Africa’s Contribution to theEuropean Economy.

Or how Africa underdeveloped

Central and South American gold and silver mined by Africans played a crucial role in meetin the need
for coin in the expanding capitalist money economy of Western Europe, While African gold was also
significant in this respect. African gold helped the Portugese to finance further avigations around the
Cape of Good Hope and into Asia eversince the 15th century. African gold was also the main source for
the mintage of Dutch Gold coin in the 17th century helping Amsterdam to become the financialcapital of
Europe in that period and further it was no coincidence that when the English struck a new gold coin in
1663 called it ‘guinea’

Throughtout the 17th and 18th centuries and for most to the 19th century the exploitation of Africa and
African labour continued to be a source for the accumulation of capital to be reinvested in Western
Europe. The Africancontribution to European capitalist growth extended over such vital sectors as
shipping, insurance, the formation companies, capitalist agriculture technology and the manufacture of
machinery. For example the French St. Malo fishing industry was revived by the opening up of markets
in the French slave plantations. The Portugese in Europe depended heavily on dyes like indigo,camwood,
Brazil wood and cocheal brought from Africa and the Americas. Gum from Africa also played a part in
the textile industry. There was export of ivory from Africa, enriching many merchants in London’s
Mincing Lane and providing raw material for industries in England, France Germany Switzerland and
North America –producing items ranging from knife handles piano keys etc.

Africa’s being drawn into the orbit of Western Europe speed up the latter’s technological development.
For example; the evolution of ship building from the 16th to 19th century was a logical consequence of
their monopoly of sea commerce in that period. During that time, the North Africans were bottled up in
the Meditterarian. It is used to be said that the slave trade was a training ground for a British seamen. It
is probably more significant to note that the Atlantic trade was the stimulator of consistent advances I
naval technology.

The most spectacular feature I Europe which was connected with Africa trade was the rise of sea port
towns. Notably Bristol,Liverpool, Nantes, Bordeaux and Seville. Liyolds from a small coffee house after
dipping into profits from slave trade. David and Alexander Bucklay who were engaged in slave trade in
1756 and who later used the loot to set up Barckley’s Bank. James Watt expressed eternal gratitude to
the West Indian Slave trade owners, who directly financed his famous steam engine and took it from the
drawing board to the factory. Commerce deriving from Africa helped a great deal to strengthen
transnational links within the Western European economy.

The plantation production in the English colonies in the Americas was entirely depended on the African
slave trade.Commercialization of agriculture in western Europe was also supported by the Afriican trade.

Effect on Africa

Africa was depopulated. Howmany Africans were imported that is uncertain. Affected agricultural
production and other activities in Africa. Population was in their circumstances the most important o
factor of production. African economic activity was affected both directly and indirectly by population
loss. It led to the loss of their traditional knowledge ad pactices.