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Article

Societies and technologies were deeply intertwined in the history of late 19th-century South Africa. The late 19th century saw the significant development of capitalist agriculture, together with the expansion of mining. The technological side of farming and mining had a significant influence on social and political development. Meanwhile, as in many other colonial outposts, local innovators and entrepreneurs played significant roles in business as well as government. Technological developments were not simply imported or imposed from Great Britain. Everyday technologies, ranging from firearms to clothing, were the subjects of extensive debate across southern Africa’s different cultures.

Article

The East African coast is an interface between the continental world of Africa and the maritime world of the Indian Ocean, and the monsoons provided a convenient wind system to link them. It was inhabited by a littoral society that was best placed to play a leading role in economic, social, and cultural interaction, including intermarriage, between the two worlds. Its written history goes back at least to the beginning of the Contemporary Era, and it can be termed Swahili from the beginning of the second millennium when this branch of the Bantu languages spread down the coast to give it linguistic unity. Its speakers were organized in towns and villages from southern Somalia to northern Mozambique, which developed into city-states when there were major upturns in international trade and were integrated in the wider Indian Ocean world. The citizens spoke an “elegant” language that was further embellished through its interactions with Arabic and other Indian Ocean languages and literature. Islam spread with that trade, and mosques became a prominent part of the archaeological remains along the Swahili coast. In the process, the Swahili became thoroughly cosmopolitan. Any attempt to disentangle the different strands, “oriental” or “African”—which are two sides of the dense cultural fabric of the littoral people—is bound to be futile. They are two sides of the Swahili coin. This civilization was partially disrupted by the entry of the Portuguese in the 16th century when they tried to divert the spice trade to their channel around the Cape of Good Hope, but it revived during the 18th and 19th centuries.

Article

Fritz Graf

Mystery cults of Dionysos are attested to in Greece from the late Archaic epoch and expanded to Rome in Hellenistic times. They appear in two forms, the group (thíasos) of ecstatic women (mainádes) who celebrate their rituals in the wilderness outside the city and in opposition to the restrictive female city life; and the thíasos of both men and women that constitutes itself as a cultic association and celebrates inside the cities but preserves the ideology of a performance outside the city. The main goal in both types of cult groups was the extraordinary experience of loss of self through drinking wine and dancing; the mixed-gender groups often added eschatological hopes. The purely female thiasoi were led by a priestess of Dionysos, whereas the mixed-gender groups were often led by a male professional initiator. The most conspicuous trace of these initiations are the so-called Orphic gold tablets that attest to the expectations for a better afterlife.

Article

Between 1796 and 1809, an array of pro- and anti-mining discourses unfolded in response to a proposal to mine gold in the former Jesuit mission territories of Chiquitos. In the last years of the 18th and the beginning of the 19th centuries, Chiquitos, in addition to being a region formerly known for its network of Jesuit missions, was a frontier of colonial settlement on a transimperial boundary characterized by an ambiguous jurisdictional status. These geographical particularities molded in significant ways the arguments presented by supporters as well as detractors of gold mining. Whether they inclined to the negative or positive, colonial discourses relating to mines and mineral extraction were tethered to geography and shaped in relation to ideas and beliefs about the characteristics of particular territories.

Article

The arrival of Christopher Columbus in the northern Caribbean with three Spanish ships in October 1492 marked the beginning of continuing European contact with the Americas. With his second voyage of 1493 permanent European occupation of the Caribbean began, with enormous consequences for the peoples and ecology of the region. Failing to encounter the wealthy trading societies that Columbus had hoped to find by reaching Asia, Europeans in the Caribbean soon realized that they would have to involve themselves directly in organizing profitable enterprises. Gold mining in the northern islands and pearl fishing in the islands off the coast of Tierra Firme (present-day Venezuela) for some years proved enormously profitable but depended on Spaniards’ ability to exploit indigenous labor on a large scale. The imposition of the Spanish encomienda system, which required indigenous communities to provide labor for mining and commercial agriculture, and the large-scale capture and transportation of Native Americans from one locale to another wrought havoc among the indigenous peoples of the Caribbean and circum-Caribbean, resulting in high mortality and flight. Spaniards in the islands soon sought to supplement indigenous labor by importing African slaves who, in the early 16th century, became a significant if not always easily controlled presence in the region. From the earliest years the Spanish Caribbean was a complex, dynamic, and volatile region characterized by extensive interaction and conflict among diverse groups of people and by rapid economic and institutional development. Although the islands became the launching grounds for subsequent Spanish moves to the nearby mainland, throughout the 16th century and beyond they played a crucial role in sustaining Spain’s overseas empire and integrating it into the larger Atlantic system.

Article

Fritz Graf

Gold Tablets is the collective name for a more or less coherent group of about thirty Greek texts, written on very thin and small gold foil and placed on the body of a deceased; they come from all over the Greek world and date between the late 5th century BCE and the 2nd century CE, with a peak in Hellenistic times. Originally, they were connected with Orphism, then with Pythagoreanism or, more convincingly, with the mystery cult of Dionysus; recent finds however have demonstrated the problematic nature of a narrow definition of their religious affiliation. The article discusses the various forms of these texts, their religious function and the history of scholarship about them.The term “Gold Tablets” refers to a group of about thirty Greek texts, inscribed on very small pieces of gold foil and found in a number of graves from all over the Greek world; the extant examples date from the late .

Article

Christy Ford Chapin

The history of US finance—spanning from the republic’s founding through the 2007–2008 financial crisis—exhibits two primary themes. The first theme is that Americans have frequently expressed suspicion of financiers and bankers. This abiding distrust has generated ferocious political debates through which voters either have opposed government policies that empower financial interests or have advocated proposals to steer financial institutions toward serving the public. A second, related theme that emerges from this history is that government policy—both state and federal—has shaped and reshaped financial markets. This feature follows the pattern of American capitalism, which rather than appearing as laissez-faire market competition, instead materializes as interactions between government and private enterprise structuring each economic sector in a distinctive manner. International comparison illustrates this premise. Because state and federal policies produced a highly splintered commercial banking sector that discouraged the development of large, consolidated banks, American big business has frequently had to rely on securities financing. This shareholder model creates a different corporate form than a commercial-bank model. In Germany, for example, large banks often provide firms with financing as well as business consulting and management strategy services. In this commercial-bank model, German business executives cede some autonomy to bankers but also have more ability to engage in long-term planning than do American executives who tend to cater to short-term stock market demands. Under the banner of the public–private financial system two subthemes appear: fragmented institutional arrangements and welfare programming. Because of government policy, the United States, compared to other western nations, has an unusually fragmented financial system. Adding to this complexity, some of these institutions can be either state or federally chartered; meanwhile, the commercial banking sector has traditionally hosted thousands of banks, ranging from urban, money-center institutions to small unit banks. Space constraints exclude examination of numerous additional organizations, such as venture capital firms, hedge funds, securities brokers, mutual funds, real estate investment trusts, and mortgage brokers. The US regulatory framework reflects this fragmentation, as a bevy of federal and state agencies supervise the financial sector. Since policymakers passed deregulatory measures during the 1980s and 1990s, the sector has moved toward consolidation and universal banking, which permits a large assortment of financial services to coexist under one institutional umbrella. Nevertheless, the US financial sector continues to be more fragmented than other industrialized countries. The public–private financial system has also delivered many government benefits, revealing that the American welfare state is perhaps more robust than scholars often claim. Welfare programming through financial policy tends be “hidden,” frequently because significant portions of benefits provision reside “off the books,” either as government-sponsored enterprises that are nominally private or as government guarantees in the place of direct spending. Yet these programs have heavily affected both their beneficiaries and the nation’s economy. The government, for example, has directed significant resources toward the construction and maintenance of a massive farm credit system. Moreover, policymakers established mortgage insurance and residential financing programs, creating an economy and consumer culture that revolve around home ownership. While both agricultural and mortgage programs have helped low-income beneficiaries, they have dispensed more aid to middle-class and corporate recipients. These programs, along with the institutional configuration of the banking and credit system, demonstrate just how important US financial policy has been to the nation’s unfolding history.

Article

Ulrich Theobald

East Asian monetary systems were traditionally based on commodity monies, the most famous of which were round copper coins (Cash) with a square central hole, and silver ingots (Tael, from around 1000 ce). While issue of the former was in the hand of the state, silver bars were privately produced and controlled. The Tael nonetheless served as a unit of account also in government ledgers. China was the first nation worldwide to use paper money backed by bullion reserve (c. 1000–1500), but fiat monies were not readily accepted by markets. Gold coins were exclusively used in Japan from circa 1600. With the discovery of Mexican silver, China and Japan became part of the silver-based world economy. Japan adopted the Gold Standard in 1897 and gained access to the world’s financial markets, while China’s currency landscape, even after modernization, remained fragmented and decentralized. With a favorable exchange rate against the US$, Japan recovered after World War II. The US$ devaluation in the Plaza Accord 1985 did not stop that boom. Excessive loans induced the asset price bubble of 1987. In the “lost decade” until 2000, the Bank of Japan pursued a volatile monetary policy, so in 1998 it was necessary to induce liberalization of the banking sector. Reform in the financial sector was also begun in South Korea after the Asian Crisis of 1997. The Chinese policy of Reform and Opening in 1978 first led to inflation and then to undervaluation of the Renminbi (Yuan), which supported the unique economic growth. The currency was made convertible in 1996 and was in 2005 pegged to a basket of foreign currencies. China’s banking system remains underdeveloped and suffers from the burden of indebted state-owned enterprises. China has accumulated huge amounts of foreign exchange. The RMB might become an anchor currency of a financial regionalism.

Article

Elliott West

At dawn on November 29, 1864, a combined force of volunteer cavalry and regular army troops attacked a village of Southern Cheyenne and Arapaho peoples on Sand Creek, or Big Sandy, a tributary of the Arkansas River in southeastern Colorado. Those in the village had surrendered at nearby Fort Lyon weeks earlier and were waiting for instructions about future negotiations with the federal government. In the eight-hour massacre that followed at least one hundred fifty Indians were killed, the great majority of them women and children. Although the massacre occurred through the failures of Colorado’s territorial governor, John Evans, and the ambitions of its military commander, Colonel John Chivington, it reflected more broadly the stresses generated by the discovery of gold in Colorado in 1858, the declining position of plains Indian peoples, and the disruptions of the Civil War. Those stresses had led to raiding by elements among the Indians most resistant to intrusions by White newcomers and to assaults by military, including ones against Native leaders seeking peaceful accommodation. The massacre was followed by extensive reprisals by Southern Cheyennes and allies among the western Sioux (Lakotas). Subsequent investigations by both the military and Congress documented the atrocities committed there, and one recommended prosecution of some of its principals. No legal action was taken, and within a few years Cheyennes and Arapahoes had been removed from Colorado.

Article

Tropical Africa has been in communication with the global economy since at least the last centuries bce through either land travel across the Sahara to the Mediterranean or navigation along the Indian Ocean coast. Despite recent archaeological research, not too much is known about this earliest trade. Only after Islam was firmly established in North Africa and the Indian Ocean do we have evidence of significant trade (slaves, gold, and ivory) and cultural exchange across these frontiers. Entrepôt cities now flourished in both the West and Central Sudan and the Swahili coast, where either camel caravans or large dhow vessels received export goods from indigenous Muslim merchants. During the 15th century European navigators opened up the Atlantic coast of Africa as well as a direct water route to the Indian Ocean. For the next 500 years Europeans dominated Africa’s global connections, initially seeking gold, then slaves for New World plantations, and later large quantities of less costly commodities such as vegetable oils, cocoa, coffee, and cotton. Initially Africa’s trans-Saharan and Indian Ocean commerce continued to operate under the control of Muslim rulers and merchants and even grew in volume, although declining in global significance. By the early 20th century European powers had established colonial regimes in almost all of tropical Africa, providing new infrastructures of political administration and mechanized transport (mainly railroads) that overcame the geographical barriers impeding commerce between the coasts and the continent’s interiors. However, limited capital and the spatial orientation of colonial transport undermined the dynamism of such advances. In the last stages of colonialism (c. 1945–1960) and the first decades of political independence, greater investments were made in both infrastructure and industrialization but with poor results leading, from the 1980s, to the global imposition of “structural adjustment” policies upon African states. During the early 21st century African economies experienced “miraculous” growth linked to a major new relationship with China.

Article

States that flourished in the area immediately south of the Zambesi River from the 15th to the 19th centuries were ruled by Karanga dynasties and were the cultural heirs of Great Zimbabwe. The most important of these states was Mokaranga, whose rulers bore the title of Monomotapa. Other important states—Teve, Manica, Barue, and Butua—all depended on the mining and trading of gold. Commerce was conducted at fairs attended by merchants from coastal towns such as Sofala and Chibuene, which were part of the networks of Indian Ocean commerce. At the beginning of the 16th century this trade attracted Portuguese traders who visited the fairs. In the 17th century, the Portuguese gradually expanded their presence through the institution of the prazos, whose owners acquired jurisdiction over extensive areas formerly ruled by the Karanga. The Portuguese were expelled from the Zimbabwe plateau in the 1690s and were succeeded by the Rosvi, another Karanga ruling elite. These states were devastated by droughts from the 1790s to the 1830s. All of them experienced civil wars before they were conquered by the Ngoni, who established the kingdom of Gaza, which covered the whole area south of the Zambesi as far as the Limpopo River until the time of the Scramble for Africa. Some of the old Karanga states, notably Manica and Barue, survived as tributaries of the Gaza state.

Article

Japan’s experience with modern capitalism and finance is characterized by a remarkable combination of shocks and adaptation. After being steamrolled by Western institutions and financial technologies, the country attempted to retaliate against this intrusion. However, regaining financial sovereignty proved a protracted process of trial and error. In the 1880s and 1890s, under the auspices of Matsukata Masayoshi, Tokyo seemed to get it right. The establishment of the Bank of Japan and related institutions, on the one hand, and the adoption of the gold standard, on the other, appeared designed to lift Japan out of its peripheral status. In reality, however, they mostly served to emphasize its role as an enabler of the British-led international order. Only in the 1930s, during the worldwide Great Depression, would it break with this role, if only to find that its autonomy had been compromised from the very beginning. Japan’s disastrous loss in World War II drove the country into the arms of the newly arisen global hegemon: the United States. In the early 21st-century, Japan remains a linchpin in the still surviving American-led world order and the corollary “dollar standard.”

Article

Michael Patrick Cullinane

Between 1897 and 1901 the administration of Republican President William McKinley transformed US foreign policy traditions and set a course for empire through interconnected economic policies and an open aspiration to achieve greater US influence in global affairs. The primary changes he undertook as president included the arrangement of inter-imperial agreements with world powers, a willingness to use military intervention as a political solution, the establishment of a standing army, and the adoption of a “large policy” that extended American jurisdiction beyond the North American continent. Opposition to McKinley’s policies coalesced around the annexation of the Philippines and the suppression of the Boxer Rebellion in China. Anti-imperialists challenged McKinley’s policies in many ways, but despite fierce debate, the president’s actions and advocacy for greater American power came to define US policymaking for generations to come. McKinley’s administration merits close study.

Article

Alex Cukierman

The first CBs were private institutions that were given a monopoly over the issuance of currency by government in return for help in financing the budget and adherence to the rules of the gold standard. Under this standard the price of gold in terms of currency was fixed and the CB could issue or retire domestic currency only in line with gold inflows or outflows. Due to the scarcity of gold this system assured price stability as long as it functioned. Wars and depressions led to the replacement of the gold standard by the more flexible gold exchange standard. Along with restrictions on international capital flows this standard became a major pillar of the post–WWII Bretton Woods system. Under this system the U.S. dollar (USD) was pegged to gold, and other countries’ exchange rates were pegged to the USD. In many developing economies CBs functioned as governmental development banks. Following the world inflation of the 1970s and the collapse of the Bretton Woods system in 1971, eradication of inflation gradually became the explicit number one priority of CBs. The hyperinflationary experiences of the first half of the 20th century, which were mainly caused by over-utilization of the printing press to finance budgetary expenditures, convinced policymakers in developed economies, following Germany’s lead, that the conduct of monetary policy should be delegated to instrument independent CBs, that governments should be prohibited from borrowing from them, and that the main goal of the CB should be price stability. During the late 1980s and the 1990s numerous CBs obtained instrument independence and started to operate on inflation targeting systems. Under this system the CB is expected to use interest rate policy to deliver a low inflation rate in the long run and to stabilize fluctuations in economic activity in the short and medium terms. In parallel the fixed exchange rates of the Bretton Woods system were replaced by flexible rates or dirty floats. The conjunction of more flexible rates and IT effectively moved the control over exchange rates from governments to CBs. The global financial crisis reminded policymakers that, of all public institutions, the CB has a comparative advantage in swiftly preventing the crisis from becoming a generalized panic that would seriously cripple the financial system. The crisis precipitated the financial stability motive into the forefront of CBs’ policy concerns and revived the explicit recognition of the lender of last resort function of the CB in the face of shocks to the financial system. Although the financial stability objective appeared in CBs’ charters, along with the price stability objective, also prior to the crisis, the crisis highlighted the critical importance of the supervisory and regulatory functions of CBs and other regulators. An important lesson from the crisis was that micro-prudential supervision and regulation should be supplemented with macro-prudential regulation and that the CB is the choice institution to perform this function. The crisis led CBs of major developed economies to reduce their policy rates to zero (and even to negative values in some cases) and to engage in large-scale asset purchases that bloat their balance sheets to this day. It also induced CBs of small open economies to supplement their interest rate policies with occasional foreign exchange interventions.

Article

Although the political and military aspects of Japanese imperialism have received ample attention from historians, other dimensions of the country’s expansionist experiment with total war have been left largely untouched. Nevertheless, technologies of “soft” power played a very substantial role; in many ways, they predated and prefigured many of the repressive and militarist hallmarks of Japanese expansionism. Gold standard adoption, for instance, was directly related to Japan’s geopolitical positioning. It was a tool for projecting financial power abroad and establishing enclave economies in the colonies, for example through the creation of gold-exchange standards, the direction of the colonies’ central banks and financial institutions, and so on. Nevertheless, the adoption of the gold standard was not an aim in itself. It was a means to a yet higher end: the very establishment of the yen as a “vehicle currency” comparable to the British pound or, after World War I, the American dollar. For that reason, policymakers in Tokyo fostered distinctly mercantilist ideas about trade and, in particular, the share of Japan’s banking institutions and the Japanese yen in financing international trade and settling international trade transactions. The institution in the vanguard of this project was the Yokohama Specie Bank (hereafter: YSB), a bank with the explicit mandate of insuring trade among regions or countries on different currencies and, by extension, different metals (gold and silver). Soon after its creation in 1879, it was made to team up with the Bank of Japan (hereafter: BOJ) and put in charge of the international aspects of the country’s financial and monetary policy. In that role, 1. It financed the bulk of Japanese imports and exports. 2. It collected specie, part of which was added to the BOJ’s currency reserve. 3. It underwrote Japan’s sovereign loan issues. 4. It represented the BOJ abroad. 5. It even issued currencies in Japan-occupied territories before and during World War II. In view of its controversial role in Japanese imperialism (especially because of point 5), the General Headquarters of the Supreme Commander for the Allied Powers (SCAP) ordered its dismantling in 1946. Its assets were transferred to the newly formed Bank of Tokyo. Although it is still heavily understudied in both Japanese and Western languages, it is key to understanding in the vanguard of Tokyo’s expansionist economic project(s)

Article

Jan Stubbe Østergaard

The term “polychromy” has been in use since the early 19th century to denote the presence of any element of colour in Greek and Roman sculpture. The evidence for such polychromy is literary, epigraphical, archaeological, and archeometric; research on the subject therefore requires collaboration between the humanities, conservation science, and natural science. Such research should go hand in hand with the investigation of the polychromy of Greek and Roman architecture, since it is symbiotically related to sculpture, technically as well as visually.

Knowledge of Greek and Roman sculptural polychromy is still very uneven. Scholars have focused on stone sculpture, and most research has been directed towards the Archaic, Early Classical, Hellenistic, and Imperial Roman periods. For terracottas, the Hellenistic period has enjoyed the most research, while investigation of the polychromy of bronze sculpture has only recently begun.

The scientific research methodology applied concerns the materials and techniques employed. The main colouring agents are paints, metals, and coloured marbles. Pigments are based on inorganic and organic materials applied with proteins, wax, or plant gums as binding media. Metals used are bronze, copper, silver, and gold. A range of coloured marbles came into use in the Roman Imperial period, but in all periods, assorted materials such as semi-precious stones and metals were used for inlaid details and attached objects like jewelry and weapons.

Article

Since direct contact between Europeans and West Africans was established in the mid-15th century by the Portuguese, Euro-African trade relations have played a major role in West Africa’s long-run socioeconomic development. This critical role was connected to two totally different kinds of trade conducted by Europeans at different points in time: trade in commodities (the products of West African labor and natural resources) and trade in human captives. The first 200 years (1450–1650) of European commercial enterprise in West Africa were dominated overwhelmingly by trade in commodities; trade in human captives overwhelmingly dominated in the 200 years which followed (1650–1867). Trade in commodities returned with a bang in the last decades of the 19th century (1870–1900). The respective effects of these two trades on the development process in West Africa were as different as the trades themselves. The early trade in commodities contributed positively to the process; the transition from the trade in commodities to the trade in human captives had a disastrous effect; the 19th-century transition to commodity trade made an immense positive contribution. The positive contribution was significantly enhanced by the ending of the socioeconomic crises engendered by the trade in human captives, and by the establishment of general peace (Pax Britannia) by British colonial rule, with its free trade policy. However, the failure of the colonial administration to take advantage of the general increase in real household incomes and purchasing power and encourage domestic manufacturing in the colonies prevented the transformation of short-term growth into structural transformation and long-run development.

Article

Between the arrival of Columbus and the last slave voyage to Cuba in the 1860s, over 12 million enslaved Africans were carried and sold in the Americas. Brazil received almost half of all these captives, most of them during the colonial period. An efficient slave-trading system allowed slavery to become a major force in the development of Portuguese America. The institution became pervasive throughout the colony in the three centuries comprising the colonial era, with important differences across time and space. Some of the major exports produced by African slaves in Brazil, such as sugar, tobacco, and gold, had various global impacts. They also stimulated important domestic developments, such as the creation of internal markets and the growth of cities like Salvador and Rio de Janeiro, with African slaves playing essential roles everywhere. Moreover, the history of African slavery became intertwined with the history of native Brazilians in peculiar ways.

Article

Gold Coast nationalism cannot be approached solely through the prism of decolonization. Debates about what constituted the building blocks of the nation go back to the start of the 20th century, drawing on renditions dating back a further half-century. A fundamental contention was that the coastal populations had entered the Gold Coast Colony through active consent, and that the sovereignty that had been conceded to the British was limited. And it was asserted that while Asante had been conquered, and the Northern Territories had been added through treaty, southern populations had been partners in the process. A second contention was that the Gold Coast nation was constituted by the sum of its traditional parts, which were necessarily of unequal size and complexion. Although the British acted on the basis of a different reading, this version enjoyed hegemonic status. It was repeated by the chiefs themselves but was most clearly articulated by the coastal intelligentsia. In the 1920s, the formation of the National Congress of British West Africa (NCBWA) signaled a shift in which the educated elite across British West Africa combined to demand greater political rights and sought to pursue economic liberation in association with the black population of the Americas. In the 1930s, in the wake of the Great Depression, cocoa farmers were pitted against the European buying firms, and there was a proliferation of youth associations that took up causes such as the Italian invasion of Ethiopia. Meanwhile, the injection of ideas derived from international socialism added a more radical inflection to Pan-Africanism. However, this momentum was halted by the outbreak of the war. As the Gold Coast Youth Conference (GCYC) looked to the future in the early 1940s, it abandoned Pan-Africanism and socialism. It continued to emphasize economic freedom but paid more attention to gaining political concessions. After 1947, the United Gold Coast Convention (UGCC) sought to pursue this agenda in alliance with the chiefs. The notion that Kwame Nkrumah, who led the breakaway of the Convention People’s Party (CPP) in 1949, effected a radical rupture—even a revolution—is no longer tenable. Like his opponents, Nkrumah placed politics first and merely wanted self-government to come more quickly. After the 1951 election, the CPP governed in close alliance with the British. While it won the elections of 1954 and 1956, it singularly failed to attract mass support at the polls. Finally, while Nkrumah revisited older ideas derived from international socialism and Pan-Africanism, his real focus was on consolidating his grip on power in the Gold Coast—to the exclusion of addressing the concerns of border populations. After 1954, the CPP faced a coalition of parties that advocated a federal solution to the national question. Nkrumah, supported by Governor Arden-Clarke, insisted on a unitary state and toyed with drastically curtailing the powers of the chiefs. In the end the first was achieved, but Nkrumah backed away from a more radical overhaul. The conception of the Ghanaian nation as the sum of its traditional parts, and the assumption that the reach of the state is limited, was therefore further entrenched and remains fundamental to the social contract to this day.

Article

José Jobson Arruda

The development of the Brazilian economy during the colonial period resulted from foreign inducements exercised by Portuguese colonialists under the auspices of the Portuguese Crown. Over the course of three centuries, responsibility for Brazil’s economic destiny was gradually transferred to Luso-Brazilians, a process by which both the flow and accumulation of income became naturally internalized. This topic must necessarily be contextualized within a decades-long process of historiographical confrontation in which distinct analytical perspectives have sought to assert themselves. Some arguments are linked to the label of the old colonial system (Antigo Sistema Colonial, or ASC) and others to the old regime in the tropics (Antigo Regime nos Trópicos, or ART). While both schools recognize the primacy of slavery in determining the character of colonial society, the former emphasizes colonial identity and the exploitative status that entailed, while the latter focuses on the empire and the endogenous accumulation of wealth. Despite the friction between these hegemonic currents since the 1980s, a third analytical perspective is possible that while incorporating elements present in the two established outlooks also rejects the exceedingly long periodization and calcified three-century focus they share. This different strain of scholarship distinguishes between specific moments in colonial economic development during which external and internal accumulation fueled one or the other, serving as complementary forces responsible for the gross and per capita growth of the colonial economy, as well as granting Brazil the profile of a modern colony.