| Abstract: | Summary In this paper, an attempt has been made to integrate the politics of Pan-Africanism with its economic ideology. The basis
and need for such an ideology has been explored. It has been argued here that the roots of underdevelopment in the Black World
lie in the historical evolution of the world market economy; that continued participation in monopoly capitalism serves to
reinforce the international inequality; and that the localization of economic activity by multinational firms within the Black
World countries deepens internal inequality by suffocating the internal markets and impoverishing the indigenous class. It
is argued further that the Absorption hypothesis, seeking wage employment in the “modern” sector for the army of unemployed
being generated under international monopoly capitalism, is an hypothesis of the impossibility. The “modern” sector cannot
expand fast enough nor adapt its techniques of production to absorb the unemployed. |
