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The Money Economy

How it changed Africa

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What did the Europeans want?

  1. Wanted to force Africans to work extracting resources
  2. Wanted to gain greater control over economy of Africa.
  3. Wanted to facilitate trade between colony and home country

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How did they do this?

TAXES!!!

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How does it work?

Africans must pay taxes in currency

Only way to get currency is by working for others.

This meant it was difficult for people to continue to live as subsistence farmers.

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Connection to today

This is actually the main reason why money has value even today: governments accept it for taxes.

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Benefits to Europeans

  1. Provided labor for farms, mines, etc

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  • Provided money to Africans that they could use to buy European goods

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  • Put Europeans in control of African economies