Finance capital and peasants in Colonial West Africa: A comment on Cowen and Shenton

The presence of finance capital in colonial West Africa was predicated on the presence of imperial administration and merchant capital. From these it derived its profits. Cowen and Shenton suggested finance capital was seeking to diversify its sources of profit by engaging cocoa farmers in credit. While this may have been true for the period of cocoa boom before the First World War, it is argued in this piece that in 1938‐more than 20 years later ‐ the banks’ motivation was entirely defensive. No diversification was intended, and the action was directed at salvaging current business. This comment does not question Cowen and Shenton's ‘Fabianism’ thesis but substitutes merchant for finance capital as being in conflict with Colonial Office attitudes.