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Reparations and Economic Development of Africa

Paper Session

Sunday, Jan. 8, 2023 10:15 AM - 12:15 PM (CST)

Hilton Riverside, Chequers
Hosted By: National Economic Association
  • Chair: Sandile Hlatshwayo, International Monetary Fund

Reparations to Africa for the Slave Trades: An Hedonic Damages Approach to Calculating the Value of Lost Freedom

Charles Betsey
,
Howard University

Abstract

There have been numerous attempts to estimate the value of economic losses from slavery and the slave trade. This paper considers the amount of reparations due sub-Saharan Africa, the region from which more than 13 million men, women, and children were forced into bondage beginning as early as the 9th century and extending in some places into the 20th century. The approach we use utilizes the forensic economic concept of hedonic damages to estimate the value of lost freedom of the enslaved. Using the concept of the value of a statistical life (VSL), and relating it to estimates of per capita GDP in the major slave trading economies in various time periods, the value of lost freedom of enslaved Africans is estimated for the Trans-Atlantic, Trans-Saharan, Red Sea, and Indian Ocean slave trades. The estimates, excluding interest, are approximately $3.0 trillion for the Trans-Atlantic slave trade, $1.0 trillion for the Trans-Saharan trade, $350 billion for the Red Sea, and $278 to $740 billion for the Indian Ocean trade.
We discuss who should pay and who should receive reparations for the African slave trades.

Did the Slave Trades Underdevelop Africa by Reducing Its Population?

Gregory Price
,
University of New Orleans
Warren Whatley
,
University of Michigan

Abstract

First articulated by Eric Williams, the exposure of Sub-Saharan Africa to the Slave trade was posited to have an adverse impact upon its population, compromising its economic development trajectory. In this paper, we consider the impact of both the Atlantic and Arabic Slave Trades on population growth in Sub-Saharan Africa in a panel of countries between the years 1 - 1900. If technological change is sensitive to both initial levels and growth rates of population, the trajectory of economic growth and development can also have a similar sensitivity. Our results will inform whether the Atlantic and Arabic Slave trades reduced population growth in African countries subject to it, which translated into lower economic growth/development trajectories.

Africa Development Potentials and Leadership Questions: Analysis and Prospects for the Future

Juliet Elu
,
Morehouse College
Godwin Omotor
,
West African Institute for Financial and Economic Management

Abstract

The improvement in economic performance in Africa the last decade has partially been eroded due to the recent pandemic. The continent has continued its growth trajectory despite exogenous shocks. Many African countries are recovering from the pandemic, sub-Saharan Africa (SSA) countries have experienced robust growth compared to the others in the post pandemic era. Despite the structural imbalances such as high youth unemployment, insecurity, inadequate infrastructure, inflation, exorbitant regional exchange rate, gender inequality, and burdensome external debt, African’s development potential and growth path may continue with the appropriate policies and leadership. Africa’s responsiveness to both internal and external development strategies and policies continues to produce result that mitigate growth and reduce poverty. The objective of this paper is to analyze the growth path or trajectory of African economy and review some of the pre-post policies before African Free Trade Agreement, revitalization of oil and nonoil sectors, current and future growth prospects from 1970-2022. This paper will potentially inform policy makers on the optimum development strategy and leadership scheme that will continue to enhance economic growth, address the structural imbalances, and promote sustainable development in the continent.

Which Way Africa: Economic Performance or Another Scramble?

Akpan Ekpo
,
University of Uyo and Foundation for Economic Research and Training

Abstract

Africa has undergone several types of exploitation. Africans from the ages of 16-35 were subjected to the Arab, European and North America slave trade. Europe and North America constructed its hard infrastructure through free labor from slaves. The period of colonization witnessed the plunder of the continent’s resources for the development of the West. In the Berlin Conference of 1884, Africa was shared as a piece of cake to various Imperial powers.
Within 100 years, African countries gained political independence, but economic self-reliance remained an illusion. Nonetheless, the neo-colonial status allowed the founding fathers to initiate policies and programs that produced various skills in medicine, sciences, engineering, social sciences, management, and humanities. Many Africans went to acquire education and skills abroad. However, in recent times, there is a drift of well qualified Africans trained within their countries moving abroad in search of greener pastures. Could this movement be attributable to the economic performance of African governments? Furthermore, Europe as a bloc, USA, Russia, China etc have invited African Heads of States and Governments to their economic summits seeking for more investment in Africa. Is this another scramble for Africa? This paper addresses these issues using a political economy framework.

Effects of Population Growth on Economic Development in Nigeria

Emmanuel Obi
,
Morehouse College

Abstract

Nigeria is currently ranked the seventh most populous country in the world. But there is no consensus in the empirical literature on the effect of this growing population on economic development. This study contributes to the ongoing investigations into the effect of population growth on economic development in Nigeria and issues related to fertility. In recent years, general agreement has emerged that improving economic conditions for individuals generally lead to lower birth rates. But there is less agreement about the proposition that lower birth rates contribute to economic development and help individuals and families to escape from poverty. However, the negative consequences of high population growth can be induced by high poverty, inadequate housing, poor sanitation, low standard of living, high unemployment rate and inflation, high pressures on existing infrastructural facilities etc. This study uses annual time series data for the period 1980 to 2016 and adopts the OLS regression technique to indicate that population growth retards economic development in Nigeria. In addition, this study will show the private sector is an important driver of economic development in the short-run and long-run. This study, like others, concludes that policies that can control the increasing population; ensure that the existing population becomes more productive; and deepening the availability of credits for the private sector will enhance economic development in Nigeria.

Discussant(s)
William Darity
,
Duke University
Richard America
,
Georgetown University
Linda Loubert
,
Morgan State University
Willene Johnson
,
Independent Consultant
Sondra Collins
,
Mississippi Institutions of Higher Learning
JEL Classifications
  • N4 - Government, War, Law, International Relations, and Regulation
  • O1 - Economic Development