The emergence of industrial capitalism which commenced in Europe in the second half of the eighteenth century heralded two social phenomena such as; pervasive commodification ( all productions geared for sale), and monetization (the centrality and the use of money for transactions). Sequel to this development, the entire human society became polarized into two social classes; the owners of production and labour. The latter became decomposed into different social classes such as; the middle class, working class, lower class, under class and lastly at best, though more often than not is never recond, the peasantry.
Thus, production is organized within these social complexities which is characterized with antagonisms arising from inequality, poverty, unemployment, inflation and hunger. These are the causes of the miseries in the human society in recent times.
The Great Depression in Europe in 1929 is as the results of these macroeconomic indices as stated above. Classical liberalism was not able to address the crisis, so there was a shift for the adoption of the neo- liberal paradigms such as; fiscal policy and monetary policy. These were operationalized to help manipulate aggregate demands as to minimize unemployment and inflation in Europe. It was achieved through Budgetary framework which shows the ratio of recurrent expenditures and capital expenditures and the directives of expenditures are specified accordingly.
Ever since the European countries, the United States of America and other advance countries are helped by this neoliberal permutations.
On the basis of these ideological persuasions, what really is happening to the African continent and other underdeveloped continents. Why are they not been able to liberate their continents from the contemporary crisis of global capitalism.
I would want the users of this forum to comment and contribute to this great debate. Thanks.
OP you've written this thesis as a historian which I don't know if you are, however for the African continent, neocolonialism is one major behind the scene circumstances that is affecting the African continent, the colonial masters still find a way to control the industrial capitalism of some of the African states, by either influence the activities of most government in power, thereby undermining their sovereignty abd putting their productive capacity in disarray.
Most of the things we are talking about today especially for the African continent did not just start today, it has been happening for years, kwame Nkrumah a foremost leader in Ghana some years back wrote about neocolonialism the last stage imperialism, where he wrote about some of the misgivens in the African continent that is been influenced by colonial masters.
Some persons will go on to argue that it was not only Africa that was colonised, other continent too where colonized and they are doing just fine with their economy, so why is Africa's own different, however some persons need to be reminded that not all African countries are doing bad, the likes of Egypt, south Africa, Morocco and Tunisia are doing very well, Moreover I believe some of the African leaders that have allowed this neocolonialism to continue fester in their affairs is as a result of what they benefit as against the interest of their citizens.