Marginal Gains: Monetary Transactions in Atlantic Africa (Lewis Henry Morgan Lecture Series)

In America, almost all the money in circulation passes through financial institutions every day. But in Nigeria's "cash and carry" system, 90 percent of the currency never comes back to a bank after it's issued. What happens when two such radically different economies meet and mingle, as they have for centuries in Atlantic Africa? The answer is a rich diversity of economic practices responsive to both local and global circumstances. In Marginal Gains , Jane I. Guyer explores and explains these often bewildering practices, including trade with coastal capitalism and across indigenous currency zones, and within the modern popular economy. Drawing on a wide range of evidence, Guyer demonstrates that the region shares a coherent, if loosely knit, commercial culture. She shows how that culture actually works in daily practice, addressing both its differing scales of value and the many settings in which it operates, from crisis conditions to ordinary household budgets. The result is a landmark study that reveals not just how popular economic systems work in Africa, but possibly elsewhere in the Third World. Prés. de l'éd.: In America, almost all the money in circulation passes through financial institutions every day. But in Nigeria's "cash and carry" system, 90 percent of the currency never comes back to a bank after it's issued. What happens when two such radically different economies meet and mingle, as they have for centuries in Atlantic Africa? The answer is a rich diversity of economic practices responsive to both local and global circumstances. In Marginal Gains, Jane I. Guyer explores and explains these often bewildering practices, including trade with coastal capitalism and across indigenous currency zones, and within the modern popular economy. Drawing on a wide range of evidence, Guyer demonstrates that the region shares a coherent, if loosely knit, commercial culture. She shows how that culture actually works in daily practice, addressing both its differing scales of value and the many settings in which it operates, from crisis conditions to ordinary household budgets. The result is a landmark study that reveals not just how popular economic systems work in Africa, but possibly elsewhere in the Third World In America, almost all the money in circulation passes through financial institutions every day. But in Nigeria's "cash and carry system" of the mid-1990s, 90 percent of the currency never went back to a bank after it was issued. How are two such radically different economies connected, as they have been for centuries in Atlantic Africa? The answer is a diversity of economic practices responsive to both local and global circumstances. In Marginal Gains, Jane I. Guyer explores and explains these often bewildering practices, including trade with coastal capitalism and across indigenous currency zones and within the modern popular economy. Drawing on a wide range of evidence, Guyer demonstrates that the region shares a coherent, if loosely knit, commercial culture. She shows how that culture actually works in daily practice, addressing both its differing scales of value and the many settings in which it operates, from crisis conditions to ordinary household budgets. The result is a landmark study that reveals how popular economic systems may work not just in Africa, but possibly elsewhere in the Third World. Front Cover......Page 1 Half-Title......Page 3 Lecture series......Page 4 Title......Page 5 Copyright......Page 6 Dedication......Page 7 Contents......Page 9 Foreword......Page 11 Preface......Page 15 Part I: Introductory......Page 21 1. Introduction: Diversity, Bewilderment, and the Multiplicity of African Money......Page 23 2. Conversions: Asymmetrical Transactions......Page 47 Part II: Scales and Tropes......Page 69 3. Calculation: Number and Asymmetry......Page 71 4. Rank: People and Money......Page 88 5. Quality: Commodities and Price......Page 103 Part III: Performances and Repertoires......Page 117 6. Volatility: A Performance in Modern Nigeria......Page 121 7. Institutions: Repertoires of Financial Option......Page 135 8. Balances: Household Budgets in a Ghanaian Study......Page 151 Part IV: Conclusions and Directions......Page 173 9. Formalities: Fixing Debt and Delay......Page 175 10. Bewilderment Revisited......Page 190 Appendix......Page 197 References......Page 201 Index......Page 217 Back Cover......Page 228 Diversity, Bewilderment, And The Multiplicity Of African Money -- Conversions : Asymmetrical Transactions -- Calculation : Number And Asymmetry -- Rank : People And Money -- Quality : Commodities And Price -- Volatility : A Performance In Modern Nigeria -- Institutions : Repertoires Of Financial Option -- Balances : Household Budgets In A Ghanaian Study -- Formalities : Fixing Debt And Delay -- Bewilderment Revisited. Jane I. Guyer ; With A Foreword By Anthony T. Carter. Includes Bibliographical References (p. 181-196) And Index. Our current world is as confusing, over 120 years later, as it was to L. H. Morgan.