The economic philosophy of colonialism has contributed to the present economic instability of the continent of Africa. Assigned third-world economy status, dependent upon the world market, and caught amid social and political wars, Africa has not adapted well to the changes thrust upon it by colonial rule. But while historical events have played a significant role in condemning Africa to poverty and underdevelopment, African leaders themselves have also failed to own up to their leadership responsibilities.

A factor contributing to Africa’s inability to manage itself effectively is the colonial economic system, which has been thrust prematurely upon Africa, and which has relegated the African economies to a peripheral third-world status within the world economy. The most notable legacy of colonialism has been the integration of socialist-type colonies into the global capitalist economy. The main force keeping economies in the global system and sustaining imperialism is the market itself. For the wealthy in Africa, the market is a wonderful benefit, offering goods that Africa does not manufacture. The world market enables African elites to consume produc

Some topics in this essay:
Africa African, Africa Assigned, Africa Africans, Dependency Responsibility, african economies, world market, legacy colonialism, african leaders, pre-colonial africa, african nations, legacy colonialism integration, indigenous manufacturing industry, social demographic changes, political economic, demographic changes, social political, global market,