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Trading Sovereignty for Capital? Public Debt in West Africa, 1871–1914

In: A World of Public Debts

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  • Leigh Gardner

    (London School of Economics)

Abstract

African governments have received little attention in research on the expansion of government borrowing before 1914. This chapter examines the relationship between sovereignty, nation-building, and foreign borrowing in four African countries. Three (Nigeria, the Gold Coast, and Sierra Leone) were British colonies while the fourth (Liberia) was formally independent. The three British colonies were able to borrow on significantly better terms than Liberia, not because they had greater financial stability but because being colonies enmeshed them in a complex set of political and economic relationships which aligned the incentives of a variety of actors in both the public and private sectors. In contrast, the imposition of foreign financial controls in Liberia did not have the same effect on borrowing costs, and also had a disruptive impact on domestic politics.

Suggested Citation

  • Leigh Gardner, 2020. "Trading Sovereignty for Capital? Public Debt in West Africa, 1871–1914," Palgrave Studies in the History of Finance, in: Nicolas Barreyre & Nicolas Delalande (ed.), A World of Public Debts, edition 1, chapter 0, pages 175-199, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-3-030-48794-2_8
    DOI: 10.1007/978-3-030-48794-2_8
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    Cited by:

    1. Andreea-Alexandra Maerean & Maja Pedersen & Paul Sharp, 2021. "Sovereign Debt and Supersanctions in Emerging Markets: Evidence from Four Southeast European Countries, 1878-1913," Working Papers 0216, European Historical Economics Society (EHES).

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