Currency, banking and politics: the Bank of England, sterling and South Africa's monetary system, 1914-1925.
Date
1991-10
Authors
Ally, Russell
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Abstract
The extent of imperial capital's dominance over South Africa's
economy at the time of the formation of Union inevitably raises
serious questions about the content of the country's political
independence in 1910. This is not to deny that
the making of Union was of far-reaching political significance.
Yet, it is also evident that the unified state which emerged in
1910, far from representing the triumph of national interests
over imperial interests, did much to safeguard British supremacy
in South Africa. What this paper suggests is that our understanding
of Britain's continued domination over South Africa - even after
the country had formally gained its political independence - and
the challenge which took place to imperial capital's hegemony
during the period 1914-1925, can be enhanced by looking at the
way in which South Africa was incorporated into the imperial
economic system - particularly with regard to such crucial and
sensitive matters as currency and banking.
Description
African Studies Seminar series. Paper presented October, 1991.
Keywords
Banks and banking. South Africa. History, 1909-1948., Money. South Africa. History, 1909-1948., Monetary policy. South Africa. History, 1909-1948