The Weaponisation of Economics | Figure for Article 2
The Weaponisation of Economics
After a century marked by decolonisation and the imposition of a development model based on Western standards, Africa has entered the 21st century with a new status thanks, among other things, to its demographic dynamism (2 billion inhabitants in 2050 according to the UN, over 50% of whom will be under 25), its sustained economic growth, its extensive mineral and energy resources, and its drive for political leadership.
Additionally, since the end of the Cold War, emerging countries are successfully challenging the leadership of the West and are transforming this plural continent. If China has come to play a preponderant role, notably in terms of infrastructure development, the existence of multiple Africas presents prospects for a host of other international actors.
The continent’s development, however, is not without raising many questions, as it is still marked, in many ways, by issues of poverty and inequalities, as well as civil conflict and political repression.
The African continent is seeking more than ever to assert its autonomy of decision and action by making the most of its diverse potential. How will Africa – in its plural dimension – take advantage of this dynamism to write a new page in its history in the decades to come?
The multipolar world succeeding US hegemony in the early 21st century, the financial crisis of 2007 and the corollary decline of liberalism seem to have ushered in an era of economic nationalism. States are increasingly left to fend for themselves as multilateral mechanisms lose traction and international economic relations gain in toxicity. The sanctions, embargoes and retaliations arising from the war in Ukraine, but also an accelerating struggle for dwindling natural resources, have pushed these logics to new heights. This Dossier assesses ongoing geoeconomic transformations and their potentially devastating consequences.
While poverty has been diminishing in absolute terms and relative income has been growing on a global scale for over two centuries, inequality – as measured by instruments such as the Gini coefficient – has been increasing steadily since the early 1980s. With the financial crisis of 2007, the growing digitalisation of the economy and the current pandemic, global inequality has further worsened, seeing the fortunes of the superrich attaining unprecedented levels and revenue concentrating in the top percentiles of societies.
Concurrently to the aggravation of the social fracture, additional fault lines have been opening or hardening along logics of race, gender, ethnicity and religion. Identarian revendications and logics of difference and exclusion have come to complement, compete with or supersede more traditional struggles for equality in a postmodern and neoliberal context that has normalised inequality, homogenised societies and done away with earlier grand narratives and collective agendas.
The consequences of inequality(ies) are dramatic, as reflected in the polarisation and fragmentation of societies, worsening health and mortality indicators, political tensions and violence, a decline in democracy, and mistrust in state institutions. The objective of the current issue of Global Challenges is therefore – by reverting to the analytical tools of social science – to reflect on the causes behind the multifaceted growth of inequality(ies), anticipate their noxious fallouts and explore potential remedies.
