter to read the first two differently as part of an
attempt to reconfigure them around the concerns of anthropology and
history (Guyer 1995, p. 6). The existence of diverse attitudes towards
colonial currencies as well as different forms of money reveals the dichoto-
mous relationship between power and society (Dodd 2017, p. 237).
African societies did not view the new colonial monetary order as a “rad-
ical leveler” producing standardization (Zelizer 1989, p. 346). Rather,
colonial money was perceived in many ways, including, as Amy Kaler
has argued in relation to colonial Malawi, as a source of “irrationality”
(Kaler 2006). To respond to state-imposed conditions, different groups of
people have generated various strategies for exchanging, converting, and
saving money that necessarily involves a certain degree of choice (James
and Hull 2012, p. 9). Understanding these strategies and putting them in
a historical perspective helps to uncover “the positive power of indigenous
agency” in shaping institutions (Austin 2008, p. 1020).
1 INTRODUCTION: MONEY, COLONIALISM AND AFRICAN SOCIETIES 5
1 According to Karl Polanyi, an object is called money when used in any one of the
following ways: for payment, as a means of indirect exchange, or as a standard. Money
can be all-purpose, lending itself to all of these uses, or special-purpose when its different
uses are separated from one another (see Dalton 1971).
1 INTRODUCTION: MONEY, COLONIALISM AND AFRICAN SOCIETIES 7
2 A limited number of studies were published in this period regarding other parts of
the continent, such as Pankhurst (1962) on the “primitive money” of Ethiopia.
8 K. PALLAVER
" German.
1. Kiao-chau-Yichow-Tsinan line; length, 420 miles. Nothing
has been done towards the construction of this line, which
does not promise commercially.
"Belgian.
The Lu-Han or Peking-Hankow Railway. A Franco-Belgian
Syndicate have secured the Concession for this, a trunk line
of some 650 or 700 miles, passing north and south through
Chihli, Honan, and Hupeh. This railway is an old project born
of Chang-Chih-Tung's objection to building lines near the
coast, 'lest they should facilitate the access of an enemy.'
Its prospects as a commercial enterprise are not considered so
good as those of the rival Tien-tsin-Chinkiang line.
"American.
The only railway in which America is at present interested is
the trunk line projected from Hankow to Canton."
{86}
On the 18th of December the British Minister announced to Lord
Salisbury: "An Imperial Decree, stating that no more railway
proposals will be for the present entertained by the Chinese
government, has been officially communicated to me by the
Yamên." To which the response from London was: "You should
inform the Chinese Government that Her Majesty's Government
claim, in the event of their revoking their present resolve
not to entertain any more proposals for railways, priority of
consideration by the Chinese Government of all British
applications already made." This notice was given, as
directed, and the Yamên replied to it (December 31) with some
dignity: "We have the honour to observe that the development
of railways in China is the natural right and advantage of the
Chinese Government. If, hereafter, in addition to the lines
already sanctioned, which will be proceeded with in order,
China proposes to construct other railways, she will negotiate
with the nation which she finds suitable. When the time
arrives China must use her own discretion as to her course of
action. The applications of British merchants can, of course,
be kept on record as material for negotiation at that day, but
it is not expedient to treat them as having a prior claim over
all others to a settled agreement."
How well the situation and the dangers of their country were
understood at this period by some, at least, of the Chinese
officials, and how intelligently they considered them, may be
gathered from some passages in a memorial addressed by Viceroy
Chang Chih-tung and another high official, Sheng Hsuan-huai,
Director-General of Railways, to the Emperor, on the subject
of the construction of the Hankow-Kwangtung Railway. A
translation of the document was transmitted to London at the
end of March. The memorialists say: "The original idea was
that the construction of the Hankow-Kwangtung Southern trunk
line should be postponed for a time, but now, owing to the
exigencies of the present situation, this work must not be
delayed. The powerful foreign nations stand around watching
for their opportunity, and, making use of trivial pretexts in
the conduct of international affairs, swiftly dispatch their
war-ships from one end of the Empire to the other. It is
impossible to say when our communication by sea may be
blocked, and the establishment of internal communication by
railways has become a necessity. Kwungtung is a rich province,
and the defence of the southern territory and waterways must
not be neglected, so that the making of the Hankow-Kwangtung
line should be proceeded with at the same time as the northern
road. The original intention was to construct a road from
Kwangtung to Hupeh viâ Chiangsi, but this circuitous route is
longer than the direct route through Hunan Province, and for
many reasons it will be a source of greater prosperity and
strength to the Empire if the latter route is adopted. There
is, moreover, no doubt that the officials and merchants of the
three provinces are in favour of this scheme. The most direct
route will be to proceed viâ Ch'en-chou, Yung-chou, Feng-chou,
and Ch'ang-sha to Wuch'ang, and so to Hankow. … Now Hankow is
the central point to which all the waterways of the eighteen
provinces from north, south, east, and west converge. If
England is allowed to build the Hankow and Kwangtung road,
passing through this important point, afterwards when the
Russian line advances southward, and the English line is
continued to the north, although we shall be in possession of
the Hankow-Lü Kou-chiao line, we shall be stilled and our
profits curtailed, for, being between the other lines, we
shall not be able to defend our own. It is also greatly to be
feared that our own line would pass into either English or
Russian hands. In this case not only is our throat stopped by
the foreigners being in possession of our ports, but our vital
parts are injuriously affected. Should we wish to raise and
drill soldiers, make arms, or obtain funds for the necessities
of the Empire, it will be impossible, and China not only will
not make progress, but we fear she will barely be able to
maintain her independence.
{88}
Thus, for the time being, France was satisfied, and England
would be, before she gave rest to the Tsung-li Yamên. Her
present demands, as above specified by Mr. Balfour, were
pressed without ceasing by the pertinacious Sir Claude. On the
9th of June he obtained from the Yamên a lease for the British
government of about 200 square miles of territory on the
mainland opposite its island crown colony of Hong Kong, and
surrounding the Chinese city of Kowloon, the latter, however,
to remain under Chinese jurisdiction.
{89}
The term of the lease was 90 years. With regard to the opening
of Nanning as a Treaty Port, he received an assurance from the
Yamên in August that it should be done so soon as the Kwang-si
rebellion was crushed. On the other points he had equal
success.
{90}
{91}